CONTEMPORARY WORLD: PRELIM REVIEWER after World War II and works closely with the

World Bank to reduce poverty and build

shared prosperity.
1. **Globalization**: It refers to the process
**OECD (Organisation for Economic Co-
by which businesses or other organizations
operation and Development)**:
develop international influence or start
operating on an international scale. It's also The OECD is an international organization
described as the increasing connectedness that works to build better policies for better
and interdependence of world cultures and lives. Its goal is to shape policies that foster
economies. prosperity, equality, opportunity, and well-
being for all. It draws on over 60 years of
**Global Migration**: This is a situation
experience to prepare the world for the
where people move to live in foreign
future, working with governments,
countries, especially to find work. Most
policymakers, and citizens on establishing
global migration is from developing
evidence-based international standards
countries to developed ones.
and finding solutions to a range of social,
**Push and Pull Factors**: These are terms economic, and environmental challenges.
used to describe why people are driven
**OPEC (Organization of the Petroleum
away from a place (push factors) and
Exporting Countries)**:
drawn to a new location (pull factors). Push
factors can include things like war or OPEC is a multinational organization
famine, while pull factors might be better established in 1960 to coordinate the
job opportunities or safety. petroleum production and export policies
of its member countries. The founding
2. **Importance of Globalization**: It allows
members are Iran, Iraq, Kuwait, Saudi
access to new cultures, spreads technology
Arabia, and Venezuela. It aims to manage
and information across borders, helps with
the supply of oil in an effort to set the price
economic growth, ensures better job
of oil on the world market, in order to avoid
opportunities, and lowers the costs of
fluctuations that might affect the
commodities.
economies of both producing and
**IBRD (International Bank for purchasing countries.
Reconstruction and Development)**:
**EU (European Union)**:
The IBRD is a global development
The EU is an international organization
cooperative owned by 189 member
comprising 27 European countries that
countries. It's the world’s largest
govern common economic, social, and
development bank, providing loans,
security policies. Originally confined to
guarantees, risk management products,
western Europe, the EU has expanded into
and advisory services to middle-income
central and eastern Europe in the early 21st
and creditworthy low-income countries. It
century. It was created by the Maastricht
was created in 1944 to help Europe rebuild
Treaty, which entered into force on
JOMY MICHA DEL PILAR- LEVEL IV- CW-PRELIM
November 1, 1993, with the aim of
enhancing European political and
economic integration.
**WTO (World Trade Organization)**:
The WTO is the only global international
organization dealing with the rules of trade
between nations. Its main purpose is to
open trade for the benefit of all. It provides
a forum for governments to negotiate trade
agreements and a place for them to settle
trade disputes. It operates a system of trade
rules and is run by its member governments.
**GATT (General Agreement on Tariffs and
Trade)**:
GATT was a set of multilateral trade
agreements aimed at the abolition of
quotas and the reduction of tariff duties
among the contracting nations. Signed in
1947, it played a major role in the expansion
of world trade in the second half of the 20th
century until it was replaced by the WTO in
1995.
**NAFTA (North American Free Trade
Agreement)**:
functions were largely taken over by the
GATT.
**WB (World Bank)**:
The World Bank is an international financial
institution that provides loans and grants to
the governments of poorer countries for the
purpose of pursuing capital projects. It aims
to reduce poverty by providing financial
products and policy advice to help
countries reform and improve their
economies.
**IMF (International Monetary Fund)**:
The IMF is an international organization that
works to secure financial stability, facilitate
international trade, promote high
employment and sustainable economic
growth, and reduce poverty around the
world. It provides loans and other financial
aid to member countries experiencing
balance-of-payments problems.
These organizations play various roles in
global economic governance,
development, and trade.

NAFTA was a trade pact signed in 1992 that

gradually eliminated most tariffs and other
trade barriers on products and services
passing between the United States,
Canada, and Mexico. It was replaced by
the United States-Mexico-Canada
Agreement (USMCA) in 2020.

**ITO (International Trade Organization)**:

The ITO was proposed as an international

institution to promote trade and
employment after World War II. However, it
was never realized, and its intended

JOMY MICHA DEL PILAR- LEVEL IV- CW-PRELIM