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Definition
| constructed by a group, society, or culture to “provide stability and meaning to social life” and “regulate the relations of individuals to each other. outline the “rules of the game” |
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| influence behavior through laws and regulations (government, police force) |
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Definition
| use norms, values, customs, and ideologies to influence behavior (social groups, many international organizations) |
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| two types of informal institutions |
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Definition
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Informal institutions
Normative |
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Definition
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Informal institutions:
Cognitive |
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Definition
| share ideas to define reality by means of conceptual frameworks or schema |
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| the Bretton Woods Conference established what after WWII? |
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Definition
| the International Monetary Fund (IMF) and the World Bank |
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| International Monetary Fund |
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Definition
promotes international monetary cooperation for arrangements and payment systems and makes funds
-186 members contribute funds called quotas based on nation’s relative size |
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Term
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Definition
1945: IMF set fixed exchange rates with par value based on gold and the U.S. dollar.
1971: President Richard Nixon took U.S. off gold standard, fixed exchange ended. IMF struggles with core issues related to its purpose |
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Definition
| formed to address development issues, two major and three smaller institutions, nonprofit cooperative for its 185 member nations to support development |
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| World Trade Organization (WTO) |
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Definition
| Only global international organization designed to establish and implement rules of trade between nations. |
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Definition
1.Trade without discrimination
2.Freer trade, gradually, through negotiation
3.Predictability, through bidding and transparency
4.Promoting fair competition
5.Encouraging development and economic reform |
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Definition
1. Doha Round and 2010 Discussions
2. Trade Related Intellectual Property Rights (TRIPS)
3. Trade liberalization
4. Inequities of globalization |
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Definition
provides market access to least developed nations
Duty and quota-free imports on manufactured goods
Agriculture hard to agree on |
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| Trade-related Intellectual Property Rights (TRIPS) |
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Definition
| Copyright, trade mark, trade secrets and intellectual property protection |
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Term
| Free Trade Area (FTA) – t |
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Definition
| tariffs among members eliminated but external tariffs remain |
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Definition
| collaboration that adds common external tariffs to an FTA |
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Definition
| customs union that includes mobility of services, people, and capital within a union |
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| Complete Economic Integration |
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Definition
| integration on economic and political levels |
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Term
| Examples of Economic Integration Agreements: |
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Definition
A. North American Free Trade Agreement (NAFTA)
B. European Free Trade Agreement (EFTA)
C. African Free Trade Agreements
D. MERCOSUR/MERCOSUL
E. Central American Free Trade Agreement (DR-CAFTA)
F. Association of Southeast Asian Nations (ASEAN)
G. European Union (EU) |
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Term
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Definition
| North American Free Trade Agreement (NAFTA) |
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Term
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Definition
Mercosur
Central American Free Trade Union (DR-CAFTA)
Andean Community (CAN) |
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Definition
Economic Community of West African States (ECOWAS)
Common Market for Eastern and Southern Africa (COMESA)
Southern African Development Community (SADC)
African Free Trade Zone (AFTZ)
African Union (AU) |
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Definition
| Association of Southeast Asian Nations (ASEAN & ASEAN+3) |
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