COMMERCE 4SA3 Chapter Notes - Chapter 1: North American Free Trade Agreement, Nonus (Praenomen), Environmental Degradation
20 Sep 2017
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From distinct national economic units to one huge global market. Criticisms include poor working conditions, low pay, long hours, mandatory overtime, poor safety records. Globalization: shift toward more integrated and interdependent world economy. Globalization of markets: merging historically distinct and separate national markets into one global marketplace. Also argued tastes and preferences of consumers could be converging to global norm. Big corporations not just benefactors, but also facilitators in standardizing worldwide products. Global markets more for industrial goods rather than consumer products due to difference in tastes in preferences while raw inputs are standard eventually led to the wto. Other organizations include imf, world bank, un where countries sign on voluntarily. 159 countries as of 2014 with yemen membership under discussion. Lender of last resort when currency is losing value. In return for giving loans, nations must adopt specific policies aimed to promote economic stability and growth.
