South American International Organization Involvement

Grade 6
Devin DiFranks and Jason Stasik
1.0 Lesson Details
Day 11
Length 45 minutes
Vocabulary
International Organization- A group of countries who come together with a
particular purpose.
GDP (Gross Domestic Product)- It represents the total dollar value of all goods
and services produced over a specific time period; you can think of it as the size of the
economy of a country.
Petroleum- Substance that is refined to produce fuels including gasoline,
kerosene, and diesel oil.
Influx- an arrival of large numbers of things
Industrialization- the large-scale introduction of manufacturing, advanced
technical enterprises, and other productive economic activity into an area, society,
country, etc
Skills- Note taking, analyzing a text, organization.
Concepts- Global Connections
1.1 Objectives:
Students will be able to determine the importance of being members of
international organizations through short research.
Students will be able to identify how international organizations affect the global
community and possibly history.
1.2 Standards
PA Core:
8.4.6.D: Examine patterns of conflict and cooperation among groups and organizations
that impacted the development of the history of the world.
6.4.6.C: Explain how multinational corporations contribute to economic
interdependence.
Social studies Themes:
NCSS.1.9.g ...help learners to describe and evaluate the role of international and
multinational organizations in the global arena
1.3 Anticipatory Set
Yesterday we talked about South American products like coffee and how they
are distributed all throughout the world by fair trade. Today we are going to place South
America in a global context. What does South America contribute to the world? How do
the countries in South America interact with other countries?

Does anyone know what an international organization is? (Take Answers) An

international organization is a group of countries who come together with a particular
purpose. For example, one you may know is the United Nations which includes many
countries working together to promote cooperation with each other around the world.
1.4 Procedures
1. Display directions sheet on the projector. I will be separating you into groups
with our popsicle sticks and every group will get information on a different international
organization. Your group will read the information then create an informal poster that
includes the topics from the directions. (read questions on directions) Once your poster
is finished, call me over to check it. Once I have given you the okay, pick a place in the
room to hang it up. We will all get up and view everyones posters and answer the same
questions for everyones organization. I will take pictures of all the posters if you wish to
put it in your portfolio so make them pretty!
2. Split class into groups with popsicle sticks. Give each group an information
sheet on an international organization.
3. I want everyone in the group to read so one paragraph aloud from each group
member. Think about the questions on the board and, while you are reading, see if you
can highlight some answers.
4. Circulate and listen to groups. Listen specifically for the students to be talking
about how South America is involved in the organization. When you are ready I put the
papers and markers here on the table! Check the posters before they are hung up!
5. Help students hang their posters
6. Now that every group has their posters up, we can go around and learn about
everyones organization. Everyone stand up and read the posters then fill out the
questions in your packet. Direct students around the room to fill out their sheets for
every organization Take Pictures of the posters for their portfolios.
1.5 Differentiation
Students have a chance to create something to display to their classmates.
Artistic children will really shine by making the posters special with their talents.
By having the readings printed out and requiring the groups to read them aloud,
visual learners can follow along while auditory learners can listen. Students who need
more structure will benefit from having the organized worksheet that has clear questions
to minimize the chance of feeling overwhelmed by information.
Students who have a hard time reading informational texts will have a chance to
learn through their peers which is more understandable.
1.6 Closure
This was the last day of learning for our South American unit! What was
something you found interesting from the unit? One of my favorite things about South
America is the Amazon Rainforest, I would like to be part of an organization that helps
save it! (Take answers) Tomorrow will be a catch-up work day. If you did not get to finish
any of your projects from this unit then you can take tomorrow to complete them or just
make them look better.
1.7 Formative/ Summative Assessment

Formative
The pictures of the group posters will be included in the portfolio.
Summative
Before the posters are hung up, check for completeness (answered all questions) and
correctness. Students will be able to fix mistakes however once it is hung up they
cannot make more changes.
Students will hand in their completed packets of each organization and will be assessed
in the portfolio.
1.8 Materials/Equipment
Readings for each organization
Worksheets for gallery walk
Large poster paper
Markers

Website

M.I-Minor
Influence or
S.ISignificant
Influence

If S.I. include
why credible

How easy is
it for
teachers to
access?

