Corpus Corpus 2
governance since 1945
► Government is the exercise of authority, whereas governance refers to consensus building with plural stakeholders.
► The nation-state level of government is in competition with the regional and the international levels. In the UK, from 1944 to the 1970s, the nation-state didn’t seem to lose control even after joining the EEC. Since the 1980s, the British state has lost influence to international economic organizations and smaller nations (Wales, Scotland).
► John Maynard Keynes (1883-1946) was a British economist. His ideas fundamentally affected the economic policies of British governments and the Bretton Woods institutions (such as the IBRD) after WW II.
► Margaret Thatcher (1925-2013) was a British politician and the Leader of the Conservative Party from 1975 to 1990. She served as Prime Minister of the UK from 1979 to 1990. Her nickname was the “Iron Lady” because of her uncompromising policies with trade unions, IRA, Argentina or the EEC.
Global economic institutions
► GATT (General Agreements on Tariffs and Trade): multilateral agreement regulating international trade signed in 1947 after the failure of the creation of the International Trade Organization (ITO). It was replaced by the WTO (World Trade Organization) in 1995.
► IBRD (the International Bank for Reconstruction and Development, or the World Bank): established in 1944 to reduce poverty in low-income countries by promoting sustainable development through loans. Bretton Woods institution.
► IMF (International Monetary Fund): created in 1944 to promote international trade, exchange-rate stability, and make financial resources available to member countries. Bretton Woods institution.
The weakening of the nation-state in the UK