International Political Economy Practice Exam


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1TGM 515 – International Political Economy
Midterm Exam & Solution Guide – Spring 2021 v1
Prof. Grosse
Thunderbird School of Global Mgt
You may choose any 5 of the 6 questions below. You may write a maximum of 100 words for each
answer. 20 points each. The test is 75 minutes long. Closed book and closed notes. No search on
internet either.
Q1. What economic worldview do structuralists follow? That is, what kind of international economic
policy do they choose? How does this policy relate to structuralism?
Structuralists are concerned about income distribution. If you look at the dependencia group, they favor
Import-Substituting Industrialization. In general, the Structuralists favor protection of domestic
companies and people, i.e., mercantilism.
This policy attempts to shift more income to the domestic people, who are viewed as being less wealthy
than foreigners (e.g. Latin American countries relative to the US).
They believe that wealthy capitalist countries exploit underdeveloped countries for their resources. The
structuralism economic policy aims to delink them from the global economy in order to protect their
people – but in reality, this always defaults to mercantilism rather than isolationism.
The Modern World Systems people also favor mercantilism, and they view the system as unfair because it
discriminates against the periphery countries in favor of the ‘core’ countries.
-5 pts if you don’t talk about their intl economic policy view
Q2. What should a German company such as Volkswagen do to maximize its worldwide profits and
ability to compete, given that China is its largest market today? What are the key challenges to VW
because they operate in China, and how can they manage these challenges?
VW has been manufacturing in China since 1983.
VW should diversify their sales outside of China, to avoid over-dependence on China.
VW should continue with its JV with Shanghai Automotive, since the JV is the largest car company in
China today. (They also have a big JV with FAW.)
VW should look for ways to avoid being copied by SAIC, and they definitely should produce electric
vehicles and autonomous vehicles in China.
-5 pts if you don’t know that VW has been there for almost 40 years
Q3. What different economic policies would you expect from a more embedded liberalist government
(perhaps more Keynesian) in the US, for example under Joe Biden, versus a more neo-liberalist
government, for example under either George Bush?
I would expect more social policies such as increases in healthcare spending, increases in education
spending, increases in regulation of big business under Biden.
I would expect, for international policy, to see similar policies to those used by everyone (except Trump)
from Reagan to Obama; namely, continued support of free trade, with restrictions on autos, steel, sugar,
and probably three or four more products. So, as far as differences with Biden in comparison with the
two Bush policies are concerned, I would just expect more attention to restrictions on China in retaliation
for their restriction of US business there.
Just as Biden has to deal with Covid-19, George Bush II had to deal with 9-11 and later the Global
Financial Crisis. These events all led to government intervention (stimulus policies) to help the voters/the
-5 pts if you don’t talk about Biden and Bush
-4 pts if you don’t recognize that their policies are largely the same
Q4. What was the goal of mercantilists such as the British parliament in the 19th century when they
passed the Corn Laws, or in the 18th century when they passed the Navigation Acts? Was either one a
helpful international economic policy and why?
The British with the Corn Laws wanted to support (protect) the wealthy landowners who were primarily
operating farms. The Navigation Acts also supported British merchants, since British ships had to be
used to transport imports and exports to the UK.
If you were a wealthy landowner in Britain, then both were good policies. If you were in the Other 99%
of British people, then both policies made imports more expensive and less available, thus reducing your
choice of products to buy and raising their prices.
If the foreign countries don’t retaliate, then the British Treasury receives tariff income, and greater
exports generate more foreign exchange for the UK.
-5 pts if you don’t mention landowners and shipowners, who were protected
Q5. Who are 3 of the main proponents of the Mercantilist view in the IPE literature, and what are their
specific perspectives?
Alexander Hamilton was Secretary of the Treasury in the US, and he pushed for protectionist policy in the
late 1700s to support the development of infant industries in the US.
Friedrich List in Germany, who moved to the US, said: “the power of producing [is] infinitely more
important than wealth itself.”
The Italian economist and mercantilist Antonio Serra is considered to have written one of the first
treatises on political economy with his 1613 work, A Short Treatise on the Wealth and Poverty of
Nations, which took a very mercantilist view of trade.
Jean-Baptiste Colbert (Intendant général, 1661–1665; Contrôleur général des finances, 1661–1683) best
articulated French mercantilism.