How easy is it
for students to
access?

http://brics.itamara
ty.gov.

Significant
Influence

This is the
official website
for information
on BRICS

Teachers will
have an
easy time
accessing
this website

Students will
have an easy
time accessing
this website

http://www.opec.or
g/opec_web/en/ind
ex.htm

Significant
Influence

This is the
official website
for information
on OPEC

Teachers will
have an
easy time
accessing
this website

Students will
have an easy
time accessing
this website

http://www.apec.or
g/About-Us/AboutAPEC/History.aspx

Significant
Influence

This is the
official website
for information
on APEC

Teachers will
have an
easy time
accessing
this website

Students will
have an easy
time accessing
this website

https://www.wto.or
g

Significant
Influence

This is the
official website
for information
on WTO

Teachers will
have an
easy time
accessing
this website

Students might
have a tougher
time accessing
important
information on
this website

https://www.imf.org

Significant
Influence

https://www.wilson
center.org/publicati
on/brics-shapingthe-new-globalarchitecture

This is the
official website
for information
on IMF

Teachers will
have an
easy time
accessing
this website

Students might
have a tougher
time accessing
important
information on
this website

Minor
Influence

Teachers will
have an
easy time
accessing
this website

Students will
have an easy
time accessing
this website

http://www.encyclo
pedia.com/topic/O
PEC.aspx

Minor
Influence

Teachers will
have an
easy time
accessing
this website

Students will
have an easy
time accessing
this website

http://www.aspacn
et.org

Minor
Influence

Teachers will
have an
easy time
accessing
this website

Students might
have a tougher
time accessing
important
information on
this website

http://www.encyclo
pedia.com/topic/W
orld_Trade_Organi
zation.aspx

Minor
Influence

Teachers will
have an
easy time
accessing
this website

Students will
have an easy
time accessing
this website

1.9 Technology
Projection screen
1.10 Reflection on Planning
We chose to focus on South American countries involvement in international
organization to highlight their importance in the global community. Even though there
was a lesson earlier in the unit that featured a gallery walk we still thought it was an
effective strategy for our topic. The students get to show a little creativity by playing with
the fonts and colors on the posters. This gives some students who may be shy but
artistic a chance to showcase a talent. Another benefit of the gallery walk is having
students teach each other instead of simply outlining a textbook that may be written at a
difficult level.

The content preparation for this lesson was somewhat extensive. Not only did we
have to collect content notes but also create short readings for the students. We
prepared five outlines and readings which should thoroughly prepare anyone to teach
this lesson.
This is mostly a student centered lesson so there does not involve much direct
teacher talk. The teacher will basically give the directions then let students work,
circulating to answer questions and keep students on task. We also included a
directions/vocabulary page to be projected on the SmartBoard so that the teacher will
not have to deal with repeated questions about what the directions are.
1.11 Appendix
Directions
1. Read the information provided about your groups national organization
2. Create an informal poster that has the following information
1. Basic Facts (Name, purpose, and members of organization)
2. Why is this organization important to the global community?
3. How does this organization affect the countries that are involved? (What
are the benefits to being involved, disadvantages)
4. How has this organization impacted history? (May not be very relevant
to some)
5. How are the member countries and their economies connected through
this organization?
3. Hang your poster around the room with the masking tape on the table
4. Once all the posters are up, walk around and fill out your worksheet for each
organization.
Vocabulary
International Organization- A group of countries who come together with a
particular purpose.
GDP (Gross Domestic Product) - It represents the total dollar value of all goods
and services produced over a specific time period; you can think of it as the size of the
economy of a country.
Petroleum- Substance that is refined to produce fuels including gasoline,
kerosene, and diesel oil.
Influx- an arrival of large numbers of things
Industrialization- the large-scale introduction of manufacturing, advanced
technical enterprises, and other productive economic activity into an area, society,
country, etc
Content Notes:
A.

