General Agreement on Tariffs and Trade (GATT):
A treaty and international trade organization in existence from 1948 to 1995. GATT members, known as contracting parties, worked to minimize tariffs, quotas, preferential trade agreements between countries, and other barriers to international trade. In 1995 GATT's functions were taken over by the World Trade Organization (WTO), an international body that administers trade laws and provides a forum for settling trade disputes among nations.
Microsoft® Encarta® Encyclopedia 2001. © 1993-2000 Microsoft Corporation. All rights reserved.
Global Governance:
An international cooperative effort to expand trade and encourage global economic development -- often associated with the International Monetary Fund (IMF).
Globalization:
Integration of the world's culture, economy, and infrastructure driven by the lowering of political barriers to transnational trade and investment, and by the rapid proliferation of communication and information technologies. The term is often used in reference to the substantial impact of free-market forces on local, regional and national economies.
Gold Standard:
In economics, the monetary system wherein all forms of legal tender may be converted, on demand, into fixed quantities of fine gold, as defined by law. Until the 19th century, most countries of the world maintained a bimetallic monetary system. The widespread adoption of the gold standard during the second half of the 19th century was largely a result of the Industrial Revolution, which brought about a vast increase in the production of goods and widened the basis of world trade. The countries that adopted the gold standard had three principal aims: to facilitate the settlement of international commercial and financial transactions; to establish stability in foreign exchange rates; and to maintain domestic monetary stability.
Microsoft® Encarta® Encyclopedia 2001. © 1993-2000 Microsoft Corporation. All rights reserved.
Gross Domestic Product (GDP):
The total value of all goods and services produced within a country in a year, minus the net income from investments in other countries.
Encarta® World English Dictionary (North American Edition) © & (P) 2001 Microsoft Corporation. All rights reserved.
Gross National Product (GNP):
A term used to describe in monetary value the total annual flow of goods and services in the economy of a nation. The GNP is normally measured by totaling all personal spending, all government spending, and all investment spending by a nation's industry both domestically and all over the world. GNP can also be figured by the earnings and cost approach of accounting, in which are added together all forms of wages and income, such as corporate profits, net interest returns, rent, indirect business taxes, and unincorporated income.
Microsoft® Encarta® Encyclopedia 2001. © 1993-2000 Microsoft Corporation. All rights reserved.
Group of Seven (G7):
A group of the seven most industrialized nations in the world that met to discuss and draw up global economic policies; they were joined by Russia to form G8. The seven were Canada, France, (West) Germany, Italy, Japan, the United Kingdom, and the United States.
Encarta® World English Dictionary (North American Edition) © & (P) 2001 Microsoft Corporation. All rights reserved.
Group of Eight (G8):
An economic and political forum for eight of the world's most industrialized nations: Canada, France, Germany, Italy, Japan, Great Britain, Russia, and the United States. The group arose informally during the 1970s from the meetings of finance ministers arranged by President Valery Giscard d'Estaing of France and Chancellor Helmut Schmidt of West Germany (now a part of the unified Federal Republic of Germany). The two men invited other heads of government to join them in these meetings. The Group of Eight, known as the G8, now meets once a year to exchange information and ideas -- particularly in economics -- and to discuss matters of international concern.
Microsoft® Encarta® Encyclopedia 2001. © 1993-2000 Microsoft Corporation. All rights reserved.