The Expansion of Economic Globalization

1. The Expansion of Economic Globalization International Agreements and Organizations Chapter 11

2. World Trade Organization (WTO) • Is the only organization dealing with global rules of trading • Its job is to settle trade disputes between countries • It also organizes trade negotiations and meetings • If member nations are found guilty of trade violations, those members could face trade sanctions or expulsion from the group

3. Group of Eight (G8) • An informal group of the 8 major industrial powers – Canada, France, Germany, Italy, Japan, United Kingdom, U.S., Russia (1998) • G8 leaders meet every year to discuss economic and foreign policies • A very powerful group – have nearly 50% of the vote in the World Bank and Int. Monetary Fund • Are huge supporters of economic globalization

4. Because of this, the G8 is often accused of being “elitest” and unconcerned about the effects of world trade on poorer nations • Protests are common during G8 summits by anti-globalization activists • It is not surprising that security is extremely tight during these summits

5. China, India, African and Latin American countries not part of the G8 • Many protesters feel these countries should be included • Reasons – fastest growing economies, fastest growing populations

6. CIDA • Canadian International Development Agency • Government controlled – responsible for administering aid efforts to less developed countries • CIDA has contributed money/aid to countries that have experienced natural disasters – ie – earthquakes/hurricanes • CIDA sponsors medical personal, farmers, teachers, technicians, etc. to help people in poorer countries find lasting solutions to their problems • Also promotes human rights, democracy and “good governing practices” in less developed nations