Zfg 11. The Economic Dimension of Globalization - The...

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The Economic Dimension of Globalization Summary: The total value of world trade exploded from $57 billion in 1947 to an astonishing $6 trillion in the late 1990s. Wealthy Northern countries have increased their efforts to establish a single global market. Some national economies have increased their productivity as a result of free trade. Other benefits are specialization, competition and the spread of technology. The elimination of social control mechanisms has resulted in a lowering of global labor standards, severe forms of ecological degradation, and the growing indebtedness of the global South to the North. The key components of the internationalization of trade include the deregulation of interest rates, the removal of credit controls, and the privatization of government- owned banks and financial institutions. Globalization of financial trading allows fewer restrictions and greater investment opportunities. This new financial infrastructure

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