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Chapter 3 - • Established binding rules on international...

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Chapter 3: Economic Dimension of Globalization A. The emergence of the global economic order Dramatic changes have occurred in economic production and in exchange of commodities partly b/c of new technologies These technologies indicate profound social transformations centered on the market Gigantic flows of capital and technology have stimulated trade in goods and services Markets have extended their reach around the world and created new linkages among national economies Building blocks of 21 st century global economic order Huge transnational corporations (TNCs) Powerful international economic institutions Large regional trading systems Bretton Woods NH July 1-22, 1944 Based on idea of British economist John Maynard Keynes (1883-1946) that a healthy economy requires regulation Established basis of late 20 th century world economic order Representatives of 44 nations participated Reversed trade barriers of interwar years (1918-39) Committed global North to expand international trade
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Unformatted text preview: • Established binding rules on international economic activities • Pegged national currencies to fixed gold value of US dollar, creating a stable money exchange system • Within these limits, allowed nations to control their own trade • Bretton Woods Agreement passed by U.S congress July 1945 • Established for new international economic New international economic institutions • International Monetary Fund (IMF) administered the international monetary system • International Bank for Reconstruction & development (World bank) Provided loans for Europeans post war reconstruction & funded industrial projects in developing countries around the world • General Agreement on Tariff and trade organization charged with fashioning B. The internationalization of trade and finance C. The power of transnational corporations D. The enhanced role of international economic institutions...
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