7.3.3 Economic Stability

Should internationalism be pursued?


Big Idea:

  • To what extent do organizations promote internationalism?




Websites—International Organizations that Promote Economic Stability

While nations promote their own economic stability for its own citizens, it is also important for nations to promote global economic stability. For example, during the United States' 2008 financial crisis, many nations' direct trading links, exports and imports, and access to raw materials were impacted. Especially when there are fragile national economies, the ripple effect of uncertainty, high inflation, and other financial crises can be far-reaching.

Open each of the tabs below to explore and examine the international organizations that promote global economic stability. As you read and view the links in each tab, take notes using the 7.3 Notebook Organizer at the bottom of the page.


The United Nations

The United Nations (UN) has several international agencies working towards improving the economic stability of people around the world. The Economic and Social Council (ECOSOC) is concerned with the economic, social, educational, and health conditions around the world. Their main goal is to alleviate economic and social problems, with the main focus on fostering peace through improved quality of life and support of opportunities for all global citizens.

Video

View a summary of ECOSOC and its mandate:

World Trade Organization

The World Trade Organization (WTO) is an international organization that regulates trade among nations. This organization grew from attempts to establish a type of trade organization to guide and oversee economic agreements. However, some nations were not willing to hand over responsibility for economic affairs to an external organization. After a series of negotiations, the General Agreement on Tariffs and Trade (GATT) was accepted by more than 120 nations as a guide for economic growth. This, in turn, lead to the formation of the World Trade Organization to help regulate and settle trade disputes. It was hoped that through these efforts peace and good relations would be fostered.

Video

Got 1 minute? View what the World Trade Organization (WTO) does!

European Union

The European Union (EU) is an economic alliance between European nations. It was established to expand free trade among European nations. By creating easier travel and trade routes as well as adopting a single currency, it was hoped that good relations among member nations would be promoted. With the EU, more action can be taken on issues such as the environment and living standards. The EU has a parliament representing the people of Europe and a council representing the national interests of member nations.

Video

What is the European Union?



Use the 7.3 Notebook Organizer (Word, PDF, Google Doc) to take notes about what you have read and viewed in each of the tabs above. If you need a reminder on how to take notes, click here. When you are done, you can move to the next page.