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Chapter 11

chapter 11

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Health Studies

Chapter 11Intro neoliberal policies that reflect an ongoing commitment to the free movement of goods and services across the globe are driving global changes1 This ideology appears to benefit those whose economics lie within the business sectorthese global changes are also influencing and are influenced by nations domestic policies Economic globalization refers to integration of world economies through movement of goods and servicescapital technology labour which lead increasingly to economic decisions being influenced by global conditions this process requires that national govts accept freer markets and global economic integration as the foundations for national macroeconomic policycapital is more likely to generate larger profits when it can span the globe than when it is limited to one nationnational govts manage and adjust domestic policies to meet the pressures of transnational or multinational market forces 2 this marks the political demise of the nationstate bc it appears that multinational corporations not elected govts can now determine public policy 1 requirements of economic globalization have impeded the capacity of national govts to set domestic policy 2 governmental programs associated w the welfare state become incompatible w the requirements of the global market economy so weakens the welfare state Box 112 formation of global economy began toward the end of World War II at a conference held in Bretton Woods 3 at conference delegates established an international trading regime and the foundation of an international monetary system to enable the development of global trade w a view also to avoid global depressions4 observes describe conference as a USled process that culminated formation of political and economic structures and policies under the control of the US1 reasons only viable world leader toward the end of the war did not suffer the devastation endured by European powers during war 2 the US also had the largest economy thus exchange rate mechanisms were established by setting equivalence of national currencies to be compared w US dollar 1 from this process IMF and the World Bank emerged
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