Enquiry Question 2

Question 1

What is the global ecoonomic system?

Answer 1

• shrinking world,
• trade blocs,
• globalisation,
• glocalisation,
• Bretton Woods institutions (WTO, IMF, World Bank),
• theories of power,
• deindustrialisation,
• neo-liberalism,
• post-colonialism,
• global shift.

Question 2

What are the roles of IGOs?

Answer 2

• provide forums for discussion,
• create a mechanism to work on peace and security,
• deal with economic and social questions,
• act as a mediator between countries and facilitate cooperation,
• help states to take a long-term perspective,
• lend an air of impartiality that enhances their effectiveness.

Question 3

What is capitalism?

Answer 3

It is an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state.

Question 4

What is free trade?

Answer 4

The exchange of goods and services free of import/export taxes, tariffs and quotas on trade volume.

Question 5

What are Publicly Traded TNCs?

Answer 5

TNCs whose shares are owned by numerous stakeholders (usually other TNCs, banks and large financial institutions such as pension funds) around the world.

Question 6

What are state-owned TNCs?

Answer 6

TNCs that are majority owned or wholly owned by the government.