International finance institutions ifi s
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International Finance Institutions (IFI’S) . Market Economy: -an economy in which government regulations are reduced to a minimum and businesses are free to make their own decisions .

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International finance institutions ifi s

Market Economy: -an economy in which government regulations are reduced to a minimum and businesses are free to make their own decisions

International finance institutions ifi s

Neo-Colonization: post independence. US styled “development” became a means of continued colonization of the south by control of financial institutions

Trade liberalization: a process that involves countries in reducing or removing trade barriers, such as tariffs and quotas, so that goods and services can move around the world more freely

World bank
World Bank

Head of the bank is appointed by the US. Government

Owned by the governments of its members, which provide its funds

World bank s original goals
World Bank’s Original Goals

To lend money to help war torn countries

Speed up economic progress and industrialization

Help countries develop their natural resources

To negotiate long term loans to increase productivity in countries

Current goals of the wb
Current Goals of the WB

To increase growth and reduce poverty in developing countries

To fund specific infrastructure projects

International monetary fund
International Monetary Fund

Head of the IMF is nominated by the European Union

Funded by members countries, countries that contribute more money have more votes

Original goals of imf
Original Goals of IMF

To set dependable international rates for world currencies

To establish international economic stability and promote foreign trade

Current goals of the imf
Current Goals of the IMF

To provide emergency short term loans to countries

To demand reforms in a country to promote good governance and get rid of corruption

International finance institutions ifi s

Free trade: when two countries agree to eliminate all tariffs and taxes on goods and services between two countries.

NAFTA: North American Treaty Organization: largest free trade zone in the world. Goods/Services can move between all three countries without being taxed

European Union: liberalized trading area, plus mutual currency, border protection, and even a European Parliament

World trade organization wto
World Trade Organization (WTO)

-created in 1995 to increase world trade

-main goal is to lower trade barriers between countries

Resolves trade disputes between countries

Can force countries to pay fines or uses sanctions

Sanction: a penalty. Often an economic penalty, taken to pressure a government to agree to carry out certain actions to receive specific benefits

World trade organization criticisms
World Trade Organization Criticisms

WTO has too much power. It can force countries to change their laws and regulations to make them fit WTO rules.

WTO is not democratically accountable. Hearings on trade disputes are closed to the public

WTO does not care enough about the problems of developing countries. It has not forced rich countries to fully open their markets to products from the developing countries.

The WTO has not done enough about the environment, child labour, workers rights or health care.