Brazil Russia India China South Africa (BRICS)

1.

South American Countries

a.

2.

Brazil

Background Information
a.
The acronym "BRICs" was initially formulated in 2001 by economist
Jim O'Neill.
b.

The original countries consisted of Brazil, Russia, India and China.

c. They represented a significant share of the world's production and

population.
d.

In 2010, South Africa was included in the group.

http://brics.itamaraty.gov.br/about-brics/information-about-brics

3.

Importance to Global Community

a.
Together, BRICS represents 26% of the planet's land mass, and is
home to 46% of the world's population.
b.
Regarding economic growth, BRICs are ahead of the projections
made in 2001 (South Africa not included): 18% of the world's GDP,
c.
According to statistics of the World Trade Organization (WTO), the
participation of BRICS in global exports more than doubled between 2001
and 2011, from 8% to 16%. In those eleven years, their total exports have
grown more than 500%, while total global exports grew 195% in the same
period.
d.
2010-2012, BRICS international trade rose 29%, from US$ 4.7 to
6.1 trillion dollars.
http://brics.itamaraty.gov.br/about-brics/economic-data

4.

Organization Effect on Countries Involved

a.
It comprises four of the country's strategic partners, all of which
have a strong regional leadership and growing participation in the global
economy.

b.
Brazil is now in charge of the group's presidency, and will lead the
implementation of the Plan of Action to be approved on the occasion.
c.
BRICS is cautiously and incrementally being consolidated,
gradually moving forward the institution-building process.
http://brics.itamaraty.gov.br/about-brics/information-about-brics
5.

Impact on History
a.
The five nations combined hold less than 15 percent voting rights in
both the World Bank and the International Monetary Fund.
b.
Yet their economies are predicted to surpass the G7 economies in
size by 2032.

https://www.wilsoncenter.org/publication/brics-shaping-the-new-globalarchitecture
6.

Connection to South American Economies

a.
Between 2002 and 2012, intra-BRICS trade increased 922%, from
US$ 27 to 276 billion.

http://brics.itamaraty.gov.br/about-brics/information-about-brics
B.

Organization of the Petroleum Exporting Countries

1.

2.

South American Countries

a.

Venezuela

b.

Ecuador

Background Information
a.
The Organization of the Petroleum Exporting Countries (OPEC) is a
permanent, intergovernmental Organization, created at the Baghdad
Conference on September 1014, 1960, by Iran, Iraq, Kuwait, Saudi
Arabia and Venezuela.
b.
The five Founding Members were later joined by nine other
Members: Qatar (1961); Indonesia (1962) suspended its membership
from January 2009; Libya (1962); United Arab Emirates (1967); Algeria

(1969); Nigeria (1971); Ecuador (1973) suspended its membership from

December 1992-October 2007; Angola (2007) and Gabon (19751994).
c.
OPEC's objective is to co-ordinate and unify petroleum policies
among Member Countries, in order to secure fair and stable prices for
petroleum producers.
http://www.opec.org/opec_web/en/about_us/24.htm
3.

Importance to Global Community

a.
OPEC rose to international prominence during this decade, as its
Member Countries took control of their domestic petroleum industries and
acquired a major say in the pricing of crude oil on world markets. On two
occasions, oil prices rose steeply in a volatile market, triggered by the
Arab oil embargo in 1973 and the outbreak of the Iranian Revolution in
1979. OPEC broadened its mandate with the first Summit of Heads of
State and Government in Algiers in 1975, which addressed the plight of
the poorer nations and called for a new era of cooperation in international
relations, in the interests of world economic development and stability.
This led to the establishment of the OPEC Fund for International
Development in 1976. Member Countries embarked on ambitious socioeconomic development schemes. Membership grew to 13 by 1975.
http://www.opec.org/opec_web/en/about_us/24.htm

4.

