international monetary and trade organization
DESCRIPTION
Brief History of International monetary and tradeorganizationTRANSCRIPT
International Economic
Organization
“How the world survives After Economic Crisis"
The Great Depression and World War II
Fall of NYSE in 1929 led to The Great Depression on global economy. Rise of Neo-Nationalist party as Fascist and NAZI. Decline of international trade Increase of tax barrier and tariff. Axis Power declared war on Allied Army War ended in Europe in 1944, and Pacific Front in 1945 after 2 Nuclear bombardments in Japan.
Bretton Woods Agreement
Develop from Atlantic Charter 1941
United Nations Monetary and Financial Conference for establishment of New World Monetary Policy after WW II at New Hampshire, USA in 1944
John Meynard Keynes and Harry Dexter White compromised on Economics theory to rebuild and reform economy after The Great Depression and WWII
44 Allied nation agreed to found 3 International financial and Trade organization
IBRD (World Bank Group) GATT (WTO) IMF
Bretton Woods System
Intergovernment intervention Reconstruction of Europe (Marshall Plan) Fixed exchange rate of currency based
on gold standard Create global economic security Prevent Financial trade deficit Open global free market US Dollar as the “Reserve Currency”
World Bank Group
World Bank Group Headquarter in Washington DC Found as International Bank for Reconstruction and
Development(IBRD) on 27 December 1945 Later merged as World Bank Group with IDA : International Development Association IFC : International Finance Corporation MIGA : Multilateral Investment Guaruntee Agency ICSID : International Center for settlement of Investment
Disputes
World bank Executives and members
President : Robert B. Zoellick Board of Executive Director Economy size of nation scaled
as World Bank share and voting power.
USA as largest 16.41% Japan 7.81% Germany 4.49% Great Britain and France 4.31%
Members 38 Founding members in 1945 185 IBRD members 168 IDA members 181 IFC members 173 MIGA members 143 ICSID members Only IBRD members can join
other part of World Bank executive position.
IBRD member also count as IMF member.
Latest member : Montenegro Member in apply : Greenland All UN members except : North
Korea, Cuba, Monaco, Andorra, Liechtenstein, Nauru, Tuvalu.
Missions and Functions Mission on Millennium
Development Goals Build capacity of
government and officials Infrastructure creation Development of financial
system Combating corruption Research, consultancy and
training
IBRD : offer 15-20 years loan to developing country for infrastructure and education building, Issue AAA- bonds and fundraising.
IDA : offer 35-40 years loan with 10 years of interest-free and grants.
IFC : offer corporate loans and local investment.
MIGA : Insurance on non-investment and trade risks.
ICSID : Information support, analysis and data research.
World Bank and Thailand Kingdom of Siam joined IBRD
membership on May 3 1949 First development loan for
infrastructure rebuilding in 1950
Total loan for Thailand around 1950-2003 is 7,000 M$ and 90 M$ grant
Loans from World Bank used for Dam building, University establishments, highway construction and accommodation improvements
IFC issue corporate loans to BTS and Bamrungrat Hospital
Nowadays, Thailand is out of World Bank loans and change to state of co-operation for development after total loan repaid in 2003
Criticism
US dominance on president nomination Anti-pluralism and local education Allegation on MNC interest supporting Issue loans and grants to Military
dictatorship government President scandals and sexual
harassment Neo-cons and Neo-libs intervention
International Monetary Fund (IMF)
Found on July 1944 after Bretton Woods Agreement
Operation in 1947 as specialized Agency of UN
Headquarter in Washington DC
IMF Executives and members
Managing Director : Dominique Strauss Kahn
Executive directors council from member nations
Voting power from supporting fund by gold reserve
EU has largest voting power USA as second but biggest
single nation power 7.09%
39 founding members after Bretton woods, 1944
27 operation members after establishment in 1947
185 actual members IBRD members count as
IMF members
Missions and Functions Challenge current
missions Addressing global financial
crisis Limiting high food and fuel
price impact Getting sovereign wealth
fund consensus Reducing global payment
imbalance Stabilizing global exchange
rate Tracking global trend Analyzing economic impact
of global warming
Organization functions Surveillance economic and
financial development Issue loans to country with
financial crisis Provide technical assistance Research and collect
statistic data Create standard and code Fight against money
laundering and terrorism Fundraising from bonds and
gold reserve guarunteed
Getting help from IMF?
