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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? __________________________________________________________________ 2- What is one of the oldest regional economic bodies? __________________________________________________________________ 3- What was the goal of the European Community or Common Market? __________________________________________________________________ 4- What did the European Community or Common Market eliminate? __________________________________________________________________ 5- Provide an example of a trade barrier. __________________________________________________________________ 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: _____________________________________________________________________ 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