Organization Effect on Countries Involved

a.
Ecuadors President is HE Economista Rafael Correa Delgado. The
country joined OPEC in 1973. Nineteen years later, in 1992, it voluntarily
suspended its membership. It resumed membership of the Organization in
2007.
b.
Venezuelas oil revenues account for about 95 per cent of export
earnings. The oil and gas sector is around 25 per cent of gross domestic
product.
c.

The country is a Founder Member of OPEC.

http://www.opec.org/opec_web/en/about_us/25.htm
5.

Impact on History

a.
OPEC rose to international prominence during this decade, as its
Member Countries took control of their domestic petroleum industries and
acquired a major say in the pricing of crude oil on world markets.
b.
On two occasions, oil prices rose steeply in a volatile market,
triggered by the Arab oil embargo in 1973 and the outbreak of the Iranian
Revolution in 1979.
c.
OPEC broadened its mandate with the first Summit of Heads of
State and Government in Algiers in 1975, which addressed the plight of
the poorer nations and called for a new era of cooperation in international
relations, in the interests of world economic development and stability.
http://www.opec.org/opec_web/en/about_us/24.htm
6.

Connection to South American Economies

a.
Almost 81% of the world's proven oil reserves are located in OPEC
Member Countries, with the bulk of OPEC oil reserves in the Middle East,
amounting to 66% of the OPEC total.
http://www.opec.org/opec_web/en/data_graphs/330.htm

C.

Asia-Pacific Economic Cooperation

1.

2.

South American Countries

a.

Peru

b.

Chile

Background Information
a.
APEC was established in 1989 to further enhance economic growth
and prosperity for the region and to strengthen the Asia-Pacific
community.
b.
It also proudly represents the most economically dynamic region in
the world, having generated nearly 70% of global economic growth in its
first 10 years.

c.
APEC's 21 Member Economies are: Australia; Brunei Darussalam;
Canada; Chile; People's Republic of China; Hong Kong, China; Indonesia;
Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New
Guinea; Peru; The Republic of the Philippines; The Russian Federation;
Singapore; Chinese Taipei; Thailand; United States of America; Viet Nam.
http://www.aspacnet.org/apec/about/about_apec.html
3.

Importance to Global Community

a.
APEC has 21 members - referred to as 'member economies' which account for more than a third of the world's population (2.6 billion
people), approximately 60% of world GDP (US$19 254 billion) and about
47% of world trade.
http://www.aspacnet.org/apec/about/about_apec.html

4.

Organization Effect on Country Involved

a.
APEC ensures that goods, services, investment and people move
easily across borders.

b.
borders

Members facilitate this trade through faster customs procedures at

c.

More favorable business climates behind the border

d.

Aligning regulations and standards across the region.

http://www.apec.org/About-Us/About-APEC.aspx
5.

Impact on History
a.
At the Leaders' Meeting held on November 19, 2006 in Hanoi,
APEC leaders called for a new start to global free-trade negotiations while
condemning terrorism and other threats to security.
b.
The APEC Australia 2007 Leaders' Meeting was held in Sydney
from 29 September 2007. The political leaders agreed to an "aspirational
goal" of a 25% reduction of energy intensity correlative with economic
development.
http://www.apec.org/About-Us/About-APEC.aspx

6.

Connection to South American Economies

a.

Average tariffs fell from 17 per cent in 1989 to 5.2 per cent in 2012.

b.
During that same time period, the APEC regions total trade
increased over seven timesoutpacing the rest of the world with twothirds of this trade occurring between member economies.

D.

World Trade Organization

1.

South American Countries

a.
Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru,
Uruguay, Venezuela
2.

