Download The European Union, the G8, and the IMF GH2/Napp Do Now: “The

The European Union, the G8, and the IMF
GH2/Napp
Do Now:
“The interdependence of the world’s nations has led to the rise of regional
economic bodies as well. One of the oldest and most successful of these bodies is the
European Union (EU)…
The European Union traces its roots back to 1957, when six nations organized the
European Community (EC), or Common Market. The Common Market’s goal was
to encourage economic cooperation among the major non-Communist industrial
countries of the region. They wanted to form a single market by eliminating trade
barriers.” ~ Global History: The Growth of Civilizations
Questions:
1- What does “interdependence of the world’s nations” mean?
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2- What is one of the oldest regional economic bodies?
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3- What was the goal of the European Community or Common Market?
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4- What did the European Community or Common Market eliminate?
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5- Provide an example of a trade barrier.
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Notes:
I. The European Union
A. After WWII, a move to establish economic ties between Western
European countries
1- By 1967, European Communities (EC)
2- By 1991, became European Union (EU)
B. Goals
1- Economic Cooperation – no trade barriers
2- People from member nations can move freely between member
states
3- Promoting a single currency-the euro
II. G8
A. Informal grouping of eight, powerful nations
B. U.S., Japan, Germany, France, Britain, Italy, Canada, and Russia
C. Address economic, environmental, and social issues
III. The IMF
A. International Monetary Fund founded at end of WWII to prevent
economic crises
B. Goals
1- Oversee the international monetary system
2- Ensure exchange rate stability
3- Promote free trade
Questions:
1- What was the European Community or Common Market?
2- What was one goal of the European Community?
3- What is the European Union?
4- What are two goals of European Union?
5- What is the Euro?
6- What nations belong to the G8?
7- What does the G8 address?
8- What is the IMF?
9- What are the goals of the IMF?
10- Critical Thinking: Why do you think the events of World War II encouraged
nations to work together more cooperatively after the war?
11- Critical Thinking: Why do you think the events of World War II encouraged
the formation of economic organizations dedicated to avoiding economic
crises?
While many individuals support the goals and efforts of the G8, there are critics.
Examine the following cartoons:
Explain the meaning of the cartoons:
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6. • China implemented a one-child
policy.
• African nations established
educational and health care agendas.
• Latin American nations worked
with the United States to reduce drug
trafficking.
Which conclusion can best be drawn
2. Adam Smith would most likely agree using all of these statements?
with which statement?
(1) The governments of different
(1) Revolution is the only solution to
countries reacted in various ways to
economic problems.
the same problem.
(2) Five-year plans are necessary in
(2) Population explosions took place in
order to industrialize.
some countries during the 20th
(3) All nations would benefit from an
century.
agricultural economy.
(3) Some countries looked toward
(4) Government should follow a
other nations to help solve their
laissez-faire policy.
problems.
(4) Countries have had to address a
3. The United Nations was created
variety of economic and social
primarily to
problems.
(1) prosecute persons accused of war
crimes
7. Contaminated Food from China
(2) contain the spread of communism
Sold in the United States”
(3) channel relief aid to war-torn
“Computer Virus Shuts Down
nations
Hundreds of Businesses Worldwide”
(4) provide a means of solving
“Multinational Corporations Relocate
international problems
Factories”
These headlines are directly related to
4. What is a major reason for the
(1) world hunger
differences in economic prosperity in
(2) overpopulation
various areas of the world today?
(3) global warming
(1) an unequal distribution of
(4) economic interdependence
resources
(2) the success of nationalist
8. • Organization of American States
movements
(OAS)
(3) religious unity between nations
• European Union (EU)
(4) membership in the United Nations
• North American Free Trade
Agreement (NAFTA)
5. Which statement about European
These organizations and agreements
Union (EU) is most accurate?
are examples of
(1) The goal of the EU is to improve
(1) political isolation
the economic prosperity of Europe.
(2) military alliances
(2) Some nations are being forced to
(3) regional cooperation
become members of European Union.
(4) collective security
1. An objective of the European Union
(EU) for the early 21st century is to
(1) withdraw from its military alliances
(2) further integrate its economic
system
(3) establish a nuclear buffer zone
(4) limit production of alternative fuels