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International decision-making bodies - Coggle Diagram
International decision-making bodies
Informal forums
The Group of Seven (G7) began to meet in 1973
Made up of the seven countries in the world that have the most economic and military power
The United States, Japan, Germany, the United Kingdom, France, Italy and Canada
Cannot make decisions, but their initiatives related to world politics and the economy are later put into practice by international organisations
For many years, Russia was part of the G7, which was then called the G8
However, following the annexation of Crimea in 2014, the other members announced that Russia would no longer be included in the meetings, making it the G7 once again
A group of countries with emerging economies joined together at the beginning of this century
This group is called BRICS
Brazil, Russia, India, China and South Africa
In their meetings, they discuss how to reform the international organisations to better reflect the current importance of these countries in the world economy
Economic organisations
There are a number of economic organisations that have specific aims
These include trade organisations:
The North American Free Trade Agreement (NAFTA
The World Trade Organization (WTO)
Two other especially important major institutions
The International Monetary Fund (IMF)
Whose aim it is to prevent financial crises and to encourage economic stability
To achieve this aim, it advises governments on economic matters and gives loans to member countries
The World Bank
Main activity is to provide loans to governments so that they can carry out reform projects and programmes in their countries
The IMF and the World Bank receive a lot of criticism. According to their critics, these organisations give unfair advantages to powerful nations
To provide a loan, the IMF requires the country which receives it to adopt a series of measures which increase social inequality
These may include
Privatising state-owned companies
If these measures are not carried out before certain fixed deadlines, the country receiving the loan may lose its financing
Cutting social services and benefits for disadvantaged sectors of the population