Background Information
a.
The bulk of the WTOs current work comes from the 198694
negotiations called the Uruguay Round and earlier negotiations under the
General Agreement on Tariffs and Trade (GATT).
b.
The WTO is currently the host to new negotiations, under the Doha
Development Agenda launched in 2001.

https://www.wto.org/english/thewto_e/whatis_e/who_we_are_e.htm
3.

Importance to Global Community

a.
The systems overriding purpose is to help trade flow as freely as possible
so long as there are no undesirable side effects because this is important
for economic development and well-being.
b.
It also means ensuring that individuals, companies and governments know
what the trade rules are around the world, and giving them the confidence that
there will be no sudden changes of policy.
c.

The rules have to be transparent and predictable.

https://www.wto.org/english/thewto_e/whatis_e/who_we_are_e.htm
4.

Organization Effect on Countries Involved

a.

The WTO agreements cover goods, services and intellectual property.

b.
They include individual countries commitments to lower customs tariffs
and other trade barriers, and to open and keep open services markets.
c.

They set procedures for settling disputes.

https://www.wto.org/english/thewto_e/whatis_e/what_we_do_e.htm
5.

Impact on History
a.
The Bali Package is a trade agreement resulting from World Trade
Organization. It is aimed at lowering global trade barriers and is the first
agreement reached through the WTO that is approved by all its members

https://www.wto.org/english/news_e/news13_e/mc9sum_07dec13_e.htm
6.

Connection to South American Economies

a.
In South America, 27 per cent of exports went to other countries in the
region in 2011. In the Commonwealth of Independent States (CIS), Africa and the
Middle East, the totals were 20 per cent, 13 per cent and 9 per cent respectively.

https://www.wto.org/english/res_e/statis_e/its2012_e/its12_world_trade_dev_e.pd

E.

International Monetary Fund

1.

South American Countries

a.
Venezuela
2.

Argentina, Bolivia, Chile, Columbia, Ecuador, Paraguay, Peru, Uruguay,

Background Information
a.
The IMF, also known as the Fund, was conceived at a UN conference in
Bretton Woods, New Hampshire, United States, in July 1944.
b.
The 44 countries at that conference sought to build a framework for
economic cooperation to avoid a repetition of the competitive devaluations that
had contributed to the Great Depression of the 1930s.

http://www.imf.org/external/about.htm
3.

Importance to Global Community

a.
countries.

Keeping track of the global economy and the economies of member

b.

Lending to countries with balance of payments difficulties.

c.

Giving practical help to members.

http://www.imf.org/external/about.htm
4.

Organization Effect on Countries Involved

a.
The IMF's primary purpose is to ensure the stability of the international
monetary systemthe system of exchange rates and international payments that
enables countries (and their citizens) to transact with each other.
b.
The Fund's mandate was updated in 2012 to include all macroeconomic
and financial sector issues that bear on global stability.

http://www.imf.org/external/about.htm
5.

Impact on History
a.
As the Second World War ends, the job of rebuilding national economies
begins. The IMF is charged with overseeing the international monetary system to
ensure exchange rate stability and encouraging members to eliminate exchange
restrictions that hinder trade.
b.
After the system of fixed exchange rates collapses in 1971, countries are
free to choose their exchange arrangement. Oil shocks occur in 197374 and
1979, and the IMF steps in to help countries deal with the consequences
c.
The oil shocks lead to an international debt crisis, and the IMF assists in
coordinating the global response.
d.
The IMF plays a central role in helping the countries of the former Soviet
bloc transition from central planning to market-driven economies.
e.
The implications of the continued rise of capital flows for economic policy
and the stability of the international financial system are still not entirely clear.

The current credit crisis and the food and oil price shock are clear signs that new
challenges for the IMF are waiting just around the corner.
http://www.imf.org/external/about.htm
6.

