Global Players and International Free Trade

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  • Global Players and International Free Trade
    • International Trading Blocs
      • Trading Blocs are Groups of countries formed to remove tarriffs between members or agreements on tarriffs on imports from non-member states to protect member states industries
      • Examples include the EU, ASEAN, and NAFTA
        • NAFTA: USA, Canada and Mexico
      • They enable free trade between geographically close countries. This can lead to lower prices, increased export potential, higher growth, economies of scale and greater competition
    • The International Monetary Fund (IMF)
      • Its Purpose is to maintain financial stability
      • In return for loans, it tries to encourage privatisation within countries to generate greater wealth
      • Many believe this policy has forced poorer countries to sell their assets to wealthy TNCs
      • Exists to stabilise currencies in order to maintain economic growth and steady exchange rates
    • The World Trade Organisation (WTO)
      • Purpose is to promote free flow of trade to prompt economic growth, especially in poorer countries
      • The WTO believes in free trade and advocates removing barriers
        • Trade Liberalisation
      • Seeks to encourage all trade between countries free of tariffs, quotas or other restrictions
    • The World Bank
      • Its purpose is to use loans from HICs to provide loans for development
      • Recipient countries have to agree certain conditions concerning repayment and economic growth
      • Also focuses on natural disasters and humanitarian emergencies
    • Global Players
      • Increasingly, decisions that affect people locally are being made by global players: these are players in globalisation
      • 3 Global Organisations established in 1945- following WW2 to promote economic development and restore/ maintain financial stability.
        • They remain fundamental to global decision making today


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