MGMT 3225 Lecture Notes - Lecture 1: International Monetary Fund, World Trade Organization, European Central Bank
Document Summary
Globalization: trend away from distinct national economic units and toward one huge global market. Globalization of production: trend by individual firms to disperse parts of their productive processes to different locations around the globe to take advantage of differences in cost and quality of factors of production. Factors of production: inputs into the productive process of a firm, including labor, management, land, capital, and technological know-how. General agreement on tariffs and trade (gatt): international treaty that committed signatories to lowering barriers to the free flow of goods across national borders and led to the wto. World trade organization (wto): the organization that succeeded the general agreement on tariffs and trade (gatt) as a result of the successful completion of the uruguay round of gatt negotiations. International monetary fund (imf): international institution set up to maintain order in the international monetary system. World bank: international institution set up to promote general economic development in the world"s poorer nations.
