Structures Of Globalization PDF

STRUCTURES OF GLOBALIZATI ON TOPIC 2 ECONOMIC GLOBALIZATION Historicalprocess Result of human innovation and technological progress ECONOMIC GLOBALIZATION Increasing integration of economies around the world Movement of goods, services, and capital Movement of people (labor)...

STRUCTURES OF GLOBALIZATI ON TOPIC 2 ECONOMIC GLOBALIZATION Historicalprocess Result of human innovation and technological progress ECONOMIC GLOBALIZATION Increasing integration of economies around the world Movement of goods, services, and capital Movement of people (labor) and knowledge (technology) across international borders. INTERNATIONAL MONETARY SYSTEMS ‘Refers to rules, customs, instruments, facilities, and organizations for effecting international payments’ (Salvatore, 2007:764) THE GOLD STANDARD The origin of the first modern-day International Monetary System (IMS) dates back to the early nineteenth century, when UK adopted gold mono- metallism in 1821. THE GOLD STANDARD One of the main strengths of the gold standard system was the tendency for trade balance to be in THE GOLD STANDARD The outbreak of WORLD WAR 1 brought an end to the classical gold standard. THE GOLD STANDARD a monetary system in which the value of a country's currency is directly linked to gold. With the gold standard, countries agree to convert paper money into a fixed amount of gold. A country that uses the gold standard sets a price for gold, and it buys and sells gold at that price. EUROPEAN MONETARY INTEGRATION The collapse of the Bretton Woods System, however, placed the European Economic Community (EEC) under pressure, and member countries eventually agreed on setting up a regional monetary regime, the EUROPEAN MONETARY SYSTEM in 1979. EUROPEAN MONETARY INTEGRATION  The first ten years of the European Economic and Monetary Union (EMU) were an evident success for participating countries: trade and capital transactions increased; economies became more integrated; macroeconomic stability was restored and the euro became the second most widely used reserve currency (European Commission, MULTILATERALISM: FROM THE GATT TO THE WTO After almost 50 years of rules- based trade negotiations, the Uruguay Round gave birth to a ‘real’ international trade institution, the WORLD TRADE ORGANIZATION. DEVELOPING COUNTRIES AND INTERNATIONAL TRADE The aim of United Nations Conference on Trade and Development (UNCTAD) was to promote trade and cooperation between the developing and the developed nations. THANK YOU CLASS!