Questions

G-15 is an economic grouping of Third World Nations.

The countries listed in G-15 group are Algeria, Argentina, Brazil, Chile, Egypt, India, Indonesia, Iran, Jamaica, Kenya, Malaysia, Mexico, Nigeria, Peru, Senegal, Sri Lanka, Venezuela, and Zimbabwe.

The G-15 membership has expanded to 18 countries, but the name has remained unchanged. 

• The First World described countries whose views aligned with NATO and capitalism. The United States was considered a member of the First World.

• The Second World referred to countries that supported communism and the Soviet Union. Russia was considered a member of the Second World.

• The Third World referred to countries whose views did not align with NATO and capitalism or the Soviet Union and communism. A Third World country is a developing nation characterized by poverty and a low standard of living for much of its population. Third World countries referenced the nations, mostly in Asia and Africa.

A bank run occurs when a large number of people withdraw their money from a bank, because they believe the bank may cease to function soon.

A banking panic or bank panic is a financial crisis that occurs when many banks suffer runs at the same time, as people suddenly try to convert their threatened deposits into cash or try to get out of their domestic banking system altogether.