International Relations. Law & Organisations Terms

Globalization The process of increasing the connectivity and interdependence of the world's markets and businesses. It describes the increased mobility of goods, services, labor, technology and capital throughout the world. Although globalization is not a new development, its pace has increased with the advent of new technologies, especially in the area of telecommunications. Due to globalization, the economics become more connected to other economies. Today, globalization becomes a common feature of world economics.

Conditionality A term that refers to the policy of the international monetary fund (IMF) and the world bank (WB) and some other financial agencies to attach conditions to their loans and grants.

General Agreement on tariffs and trade(GA'IT) Was first signed in 1947. The agreement was designed to provide an international forum that encouraged free trade between member states by regulating and reducing tariffs on traded goods and by providing a common mechanism for resolving trade disputes. GATT membership now includes more than 110 countries.

International Monetary Fund (IMF) The IMF is an international organization of 184 member countries. It was established to promote international monetary cooperation. Exchange stability, and orderly exchange arrangements.

World Bank(WB) The world bank was set up along with its sister organization the IMF in Bretton Woods, in 1944. The world bank’s role was concerned with financing reconstruction and development through the construction of national infrastructure such as roads and dams.