Thomas Mun (1571–1641), first articulated mercantilism in England, with his Treasure by Foreign
Trade, which Josiah Child (1630–1699) then developed further.
Ken Waltz, Robert Keohane, Robert Gilpin, and Charles Kindleberger were realists rather than
mercantilists, although the first two would probably have supported some mercantilist policies. Gilpin at
one point did support “benign mercantilism”. Kindleberger was an embedded liberalist who believed in
government intervention to fix market failures.
-10 pts if you don’t list people
-5 pts for each missing person of the three you need
Q6. What was Dani Rodrik’s view in his article about Populism and the Economics of
Globalization? What did he conclude from his analysis?
Rodrik saw left-wing populism (e.g., Argentina, Latin America generally; Greece since 2008) as being
against imports and against international capital flows, and in favor of protecting domestic people and
He saw right-wing populism (e.g., US, UK with Brexit) as opposing immigration and again favoring
domestic companies against foreigners.
He saw both kinds of populism as reactions against globalization, where foreigners take domestic jobs.
“Globalization drove multiple, partially overlapping wedges in society: between capital and labor, skilled
and unskilled workers, employers and employees, globally mobile professionals and local producers,
industries/regions with comparative advantage and those without, cities and the countryside,
cosmopolitans versus communitarians, elites and ordinary people.”
He argues that today additional globalization brings small benefits to countries, while it tends to hurt
specific people, especially in import-competing industries.
He says: “We need a rebalancing in three areas in particular: from capital and business to labor and the
rest of society, from global governance to national governance, and from areas where overall economic
gains are small to where they are large.”
-5 pts if you don’t talk about left-wing and right-wing populism
TGM 515 – International Political Economy
Midterm Exam & Solution Guide– Spring 2021 v2
Prof. Grosse
Thunderbird School of Global Mgt
You may choose any 5 of the 6 questions below. You may write a maximum of 100 words for each
answer. 20 points each. The test is 75 minutes long. Closed book and closed notes.
Q1. Which of the three worldviews of international political economy dominates today? What are two of
that view’s main weaknesses? Is the current system sustainable or not, and why?
[embedded] Liberalism is the main worldview taken by most countries in the world today.
Weaknesses: It does not help income distribution; it does not avoid economic crises; it ignores the role of
international politics
The current system based on embedded liberalism is probably sustainable, based on history of the past 75
years. There is no guarantee. US & China as dual hegemons has never been tried before, but it is stable
so far since 2001.
-5 pts if you don’t answer sustainability question
-3 pts if you list only one weakness
Q2. Assuming that you are a consultant to Huawei Corporation, what would you advise them in terms of
a strategy to deal with the strong protectionist policy of the United States Government? This policy
greatly limits Huawei’s ability to do business outside of China.
Good luck! You need to find ways to defeat the claim that Huawei does/could give information to the
Chinese government/military from calls and data transmitted through their equipment around the world.
You could sell part ownership of Huawei on a US stock exchange to US investors, or sell a piece of the
company to Intel or Motorola or Cisco, to demonstrate US participation in the company.
You could lobby other governments (other than the US) to get them to allow Huawei equipment to be
sold and to ignore the US pressure.
And you can produce chips that are currently purchased from US suppliers.
Q3. How has the Covid-19 pandemic affected the process of globalization in 2020 and into 2021? Is
there likely to be a permanent effect or not?
The pandemic reduced GDP as well as exports, imports, FDI and other measures of globalization during
the pandemic. China seems to be the least-affected country, but world totals declined in every category.
The effect is not likely to be permanent, since the health problem will be resolved at some point, probably
by the end of 2021.
Certainly some changes in supply chains (GVCs) and business styles will not return to pre-Covid ways.
-4 pts for not recognizing reduced globalization due to health and safety restrictions on activity and
on travel
-5 pts if you don’t answer the second question
Q4. What does Michael Lind’s article say about the New Class War? Who is on each side, and what is
the likely outcome? Is this like Marxism?
Lind argues that a new kind of managerial capitalism exists where two kinds of bourgeoisie co-exist –
wealthy capital owners and managers in large MNCs (along with scientists and engineers), though the
proletariat/working class is still there.
It is Marxian by focusing on the two classes of people, and on the instability caused by dissatisfaction of
the working class.
Q5. How does David Ricardo’s idea of comparative advantage support one of the three main worldviews
in international political economy? Is it possible for the US and Cuba to both benefit from free trade
between these countries? How?
