1. Where does the IMF get its money from?
The IMF gets its money from the member of countries and by their payment of quotas.
2. Does the IMF help the poor countries? If so, how?
The IMF helps and supports the poor countries by changing nature of economic circumstances and prevents the major economic disasters in poor countries. It also helps to eliminate the weakness of a country due to global economic crisis.
3. Why was the IMF formed in the first place?
The IMF promotes worldwide economic stability and monetary association. It encourages international trade, promotes high employment and comfort economic development and reduce poverty around the world.
4. What is the relationship between the IMF and World Bank? Do we need them both? Explain.
The IMF and World Bank have the same goal to share to raise the standard of living in their member countries. IMF focuses on macroeconomic problems and the World Bank focuses on long-term economic growth and poverty reduction. However, both IMF and World Bank are very essential in order to improve economic growth of a country as well as a better place for people to call it home.
WTO
1. What are the principles of the WTO?
There are five principles of the WTO, trade without discrimination, freer, predictable, competitive and beneficial for less developed countries. The most-favored-nation is treating other people equally. Under the agreements of WTO, trading partner are not usually separated within their nations. It allows an individual a special favor like offering them a product of low rate customs duty and same favor should be offered for all the other WTO members. National treatment is treating foreign and locals equally. Imported and manufactured products must be treated the ...
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... what has been its development?
The European Union was formed by six countries and the members of these states were the first of the European Union and the first to create the European free trade organization. Later, Suez crisis types of events lead to expand the Union by inviting seven other countries. The Union then started to expand and planned to invite ten more countries to join the European Union and there are 27 different countries in the European Union.
4. Have any other geographical economic union sprung up since in other parts of the world? If so, explain?
The Union state has sprung up since the creation of the European Union. The Union state has geographically increased to incorporate seven more countries. The reason behind this was to grow common policies on product regulation, freedom of movement of products and factors and external trade policies.
Working unitedly is a basic thing to do if you have one to 10 people, but with almost a whole country working as a union is a significant and a spontaneous deal. Which Union am I talking about? The European Union, of course! This Union holds virtually all of the European Countries with 28 countries. Unfortunately, some countries never did join because of losing sovereignty.
Prutha Patel Mr. Lougheed Social Studies 09 February, 2016 Has Europe United? Do you believe that the European Union has united Europe? A supranational cooperation is when countries give up some control of their affairs as they work together to achieve shared goals. The European countries have used supranational cooperation to create the European Union because they want to prevent future wars, and rebuild the weak economy that had formed after the two wars. The European Union has united Europe because it has made Europe have a common currency called the Euro, has a common “government” for the European Union, and has all of the countries influenced when one country that is part of the European Union is in “trouble”.
These international economic institutions should possess substantial transparency considering their policies directly affect the public. Instead, the IMF and similar institutions have no accountability to the public of which it is supposed to serve. Through lack of transparency, countries with major influence in the IMF such as the U.S. can indirectly impose its own investment agenda upon the country in crisis. If actions of the IMF were directed through a democratic process, more logical and productive policies would develop. If the IMF promotes transparency through the policies it imposes on developing countries, it should set an example through its own governance.
United we stand, divided we fall.After being bombed in various parts, ruined economically, politically, and culturally, and shocked after World War 2, Europe decided to make a union/ supranational organization named the EEC (later known as EU(European Union)) consisting of 28 nations.If you are a citizen in one of these territories, then you have some exclusive rights: you can work, travel, retire, study, etc. in any of these 28 nations, plus all of these countries have the same currency, the euro, so you do not have to switch currencies every time you travel.However, some countries such as Norway did not join, because of the fear of losing their sovereignty or control of own affairs and not give up their unique cultures of cuisine ,
Massachusetts Institute of Technology. (2000). The IMF and the World Bank: puppets of the neoliberalism onslaught. Retrieved April 05, 2014, from MIT website: http://www.mit.edu/~thistle/v13/2/imf.html
The IMF plays a pivotal role in the international economy system. As its initial goal about reconstructs world’s international payment system, such as contributes to surveillance of the global economy, to stabilize exchange rates, to lend money to help countries to resolve emergency situation but with certain conditions and should pay back in a short time. The IMF has done a large number of things to help the world economy, not only in the western countries, but in many developing countries as well.
