ADM 2320 Chapter Notes - Chapter 17: International Monetary Fund, World Trade Organization, General Agreement On Tariffs And Trade
Document Summary
Changes in technology, especially communications technology, have been the driving force for growth in global markets for decades. Globalization of production (or o shoring): manufacturers" procurement of goods and services from around the globe to take advantage of national di erences in the cost and quality of various factors of production. General agreement on tari s and trade (gatt): established to lower trade barriers, such as high tari s on imported goods and restrictions on the number of types of imported products that inhibited the free ow of goods across borders. World trade organization (wto): replaced the gatt in 1994. Instead of being an agreement, it is an international organization settled in geneva that deals with the global rules of trade among nations. International monetary fund (imf): promote international monetary cooperation and facilitate the expansion and growth of international trade.