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SOSC 1520 (34)
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York University
Social Science
SOSC 1520

MarketsDemocracyDefinitionsBretton WoodsA conference held in 1944 between the 44 Allied Nations The conference was held in order to better advance international relations with principles of neoliberalism Fixed exchange rates which advocated stability of currencies gold standard set capital controls and international organizations such as the IMF and the World Bank were established for political and economic development within states GATT was formed for the liberalization of trade among states in order to promote international political and economic cooperation The agreement was formulated by economist John Maynard Keynes and had a strong influence on history as the organizations that were established still exist in modern society and continue to foster international economic development The agreement was abandoned after the Keynesian welfare crisisForeign Direct Investmentwhere a foreign firm or individual acquires or invests in a domestic firm FDI has rapidly improved through the recent effects of globalization on finance where investments beyond national borders have become facilitated FDI is important since it is one of the mechanisms of todays businesses to establish foreign subsidiaries while accessing foreign economies This is a positive aspect for both nations since this creates the act of importing while creating competition for the foreign nation Additionally corporations invite investors worldwide to benefit the overall domestic economyRelated termeconomic openness allowing the inflow of foreign capital into a countryTrade BarriersNational attempts for protectionist measures through the restriction of imports of foreign goods and services Tariffs subsidies quotas embargos and other barriers restrict international trade Trade barriers are significant essentially due to the fact that it is the greatest hindrance of international trade leading to trade wars mercantilism and limit comparative advantage between foreign nationsRe
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