Ricardo’s theory is the basis for the liberalist worldview. The theory says that any two countries can/will
benefit from free trade by specializing in producing and exporting products where each one has a relative
(comparative) advantage over the other in producing the products, and importing the products where it
has comparative disadvantage. Or in other words, even without a hegemon country, nations can trade
with each other and gain value from specialization and exchange. The system can be stable as a result.
It is certainly possible for both the US and Cuba to benefit from free trade, by each specializing in
products & services where the country is relatively more efficient, and exporting those, while importing
the products & services where the other country has comparative advantage. This is complicated, of
course, by the fact that they both trade with many other countries, so some products may come from and
go to other countries.
Q6. What would have been the best strategy for AngloAmerican Platinum to follow with respect to the
problem at their Mogalakwena mine in South Africa in 2019?
Amplats should have followed the 3-prong strategy of focusing on land, water, and energy. They should
offer help to the community in each area.
They cannot rely on the government for help.
Amplats must construct a strategy that responds to community concerns, but that does not spend so much
that it causes losses for the overall business.
-5 pts if you don’t say that Amplats has to look at costs vs. benefits of any action they take here
TGM 515 – International Political Economy
Midterm Exam & Solution Guide – Spring 2020
Prof. Grosse
Thunderbird School of Global Mgt
You may choose any 5 of the 6 questions below. You may write a maximum of 100 words for each
answer. 20 points each. The test is 75 minutes long.
Q1. Why do many emerging markets feel that the liberalist structure of the global economy is biased
against them? Explain this carefully. What policies (at least 2 specific policies) do they often use to deal
with this problem?
They feel that the system is biased because the terms of trade go against them as commodity/raw material
They also see bias because the existing large, monopolistic firms from Triad countries have economic
power to keep new entrants out.
This implies dependence on the US or EU for technology, money, and market access.
Policies: *tariffs on imports to help local companies become competitive
*subsidies of domestic companies to help them become competitive
*nationalizing key industries, much like Japan, Korea and Taiwan did in the past.
3 for missing one specific policy
-2 points for missing Terms of Trade argument
-2 points for not mentioning dependency
Q2. What would be the best strategy for a company such as Caterpillar if it wants to build a major
presence in Nigeria today? Make sure to take government policy into account.
Employ many local people in the Mantrac mfg plant; pay taxes; export to other countries (in the region)
Nigeria’s government has recently penalized (unfairly) HSBC and MTN, so Caterpillar should look for
insurance on their investment, e.g. through OPIC or MIGA. The factory is owned by the Mansour
Brothers, and not by Cat.
Caterpillar/Mantrac should borrow money locally and find other local liabilities, to hedge their exposure
of assets in the manufacturing facility.
-5 for no knowledge of the company, or of the country
-2 points for not recognizing the risks involved
Q3. Which one of the 3 main worldviews in international political economy dominates today? Which
one is followed by no countries today? How will policies in countries such as the US change in the next
10 years in light of the pressures on the dominant economic policy (IPE) regime?
Liberalism dominates; no country is structuralist; it simply is not the basis of policy for any country
today. Even so, structuralism suggests policies to redistribute income and wealth.
US policies might become more protectionist (mercantilist), in light of Trumpism and also in light of
criticism of globalization.
US policies also may address the structuralist problem of the ever-growing divide between the few
wealthy and the rest (hence the Other 99% movement).
-5 points for no knowledge of structuralism, or for failing to state that liberalism leads
-4 points for failing to recognize US mercantilism and response needed to structuralism
Q4. What specific steps should Facebook take today to position itself ‘sustainably’ (that is, to avoid
government interference for antitrust or information security reasons) in the United States and in India?
Facebook should not worry about anti-trust in the US; in India perhaps they could seek a local minority
The problem of information security is one that Facebook needs to continue to try to eliminate
everywhere. While it is impossible to be completely secure, Facebook needs to be visible in trying to stop
the problem.
-5 points for no knowledge of Facebook
-5 points for lack of focus on information security and anti-trust
Q5. Explain the concept of Hegemonic Stability in the 21st century, when we have two hegemons.
China and the US offer two different versions of economic liberalism to potential ally countries. This
dual hegemon world is sustainable if the two hegemons limit their conflict/aggression to economic issues.
