Globalization

What are the three major technological changes?

1. Microprocessors and Telecommunications 2. The Internet and World Wide Web 3. Transportation Technology

What are the two macro factors that seem to underlie the trend toward greater globalization.

1. The decline in barriers to the free flow of goods, services, and capital that has occurred since the end of World War II. 2. Technological change, particularly the dramatic developments in recent years in communication, information processing, and transportation technologies.

What is the International Monetary Fund?

International institution set up to maintain order in the international monetary system.

What is the World Bank?

International organization set up to promote economic development, primarily by offering low interest loans to cash strapped governments of poorer nations.

What is the World Trade Organization?

It is primarily responsible for policing the world trading system and making sure nation-states adhere to the rules laid down in trade treaties signed by WTO member states.

What is the United Nations?

An international organization made up of 191 countries charged with keeping international peace, developing cooperation between nations, and promoting human rights.

What is globalization?

Globalization refers to the shift toward a more integrated and interdependent world economy.

What is the 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.

What is the globalization of markets?

The globalization of markets refers to the merging of historically distinct and separate national markets into one huge global marketplace.