The other trend has been the dynamic enlargement of the European Union in four phases, with a fifth major extension occurring in 2004. The European Union now consisted of 28 members with Bulgaria and Romania being included in 2007. The primary phase of enlargement occurred in 1973, with the affirmation of England, Denmark, and Ireland to the European Union.
The EU will grow by the decades end to at least 27 member states comprising the largest economic bloc in the world, accounting for 25% of global GDP and incorporating 500 million people within its borders. Of these 500 million people, approximately 3.4 million of them will hold a passport stamped with the word Éire.
the effect that the work of the IMF and the World Bank have had on the
Joseph Stiglit’s focused on criticizing the International Monetary Fund (IMF) and how globalization makes the rich countries richer and the poor countries poorer. At first, I thought that the book was too technical for a beginner on the subject to understand, but he was able explain well the contents of this book. This book is very informational for people, who are into globalization and economic development. His sharp critiques on globalizations, particularly on the International Monetary Fund (IMF), that was based on his own experiences. In this book, he emphasized the effect of globalization on the Least Developed Countries as well as on the Developed Countries. I chose On Globalization and its Discontent because aside from the striking title of the book, it also the sincere opinions of Joseph Stiglitz. Also, I chose this book aside from it being required, I figured out that this book will be of good help for me in the near future – if I want to pursue this track – with all the information that were given by Stiglitz.
...ment and well-being. It is clear that without the ongoing presence and work of international organisations, the international system would be in a far worse and more chaotic state, with a far greater chance for a civil war to breakout. They also are a major player in helping develop states political and economical systems.
Many critics and even followers of the IMF do not even know what the IMF really is. It is not a development or even a central bank. It is a credit union. It pays interests on deposits it receives from member nations. The IMF lends money to members having trouble meeting financial obligations to other members, but only the condition that they undertake economics reforms to eliminate these difficulties for their own good and that of the entire membership. Some people believe that if the IMF tells a country to do something, they must do it. This statement is false. The IMF has no authority over the domestic economic policies of its members. The IMF is a cooperative institution that 182 countries voluntarily joined because they see the advantage of consulting with one another to maintain a stable system of buying and selling their currencies.
There are several key components of the European history that have led to the creation of the individual nations within the EU and the larger supranational Institution we call the European Union. As Curtis and Linser (2004) “The European Union is the most important development in European history since World War Two” (Curtis & Linser, 2004, p.4). And I tend to agree that this story line is the most important since it was the starting’s to one of the largest supranational organizations that shaped modern Europe and continues to shape it today. To start the European Union could not have been created without the nations that are part of this supranational organization. Many of the nations that make up the EU have been either long-term super powers, France, United Kingdom or Germany, but also areas plagued with conflict. The conflict is however the more important of the two. The conflict between Germany and the rest of Europe in WW2 was the sparks that created...
International trading has had its delays and road blocks, which has created a number of problems for countries around the world. Countries, fighting with one another to get the better deal, create tariffs and taxes to maximize their profit. This fighting leads to bad relationships with competing countries, and the little producing countries get the short end of this stick. Regulations and organizations have been established to help everyone get the best deal, such as the World Trade Organization (WTO), but not everyone wants help, especially from an organization that seems to help only the big countries and those they want to trade with. This paper will be discussing international trading with emphasis on national sovereignty, the World Trade Organization, and how the WTO impacts trading countries.
International organizations create space for its members to coordinate interests and actions which helps promote interdependent relationships among them and strengthens their legitimacy. As society has progressed, it has globalized, and in the past 50 years states have had to address their growing dependence, especially in the economic sector. The World Trade Organization (WTO), is an institution which has an immense impact on the international political economy and the way states function within the international system. It organizes agreements and treaties which govern how its members decide policies, tariffs, and keeps states accountable for their actions. For example, the General Agreement on Tariffs and Trade (GATT), determines how states can regulate their import and exports. (Hurd 2014,