It is like the Balance of Power theory of Kenneth Waltz in seeing two dominant countries; but their
overall models do not reject each other, so the situation is sustainable.
5 points for no knowledge of HST
-3 points for failing to note US & China are both liberalist
Q6. Who are 3 of the main proponents of the Liberalist view in the IPE literature, and what are their
specific perspectives?
Francois Quesnay
Government interference causes harm to the economy; laissez-faire
Adam Smith
invisible hand; self-interest serves society’s interests
David Ricardo
free trade; comparative advantage
John Stuart Mill
advocated selective state action in some areas, such as assisting the poor,
when individual initiative might be inadequate in promoting social welfare
Friedrich Hayek
the only way to have security and freedom was to limit the role of government
and let the market provide opportunities to free individuals
John Maynard Keynes argued that the market does not always translate the rational and selfish behavior
of individual actors (consumers, workers, and firms) into an outcome that is
socially optimal. Embedded liberalist
Milton Friedman
neo-liberal like Hayek; minimum government is always best
Eugene Fama
efficient market hypothesis; financial crisis cannot happen
-5 points for missing one proponent and perspective on the liberalist view
TGM 515 – States & Markets
Midterm Exam & Solution Guide – Fall 2019
Prof. Grosse
Thunderbird School of Global Mgt
You may choose any 5 of the 6 questions below. You may write a maximum of 100 words for each
answer. 20 points each. The test is 75 minutes long.
Q1. According to the Lind article we read about structuralism, do multinational companies today have
more power or less power relative to governments than they did 100 years ago, or even after World War
II up until the 1990s? Why is this the case?
James Burnham’s theory of the managerial revolution: The rulers of this new society will be the people
who effectively control the means of production: that is, business executives, technicians, bureaucrats and
soldiers, [lumped together by Burnham, under the name of “managers”]. The most important managers
are private and public bureaucrats who run large national and global corporations and exercise
disproportionate influence in politics and society.
So, according to Lind, YES, the MNC managers have more power today, because they control the big
companies that rule the global economy. Also, governments have relatively less power compared to
MNCs than they did before 1991.
-5 points for wrong choice
-5 points for not saying ‘why’
Q2. If you were an executive at ICBC, the largest bank in the world today (measured by total assets),
what would your strategy be to enter the US market and why? Make sure to take government policy into
Buy an existing mid-size US bank to gain customers and locations.
Focus on wholesale banking, incl. lending and fx and securities, in New York.
Hire ex-Fed or ex-Treasury people to work at ICBC-USA and try to present the bank as socially
-5 points for vague answer that does not say how ICBC should enter the US market
Q3. Name 3 countries that today operate a communist/socialist political system. Name 3 countries that
operate today a liberalist international economic policy. Which ones among the first 3 (communist/
socialist countries) are included among the second category (of liberalist economies)?
Communist/socialist: North Korea, China, Cuba, Laos, Vietnam
Liberalist: any country except North Korea and probably Venezuela. Cuba and Laos are debatable, but
they are WTO members, so they should be considered liberalist.
-4 points for getting any country wrong
Q4. Which country today operates a structuralist international economic policy? What are two of the key
elements of structuralism?
North Korea, maybe Venezuela
2 key elements: support the proletariat/Other 99%/economically weak people; and keep out foreign
control (dependency)
-4 points for wrong country
-4 points for not explaining structuralism adequately
Q5. For a company such as Apple Computer, what strategy should you follow to deal with the US
government, given that the US is your largest market around the world?
Apple needs to keep the US govt happy by paying US taxes and employing lots of US people.
They can employ more US people by carrying out services in the US, e.g., R&D, operating stores,
perhaps doing some of their own distribution.
Having a second US hq in Austin, TX, is a good idea, too.
By the way, Apple does not own the iPhone assembly plants in China; HonHai does.
-5 points for saying that Apple needs to move mfg back to the US
Q6. What economic policies would you expect a government to follow if it wants to take a mercantilist
slant (that is, slight divergence from the norm) despite being a member of the WTO and generally
following those policies?
Such a government in a large country would restrict imports of key products such as autos and steel, since
the WTO has demonstrated that it will put up with this limited protectionism.
It would try to subsidize local companies or restrict imports in favored industries, perhaps IT, pharma,
some agricultural products, …, though this was only allowed to Japan, Korea, and China while they were
still emerging markets.
