History of Economic Globalization

The 16th Century marked the origin of modernity and globalization because they built a long-distance ______

In the 17th and 18th Century, the global economy existed only in ______ and exchange

In the 19th Century, globalization approached its modern form with accelerated growth in international exchange of ______

The International Monetary System forms rules and standards to facilitate international ______

Evolution of the International Monetary System from 1870 to 1914 included gold and silver with fixed ______ rate

European Monetary Integration was a 30-year long process to reduce the excessive influence of US ______

In June 1998, European Central Bank is established. In January 1999, euro was born. From 2008 to 2009, European Union faced dramatic challenges in financial and economic ________.

In 2010, a three-pillar financial rescue was built (temporary). In 2013, they activated their own permanent European Stability Mechanism. European Financial Stability Mechanism (EFSM) is a permanent fund created by EU to provide emergency assistance to its member. European Financial Stability Facility (EFSF) is an organization created by EU to provide assistance to members with unstable ________.

International Trade involves the exchange of goods, services, and capital across national borders. It results in greater competition, more competitive pricing, and more affordable products. Trade Policies are regulations and agreements of foreign countries to have trade relations between countries. One focus of Trade Policy in International Trade is ________.

Trade Barriers are measures wherein imported goods are less competitive than local goods. They are restrictions on trading. Safety in trade ensures that imported products are of ________ quality.

World Trade Organization (WTO) deals with global rules of trade between nations with the main function of ensuring that trade flows smoothly, predictably, and freely. WTO is the means by which industrialized countries can gain access to markets of developing ________.

Market Integration exists when there are exerted effects that prompt similar changes in other markets focused on events occurring in other markets. Stock Market Integration occurs when stock markets of different countries trend together and depict the same risk returns. Financial Market Integration is an open market economy between countries facilitated by a common currency. Global Corporation is a business that operates in two or more countries; a multinational company. The finance function in Global Corporation involves managing ________.