Connection to South American Economies

a.
In the 1960s and 1970s many Latin American countries, notably Brazil and
Argentina, borrowed huge sums of money from international creditors for
industrialization; especially infrastructure programs.
b.
These countries had soaring economies at the time so the creditors were
happy to continue to provide loans. Initially, developing countries typically
garnered loans through public routes like the World Bank.
c.
After 1973, private banks had an influx of funds from oil-rich countries and
believed that sovereign debt was a safe investment.
d.
Between 1975 and 1982, Latin American debt to commercial banks
increased at a cumulative annual rate of 20.4 percent.
e.
This heightened borrowing led Latin America to quadruple its external debt
from $75 billion in 1975 to more than $315 billion in 1983, or 50 percent of the
region's gross domestic product (GDP).
f.
Debt service (interest payments and the repayment of principal) grew
even faster, reaching $66 billion in 1982, up from $12 billion in 1975

http://www.imf.org/external/about/histdebt.htm

Student Packet Worksheet (make into a packet, 5 each)

Name:________________________________

Date:__________________

Name of organization:__________________________
Directions: Use the information from the articles to fill in the following chart.
South American Country/ies:

Quick Facts:

How is this organization important to

the global community?

How does this organization affect the countries

that are involved?

How has this organization impact

history?
(If applicable)

How does this organization connect the

member countries and their economies?

Student Readings
BRICS
The countries in this organization represent a significant share of the world's
production and population. The acronym "BRICs" was initially adopted in 2001 by
economist Jim O'Neill. The original countries consisted of Brazil, Russia, India and
China. In 2010, South Africa was included in the group. Altogether, BRICS represents
26% of the planet's land mass and is home to 46% of the world's population.
In regards to economies, BRICS makes up about 18% of the world's GDP. BRICS
global exports more than doubled between 2001 and 2011, from 8% to 16%. In those
eleven years, their total exports have grown more than 500%, while total global exports
grew 195% in the same period. From 2010 to 2012, BRICS international trade rose
29%, from US$ 4.7 to 6.1 trillion dollars. Between 2002 and 2012, trade between BRICS
members increased 922%, from US$ 27 to 276 billion.
Brazil is now in charge of the group's presidency and will lead the group in discussions.
The five nations combined hold less than 15 percent voting rights in both the World
Bank and the International Monetary Fund. Yet their economies are predicted to surpass
the G7 economies (Including America, Great Britain, Japan, and others) in size by 2032.

http://brics.itamaraty.gov.br/about-brics/information-about-brics
https://www.wilsoncenter.org/publication/brics-shaping-the-new-global-architecture

Edited by D. DiFranks

OPEC

The Organization of the Petroleum Exporting Countries (OPEC) was founded in

September 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The five founding
members were later joined by nine other members: Qatar (1961); Indonesia (1962)
suspended its membership from January 2009; Libya (1962); United Arab Emirates
(1967); Algeria (1969); Nigeria (1971); Ecuador (1973); Angola (2007) and Gabon
(19751994). OPEC was founded to help unify petroleum policies among Member
Countries, making fair and stable prices for petroleum producing countries.

On two occasions, oil prices rose drastically which affected countries all around the
world. The first was the Arab oil embargo in 1973 and the second was outbreak of the

Iranian Revolution in 1979. These events caused gasoline prices to rise worldwide,
resulting in stress on family budgets and longer lines to fill up at gas station.

OPEC plays an important part in oil producing nations. Venezuelas oil revenues
account for about 95% of export earnings. The oil and gas sector is around 25% of
gross domestic product of Venezuela. Since Venezuela is a founding member of OPEC
it has a major say in the pricing of crude oil on world markets.

http://www.opec.org/opec_web/en/index.htm
http://www.encyclopedia.com/topic/OPEC.aspx