It would temporarily subsidize ‘infant industries’.
-5 points if you say to restrict imports as ISI policy
Midterm Exam & Solution Guide
Prof. Grosse
Spring 2018 TGM505 -States & Markets
Thunderbird School of Global Management
You must answer all 5 of the 5 questions. 20 points each. Closed book, closed notes. You may
write a maximum of 100 words for each answer. You have 75 minutes to complete the exam.
14) Explain one of the backlashes to globalization that we have read about in this course. Which worldview do the
participants in this movement have? How should companies respond to this situation in a country where it appears?
Dependency: structuralist, isolationist; ISI;
Other 99%: structuralist, re-distribute income; within-country focus
Trumpian anti-trade, anti-immigrant groups: mercantilist+populist worldview; disadvantaged industries need
Bolivian nationalization of oil companies in 2006; dependency. The oil companies could seek ICSID help; they
could try to boycott Bolivian oil & gas; they could ask for home-government help -5 points if you don’t state the
20) What are the differences between import-substituting industrialization and export-promoting industrialization?
Give an example of a country that has followed each policy. What should a company do in the situation where it
faces a government that uses ISI policies?
ISI restricts imports to protect local producers in domestic market; Venezuela today; Brazil in past
Export promotion subsidizes exports to sell in foreign markets; South Korea, Japan, [& China to some extent:
Chinese exports of electronics, clothes, and much more are due to low production costs, not subsidies]
Company should invest locally to produce for local consumption -5 pts for ignoring this part of the question
5) Describe the 3 worldviews of international political economy. Make sure to emphasize how the worldviews are
different. Give an example of one country that has moved from one worldview to another in the past 50 years.
Liberalist: free markets; market determines income distribution; maybe state intervention when failures; companies
& individuals are key decisionmakers
Mercantilist: trade is zero-sum; countries should push exports & restrict imports; natl govts are key decisionmakers
Structuralist: outsiders control us & have to be constrained; dependency view; other 99%; Marxism; interest groups
such as proletariat or other 99% are key decisionmakers.
Countries that have move from structuralist to liberalist: China, Russia, other Soviet bloc countries
-5 pts for ignoring this part of the question
28) Given that many emerging markets such as Brazil and Indonesia have tried on numerous occasions to force
foreign companies to serve local needs and interests, what strategy would you recommend for Airbnb or KFC to
operate in one of those two countries?
Brazil & Indonesia are large emerging markets with economies largely based on extractive industries, so services
have not been a high priority for their populist policies.
Airbnb should not put any physical assets there; hire local managers where possible in rented facilities.
KC should operate franchises; find local owners when possible.
Both companies should find a local partner or advocate who will plus up the company’s benefits to the country.
-5 points if you show no knowledge of KFC or Airbnb and of Brazil or Indonesia.
39) What do you expect to be the impact of the New Development Bank that was set up by the BRICS countries in
2015? Let’s say by 2020, what impact can you expect the bank to have, where, and in what way? Could a company
potentially work to get some of its financing needs covered by this bank, and how?
The NDB will make additional loans beyond what the World Bank does. It may offer lower interest rates and less
A MNC probably could not directly get its financing done by the NDB, but it could get the local govt to request
NDB funds and then pass some on to the company. All projects so far are loans to govts and SOEs, and only in the
member countries. -5 points if you show no knowledge of what the NDB has done up to early 2018.
Midterm Exam
Prof. Grosse
Fall 2016
TGM505 — States & Markets
Thunderbird School of Global Management
You must answer any 5 of the 6 questions. 20 points each. Closed book, closed notes. You may
write a maximum of 100 words for each answer. You have 75 minutes to complete the exam.
1) Describe the 3 worldviews of international political economy and give an example of a country that
today follows each one. Make sure to emphasize how the worldviews are different.
2) What would David Ricardo (the originator of the idea of comparative advantage) say about the Trump
Administration’s potential exit from the NAFTA agreement? What are major pros and cons about
remaining in NAFTA for the US?
3) Who are two structuralist groups that you can identify, and explain why you see their views as
4) Which worldview does the Global Financial Crisis most fit into, and why? What should international
companies do or have done in light of the crisis?
5) What is the same and what is different among liberalism, neo-liberalism, and embedded liberalism?
6) How should a US company manager approach dealings with the Government of China? Knowing
that it is a communist country, while also a member of the WTO, what kinds of policies should the US
company manager be paying attention to?
