Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
28 Cards in this Set
- Front
- Back
|
The US dollar used to be based on |
Gold bullion at fort knox |
|
|
This is caused by a slow growth and a high unemployment rate accompanied by inflation |
Stagflation |
|
|
What did the bretton woods conference believe to be the main cause of the great depression? |
Protectionism |
|
|
This shields a country's domestic industries from foreign competitors, using high tariffs to save their nation, while screwing others. |
Protectionism |
|
|
What caused the stagflation in the 1970s? |
Organization of the Petroleum Exporting Countries (OPEC) cartel |
|
|
What did the Organization of the Petroleum Exporting Countries (OPEC) do to cause stagflation in the 1970s? |
Forming a cartel/association ables them to maintain gas at a high price while restricting oil output |
|
|
Who created the theory of comparative advantage? |
David Ricardo |
|
|
Adam smith believed that the government should not intervene in the economic affairds of individuals and society, also known as |
Laissez-faire |
|
|
This economist believed that the govt. should closely regulate business, and that business could not police itself. |
John Maynard Keynes (Keynesian Economics) |
|
|
This set the institutional foundations for the establishment of three new international economic organizations |
Bretton Woods Conference of 1944 |
|
|
Three economic organizations created after the Bretton Woods Conference of 1944 |
International Monetary Fund (IMF) International Bank for Reconstruction and Development (or World Bank) General Agreement on Tariffs and Trade (GATT) |
|
|
This was created to administer the international monetary system |
IMF |
|
|
The former name of World Bank |
International Bank for Reconstruction and Development |
|
|
What organization was initially designed to provide loans for Europe's postwar reconstruction, which then expanded in the 1950s to fund various industrial projects in developing countries |
World Bank |
|
|
What organization was established in 1947 as a global trade org. charged with fashioning and enforcing multilateral trade agreements? |
General Agreement on Tariffs and Trade (GATT) |
|
|
This was known as the successor of GATT in 1995 |
World Trade Organization (WTO) |
|
|
This economist was the architect of the Bretton Woods system |
John Maynard Keynes |
|
|
When did the Bretton Woods System collapse? |
early 1970s |
|
|
These two conservatives lead the neoliberal revolution against Keynesianism. |
Margaret Thatcher (UK Prime Minsiter) and Ronald Reagan (US President) |
|
|
Neoliberalism is founded upon the ideals of two british philosophers, namely |
Adam Smith and David Ricardo |
|
|
This british sociologist added social darwinism in the neoliberalism doctrine |
Herbert Spencer |
|
|
He argued that the free market is a civilized form of human competition in which the fittest would naturally rise to the top |
Herbert Spencer |
|
|
Three most significant developments related to economic globalization |
- Internationalization of trade and finance - Increasing power of transnational corporations and large investment banks - Enhanced role of int. economic institutions like IMF, WB, and WTO |
|
|
The official purpose of this program is to reform the internal economic mechanisms of debtor countries so that they would be in a better position to repay their debts |
Structural adjustment programs / washington consensus |
|
|
The implementation of Structural adjustment programs were also known as the _____ |
Washington consensus |
|
|
Who devised and codified the Washington Consensus |
John Williamson, IMF adviser in the 1970s |
|
|
When did the WTO succeed GATT |
1995 |
|
|
When was GATT established? |
1947 |