Edited by D.DiFranks

APEC
the Asia-Pacific Economic Collaboration (APEC) was established in 1989 to further
enhance economic growth and prosperity for the region and to strengthen the AsiaPacific community. It generated nearly 70% of global economic growth in its first 10
years. APEC's 21 Member Economies are: Australia; Brunei Darussalam; Canada;
Chile; People's Republic of China; Hong Kong, China; Indonesia; Japan; Republic of
Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; The Republic of the
Philippines; Russia; Singapore; Taiwan; Thailand; United States of America; Vietnam.
APECs 21 members account for more than a third of the world's population (2.6 billion
people), about 60% of world GDP (US$19 254 billion) and about 47% of world trade.
APEC ensures that goods, services, investment and people move easily across
borders. Members help this trade through faster customs techniques by making similar
standards across the region. Average taxes on imports fell 11.8% from 1989-2012.
During that same time period, the APEC regions total trade increased over seven times
outpacing the rest of the world with two-thirds of this trade occurring between member
economies.
APEC is involved in addressing many issues that face our world. At their yearly meeting,
APEC leaders address issues such as global free-trade, combating terrorism and
reducing energy related to economic development to prevent global warming.

http://www.apec.org
http://www.aspacnet.org

Edited by D.DiFranks

WTO
The World Trade Organization (WTO) was founded during the 198694 negotiations
called the Uruguay Round. The Uruguay Round, named for being held in Punta del
Este, Uruguay, was a series of meetings to protect international trade. While most of the
countries in the world are members of the WTO, there are a few that are not. Countries
such as Eritrea, Kiribati, Marshall Islands, Federated States of Micronesia, Monaco,
Nauru, North Korea, Palau, Palestine, San Marino, Somalia, South Sudan, Timor-Leste,
Turkmenistan, and Tuvalu are not part of this organization. The WTO helps regulate
trade between participating countries by providing an outline for trade agreements and
creating a problem solving process.

Before the WTO was created there was the General Agreement on Tariffs and Trade
(GATT), which was established to help promote free trade between nations. GATT was
responsible for helping to rebuild Europe at the end of World War II. The WTO finally
replaced GATT in 1995. In 2001, The WTO launched the Doha Development Agenda.
The purpose of this agenda is to help trade flow freely, which is important for economic
development. The WTO also ensures that individuals, companies and governments
know what the trade rules are around the world, and giving them the confidence that
there will be no sudden changes of policy. The rules have to be clear and predictable.

The WTO agreements cover goods, services and property. They include individual
countries commitments to lower customs tariffs and other trade barriers. The Bali
Package was the first of this commitment resulting from WTO. It was aimed at lowering
global trade barriers and is the first agreement reached through the WTO that was
approved by all its members.

https://www.wto.org
http://www.encyclopedia.com/topic/World_Trade_Organization.aspx

Edited by D.DiFranks

IMF
The International Monetary Fund (IMF), also known as the Fund, was created at a
United Nations conference in Bretton Woods, New Hampshire in July 1944. What
started out as 44 countries, this organization now has 188 member nations worldwide.
The goal of the IMF is to work to foster global cooperation, promote economic stability,
watch over international trade, promote high employment, and reduce poverty.

One of the main reasons this organization was made was to avoid global
disasters, such as the Great Depression in the 1930s. The Great Depression caused
millions of people around the globe to lose their jobs and caused many more to lose
nearly all their money. Now that the IMF exists, each member, as well as their citizens,
can handle their money in a more stable system. When World War II ended in the
1940s, the IMFs job of rebuilding national economies began. The IMF was in charge of
making sure nations were receiving aid to rebuild after the war. The oil shocks, related
to OPEC, of the 1970s, lead to an international debt crisis, and the IMF assisted in
coordinating the global response.

In the 1960s and 1970s many Latin American countries, mostly Brazil and Argentina,
borrowed huge amounts of money from the IMF. This money was used to help build up
industry and infrastructure, such as buildings, roads, and power supplies. However,
between 1975 and 1982, these countries debt increased every year at a rate of 20.4%.
This caused Latin Americas debt to increase from $75 billion to 1975, to more than
$315 billion in 1983.

http://www.imf.org

Edited by D.DiFranks