10-2 Economic Globalization Chapters 10/11

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Bretton Woods Agreement

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An agreement signed by the Allied countries in 1944 that established a number of financial institutions and a system of rules and regulations to promote international trade in the global economy.

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World Bank

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An international financial institution that provides loans and grants to countries for development projects.

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IMF

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International Monetary Fund.

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Exchange Rate

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The price at which one country’s currency can be purchased by another country.

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HIPC

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Heavily Indebted Poor Countries.

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Trade Liberalization

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The process of removing barriers to trade.

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Free Trade

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The absence of trade barriers between countries.

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Trading Bloc

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A group of countries that have agreed to reduce trade barriers between themselves.

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Tariff

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A tax imposed on imported goods and services meant to reduce competition with domestic goods or services.

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FTA

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Free Trade Agreement.