INTB 1209 Chapter Notes - Chapter 1: Totalitarianism, Debt Relief, Cultural Imperialism
22 Mar 2016
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Document Summary
Globalization- refers to the shift toward a more integrated and interdependent world economy. Globalization of markets- refers to the merging of historically distinct and separate national markets into one huge global market place. Globalization of production- refers to the sourcing of goods and services from locations around the globe to take advantage of national differences in the cost and quality of factors of production. Factors of production labor, energy, land and capital (cid:2) General agreement on tariffs and trade help to manage, regulate, and police the global marketplace. And was created by voluntary agreements between individual nation-states and are enshrined in international treaties. ( replaced by the wto world trade organization) (cid:2) World trade organization is primarily responsible for policing the world trading system and making sure nation-states adhere to the rules laid down by the wto. International monetary fund was established to maintain order in the international monetary system. (1944) (lender of last resort)
