GS101 Chapter Notes - Chapter 3: Washington Consensus, Exxonmobil, Government Debt
Document Summary
Gs101 (steger) chapter 3: the economic dimension of globalization. Economic globalization: intensification and stretching of economic connections across the globe (trade in g/s) Contemporary economic globalization can be traced back to gradual emergence of new international economic order assembled at economic conference held towards end of. Us and britain reversed protectionist policies of interwar period commitment to expand international trade, established binding rules on international economic activities, and created stable money exchange system (country"s currency pegged to fixed gold value of usd) Individual nations free to control permeability of borders allowed state to set political and economic agendas. Bretton woods set institutional foundations for establishment of 3 new international economic organizations: International monetary fund (imf): administers international monetary system. International bank for reconstruction and development/the world bank: Designed to provide loans for europe"s postwar reconstruction initially, then purpose expanded to fund various industrial projects in developing countries.
