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FRQ – Neoliberalism and the Modern World Economy

Directions: You have 25 minutes to answer the following question. It is suggested that you take up to 5 minutes of this time to plan and outline each answer. While a formal essay is not required, it is not enough to answer a question by merely listing facts. Illustrate your answers with substantive geographic examples where appropriate.

Group 1

Since the 1970s, neoliberalism has provided the central rationale for managing international trade and regulating the world economy.

Question 1a

Short answer

Compare protectionism and neoliberalism in international trade.

Question 1b

Short answer

Describe the role of the World Bank.

Question 1c

Short answer

Describe the role of the World Trade Organization.

Question 1d

Short answer

Describe the role of the International Monetary Fund.

Question 1e

Short answer

Explain how tariffs affect international trade.

Question 1f

Short answer

Define a customs union and provide an example.

Question 1g

Short answer

Explain the effects of trade embargos on economic growth.

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