Structural Adjustment Program(SAP)
Stabilization De-regulation Liberalization Privatization
IMF and Thailand Joined membership on
May 3 1949 Bank of Thailand director
as Executive director stand-by loan 4,431 M$
from 1978-2003 Tom yam koong crisis
structural adjustment program 2,500 M$
Total repaid in July 2003 before deadline 2 year
Join NAB to lending for IMF 340M$ in 2003
Criticism
Conditionalities order US dollar dominance Failure in Argentina and Thailand cases Loan scandals Dictatorship support Covered high-impact research data Opposed by Anti-globalization group
World Trade Organization
WTO replaced GATT(General Agreement on Tariff and Trade on January 1 1995
Driven from GATT Uruguay round negotiation Now ongoing in Doha round Headquarter in Geneva, Switzerland
Development from GATT 1st GATT Negotiation in Geneva : signing GATT and
concessions of 45,000 tariffs in 23 countries 2nd Annecy round, France 3rd in Torquay round, England : cut 25% tariffs 4th in Geneva II round : admission of Japan 5th Dillon round, Geneva 6th Kennedy round, Geneva : anti-dumping issue 7th Tokyo round, Japan : non-tariff measure and framework
agreements 8th Uruguay round, Uruguay : declaration of WTO,
intellectual property 9th Doha round, Qatar : transformation and unification of
global trade, Labor standard, investment transparency, patents
WTO Ministerial conference
1 January 1995 WTO establishment in Marrakesh Agreement
Singapore conference 1996, Singapore Geneva conference 1998, Switzerland Seattle conference 1999, USA Doha conference 2001, Qatar Cancun conference 2003, Mexico Hong Kong conference 2005, Hong Kong
WTO Executives and structure
WTO members
23 Founding members from GATT 81 Founding members in WTO
declaration 1995 153 actual members Latest members : Ukraine and Cape
Verde Island, joined on May 16 2008 Members in Power : People’s Republic
of China, EU, USA, Japan, India, Brazil, Russia, Germany, Italy, France, Great Britain
Principles, Missions and Functions WTO Principles on
Trade and Tariff Non-discrimination Reciprocity Binding and enforceable
commitments Transparency Safety valve
Missions Free Trade on Goods Free Trade on Services Prevent violation on
Intellectual property rights Functions Oversees trade agreements Provides forum for
negotiations Decrease trade barricades Panel over trade conflict
between member nation Providing information
WTO Important Agreements
Agreement on Agriculture(AoA) General Agreement on Trade in
Services(GATS) Trade-Related Aspect on Intellectual
Property Rights(TRIPS) Sanitary an Phyto-Sanitary
Agreement(SPS) Agreement on Technical Barrier to
Trade(TBT)
WTO Groups for Negotiation Cairns : Agricultural export countries G-10 : Largest Agricultural products importer ACP : African Caribbean and Pacific countries LDCs : Least Developing Countries LLDC : Landlocked Developing Countries Core Group : Developed Countries on Services negotiation AD Friends : Countries effected by Anti-Dumping
Agreement GI : Geological Indication goods C-4 : 4 African countries on Cotton issue NAMA-11 : Non-Agricultural Market Access(Mining,
Forestry, Fishing and Manufacturing Goods) Friends of Fish : Anti Over-fishing and whale hunting
WTO and Thailand Thailand joined WTO on December 28 1994 59th membership, as founding member Decrease 2,300 Tariff and trade barrier from 1994-2005 Allied with CAIRNS in AoA Allied with Norway Canada and Japan in AD Friends Group to
negotiate AD Agreements Allied with EU and India in GI Allied with Developing countries in Doha, Cancun and Hong Kong Conflict and concillation in Tuna Export to EU Shrimp export to EU and USA negotiation Nominate Dr.Supachai Panitchpakdi for Director-General in 2002 After failure of Cancun ministerial conference, Thailand opened
FTA in dual co-operation with People’s Republic of China, USA, Japan, Australia, Latin-America and India in ACD, APEC and ASEAN+3 forum
Controversial Issueand Criticism Conflict between
developing countries and developed countries
Anti-dumping policy Farmers support Intellectual property
rights Software piracy Natural resource
consumption Global warming effects
Unrepresentative decision making
Conditional requirements of membership
Less interested in Labor and human right problems
Underestimate environmental topics
Protect developed countries benefits
Violation on protesters
References http://www.worldbank.or.th http://www.worldbank.org http://en.wikipedia.org/wiki/World_Bank http://www.midnightuniv.org/midnighttext/009908756.html http://www.imf.org/external/ http://www.imf.org/external/country/THA/index.htm http://www.bot.or.th/Thai/AboutBOT/index/Pages/
IMF_index.aspx http://en.wikipedia.org/wiki/IMF http://www.wto.org/english/thewto_e/thewto_e.htm http://www.thailandwto.org/ http://www.mfa.go.th/web/1242.php http://isc.ru.ac.th/data/PS0003985.doc http://www.nidambe11.net/ekonomiz/document/
worldtrade_org.doc