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The role of IMF? and OECD
Mariana Nastase
Panduru Beatrice
Group 940
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What is globalization?(thoughts)
process of extendingsocial relations acrossworld-space
arise from the movementsof people, things andideas
internationalization orintegration
What it actually is? A process which
diminishes the necessityof a common and sharedterritorial basis for social,
economic, and politicalactivities, processes andrelations.
It is deterritorialization Jan Aart Scholte
It is not:internationalization,
liberalization,
westernization.
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Economic and financial globalization and theexpansion of world trade have brought substantialbenefits to countries around the world. But thecurrent financial crisis has put globalization on hold,with capital flows reversing and global trade
shrinking. The dramatic collapse in world trade in 2008 seems
to have resulted from strongly synchronized drops in
trade across countries due to the combined effects of
several factors: the credit crunch, the spread ofglobal value chains, and falling consumer andproducer confidence.
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The recent economic crisis has underscoredthe power of globalisation but has also shownthe vulnerability of the global economicsystem. Global linkages have increased the
economic interdependence betweencountries and this facilitated the spread ofthe crisis.
What started as a financial crisis in the
United States turned rapidly into a globaleconomic crisis, leading to a dramaticcollapse of international trade and foreigndirect investment.
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It is useful to think about three dimensions ofthe inter-relation between financial globalisation
and the global crisis.1. First, did financial globalisation materiallycontribute to the origination of the globalfinancial crisis?2. Second, once the crisis occurred, how did
financialglobalisation affect the incidence andpropagation of the crisis across differentcountries?3. Third, how has financial globalisation affected
the management of the crisis at national andinternational levels?
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international economic
organization
originated in 1948 as OEEC
founded in 1961
stimulate economic progress
and world trade
34 Member States
promote democracy and
the free-market economy
HQ in Chteau de la
Muette, Paris
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International Monetary Fund Bretton Woods Institution
Initiated in 1944
HQ in Washington, USA
stabilize exchange rates assist the reconstruction
after WWII
countries contribute withmoney, imbalancedcountries can
borrow funds temporarily promote international
economic cooperation,trade, employment
World Bank Bretton Woods Institution
international financialinstitution
provides loansto developing countries
official goal isthe reduction of poverty
promote foreigninvestment, international
trade,and capital investment.
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The OECD Strategic Response to the financialand economic crisis
The OECD Strategic Response, which wasdeveloped with the collective inputs of the
OECD Council, the Committees and theSecretariat, aims both to address the crisis andto seize the opportunity to build a strongerworld economy. For decades, the OECD hasadvised Member countries and helpedcoordinate their policies. The Organisationscoverage of a wide range of policy issuesdirectly relevant to the current crisis and its
focus on medium-term responses and long-termsolutions to policy challenges are uniquestrengths.
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Development Recipe
One of the Economic Theories
1. Domestic Resources
2. International
Resources (FDI)
3. Trade
4. Structural Assistance
(ODA)
5. Debt Relief
6. Staying Engaged
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OECD part of an international trade
system together with IMF and WorldBank
1) Poverty is one of the main challengesthese organizations try to overcome
2) International Business/trade and
cooperation are becoming more andmore interconnected
3) Recent trends such as globalizationprovide a future basis for a bettereconomy
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