Sample Midterm Exam Questions for States & Markets TGM 505
1) Which worldview provides the best explanation of the International Monetary Fund (IMF)? In your
answer, cite specific features of the IMF and its policies, and cite specific aspects of the worldview that
explain why it is so applicable.
2) What lessons could a manager of a multinational company draw from knowing that the government of
Germany follows an embedded liberal policy regime? Should this affect the company’s activities (or
potential activities) in Germany?
3) What is the World Bank’s “cascade framework” to “maximize finance for development”? How
would it operate in evaluating a potential lending situation?
4) There is a tendency to think of Globalization as an unstoppable force: As Thomas Friedman said in
his much-read book The World Is Flat, “the flattening of the world is largely … unstoppable.” Yet an
earlier era of globalization collapsed into world war and depression. For his part, Thomas Friedman is
surely aware of the pre-World War I era of globalization, so he must believe that this current era is
fundamentally different. Do you agree or not, and why?
5) Describe the 3 worldviews of international political economy. Give an example of one country that
has moved from one worldview to another in the past 50 years. Make sure to emphasize how the
worldviews are different.
6) If you were managing a multinational electrical appliance company, which 2 countries would you
expect to offer very little intervention in your business activities, and why?
7) What would David Ricardo (the originator of the idea of comparative advantage) say about the
Reagan Administration’s decision to impose Voluntary Export Restraints (quotas) on Japanese auto
imports into the US? What are major pros and cons of this policy for the US?
8) What worldview provides the most useful framework for understanding the World Bank? Given your
choice of worldview, do you believe that the World Bank has helped or hindered the development of poor
9) Raymond Vernon in Sovereignty at Bay said that multinational companies were more powerful than
national governments in determining the international distribution of company activities, jobs, etc. Was he
right? Why or why not?
10) Embedded liberalists say that free-trade and pure market economies have some failings that need to
be taken into account. What failings are these, and what should a government do about them?
11) Explain how we can think about the NAFTA agreement from the 3 levels of International Political
Economy thinking: individual, national, and international. Do these perspectives offer the same guidance
to the US Government, or different recommendations?
12) Did the Global Financial Crisis support or reject the Liberalist worldview? What would be a
sensible response to the crisis, and which worldview does your response represent?
13) What was the view of the Dependency Theory people in Latin America (led by Raul Prebisch at the
UN Center for Latin America)? What are a couple of elements of policy that they wanted to see from
their own countries?
14) Explain one of the backlashes to globalization that we have read about in this course. Which
worldview do the participants in this movement have? How should companies respond to this situation in
a country where it appears?
15) Would you say that the Government of China is structuralist, or some other kind of system, and why?
16) What is a hegemon? Are we living in a hegemonic world economy today, or in some other situation?
Explain which system you see as characterizing the world economy in 2018.
17) Explain the differences among structuralism, communism, and dependency theories.
18) Which worldview was supported by the Bolivian nationalization of the oil & gas industry in that
country under Evo Morales in 2006? As a foreign oil company manager operating in Bolivia, what would
you do in response to this policy?
19) Has the IMF been successful in stabilizing the world financial system and helping countries with
balance of payments problems since the end of Bretton Woods? (You can ignore the Global Financial
Crisis, which no one saw coming.)
20) What are the differences between import-substituting industrialization and export-promoting
industrialization? Give an example of a country that has followed each policy. What should a company
do in the situation where it faces a government that uses ISI policies?
21) If Caterpillar were to discover that its manufacturing in Illinois was not sufficiently competitive, in
light of its decision not to move that plant to Mexico under heavy Trump pressure, what alternatives does
the company have? What should Cat do?
22) What is the difference between absolute advantage and comparative advantage in explaining how
countries export and import based on their cost conditions?
23) In the modern world systems view, what role do periphery countries play in the world economy?
How could a multinational company take advantage of this reality?
24) Explain the monetary policy trilemma. What situation does Greece find itself in, and how can the
Greek government do something about it?
25) How does the IMF deal with exchange rate policy in the 21st century, now that the Bretton Woods
system is long gone?
26) What would have been the best strategy for a construction company such as Cemex in terms of
financing its activities and taking on debt in 2007-8, just before the Global Financial Crisis?
27) Since the IMF is seen as being biased in favor of the Triad co