COMMERCE 4SA3 Chapter 1: chpt1-4sa3
3 Dec 2016
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Document Summary
Chapter one: globalization tilted in their favour: people living in developed nations no longer have the playing field. We are moving towards an interdependent global economic system- this process is referred to as globalization. Products are made from inputs that come from all over the world. Globalization the shift toward more integrated and interdependent world economy (one huge global market) Globalization of markets- merging of historically distinct and separate national markets into one huge global marketplace. Globalization of production- sourcing goods and services from locations around the globe to take advantage of national differences in the cost and quality of factors (labour, energy, land, capital) International monetary fund (imf): maintain order in the international monetary system. Often seen as the leader of last resort to nation-states whose economies are in turmoil and whose currencies are losing value against those of other nations. Helping countries cope with some of the effects of the financial crisis.
