The G8 represents 65% of the world's trade and meets annually to discuss economic development. OPEC (Organisation of Petroleum Exporting Countries)Įstablished to regulate the global oil market, stabilise prices and ensure a fair return for the 11 member states who between them supply 40% of world oilĬonsists of Russia, USA, UK, France, Canada, Germany, Italy and Japan. It is a global 'think tank' for 35 of the world's wealthiest nations. OECD (Organisation for Economic Cooperation and Development) It has been accused of acting in the interests of wealthy countries especially with the USA, through its fixation with reducing trade barriers. Is set conditions under which trading can occur. *They attempt to govern and set rules of trade* Examples of trading organisations: WTO (World Trade Organisation)Īims to cut trade barriers (subsidies, tariffs and quotas) that stop countries trading freely, so that goods can flow more easily. Which regions dominate world trade? North America, Europe and East Asia How to they dominate world trade? They produce most of the world's goods, control most trade and absorb most investment What are trading organisations? Exist to promote trade of different types and from different countries. They are grouped together in geographical areas Issues with trading blocs? Some people argue that trading blocs protect the member countries using subsidies, and only encourage trade between member countries rather than with those outside the bloc.īy promoting some goods and preventing others, they prevent the development of a global economy. Give some examples of world trading blocs EU, NAFTA, ASEAN, MERCOSUR, The Cairns Group, APEC and OPEC. What are trading groups? Trading groups, or blocs, encourage trade between a group of countries by removing duties or tariffs on goods for member countries, and creating barriers to countries outside the bloc by placing tariffs on their goods. How does the UN now classify levels of income? High, Upper Middle, Lower Middle and Low Describe the differences within each division? EG low income countries include India - one of the world's largest and fastest growing economies and Ethiopia - one of the world's slowest and smallest. These NICs have surged away from the 'South'.ģ) Other countries have barely changed - especially across Africa, so the gap between the rich and poor has widened substantially. Thailand and Malaysia) grew rapidly in the 1980s and 90s. Rapid development has made the world more complicated What changes have occurred since the Brandt line? 1) Brazil, along with other Latin American countries was already developing fast in the 1970s, so even in 1981 Brandt's classification was already out of date.Ģ) Singapore, Dubai, Hong Kong have all experienced strong economic development since 1981 and are now highly developed. Why has the Brandt line been disregarded? Brandt's way of dividing the world into North and South seems too simple now. *Since the mid 1970s almost all world regions have increased their HDI score.* Why has the HDI score of sub-saharan Africa stagnated since the 1990s? Mainly because of the catastrophic effect of HIV/AIDs on life expectancy. It also means that people are benefitting from economic growth. The implication is that countries spending money on health care and education have a higher level of development. What does a high HDI score mean? Indicates a better quality of life.
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