A-Level Politics Edexcel Paper 3 - Economic Global
A-Level Politics Edexcel Paper 3 - Economic Global
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A-Level Politics Edexcel Paper 3 - Economic Global Governance exam with correct answers 2024
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A-Level Politics Edexcel Paper 3 - Economic Global
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A-Level Politics Edexcel Paper 3 - Economic Global
Explain how the IMF seeks to achieve global financial stability. correct answers - It provides loans to nations in the face of balance and payment crises. - By helping them to avoid bankruptcy, confidence is maintained in the global trading system.
What is the main purpose of the World Bank? c...
A-Level Politics Edexcel Paper 3 - Economic Global
A-Level Politics Edexcel Paper 3 - Economic Global
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A-Level Politics Edexcel Paper 3 -
Economic Global Governance
Explain how the IMF seeks to achieve global financial stability. correct answers - It
provides loans to nations in the face of balance and payment crises. - By helping them
to avoid bankruptcy, confidence is maintained in the global trading system.
What is the main purpose of the World Bank? correct answers - It provides loans to
economically developing countries.
- These are conditional on the country adopting free-trade policies.
How does the IMF and WB connect to neo-classical economic theory? correct answers
- Both the IMF and WB structural adjustment programmes rely on the recipient nation to
adopt neo-classical policies such as free-trade and low tariffs.
Explain the world dependency theory. correct answers - That economically developed
nations exploit free-trade to achieve neo-colonial control over less economically
developed states.
How valid are criticisms of the WB structural adjustment programmes? correct answers
- The fact that they are 'conditional' has been criticised as these radical reforms such as
lowering tariffs and privatisation/cuts in spending often lead to an increase in
unemployment and poverty.
- However these are often necessary for economic growth and advantages in global
trade. e.g. WB SAP's devastated Ghana's rice trade but in the process made them
invest into gold and cocoa manufacturing which is much more of an advantage in global
trade.
- Also if public spending is too great it can cause inflation and make exports too
expensive.
How convincing is the criticism that the IMF and WB encourage neo-colonial
dependency? correct answers - Because they encourage nation states in the
developing world to open up their markets, this allows multinational corporations to sell
cheap manufactured products to them. This leads to a lack of industrialisation and
dependence.
- However whilst some nations are faced by this, lots have been able to exploit free-
trade policies. Paul Collier calls this the 'bottom billion'.
- an example of this is India that in the 1990s was able to escape from its agricultural
economy to manufacturing and telo-communications via its massive labour force.
, Why has the IMF's response to the global economic problems created by the Covid-19
pandemic involved a radical departure from orthodox policy? correct answers - The IMF
has focused less on trade liberalisation and cuts in public spending. Instead it has
increased lending to vulnerable states and extended debt relief.
- By protecting countries from economic collapse, global trade and economic confidence
have been maintained.
How effectively has the WB responded to recent criticisms? correct answers -
Criticisms that are too committed to the free market means that it now involves recipient
nation states in implementing SAP's.
- It also emphasises gender equality and education, and its loans are linked to
environmental protection. - Its continued free market commitment dissatisfies world
system critics.
What are the main aims of the World Trade Organisation? correct answers - It
encourages member states to reduce tariff protection, so encouraging free-trade.
- It also resolves trade disputes between them.
What is the purpose of the G7? correct answers - The G7 enables the leaders of the
world's biggest developed economies to meet regularly to formulate a collective
response to global economic challenges.
Explain the main differences between the membership of the G7 and G20. correct
answers - The G7 comprises the biggest developed economies in the world. - The is
composed of the largest economies in the developed and developing world.The
In what ways have the G7 and G20 been criticised? correct answers The G7 and G20
are intergovernmental bodies and possess no binding power on their members.
Therefore they can simply be seen as unenforceable expression of intent.
What criticisms have been levelled at the WTO by environmental and human rights
groups? correct answers It focuses solely on trade. An increase in trade can, however,
have a negative impact on the environment and workers rights.
Why is the G7 controversial? correct answers - The restriction of its membership to the
biggest economies in the developed world is unfair. As it is unenforceable critics argue it
is irrelevant.
- However it does provide a useful regular forum at which world leaders formulate a
collective response to economic challenges.
Why has it been so difficult to achieve consensus on WTO trade rounds? correct
answers - The 164 nation states in the WTO are from the economically developing and
developed world. Since their trading priorities are so different, consensus is difficult.
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