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The Structure of Globalization
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Globalization
A modern term used to describe the changes in societies and the world economy that result from dramatically increased international trade and cultural change.
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The Structures of Globalization
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The United Nations is an intergovernmental organization tasked with maintaining international peace and security, developing friendly relations among nations, achieving international co-operation, and being a centre for harmonizing the actions of nations.
The Global Economy:
Global Economy
- The world economy or global economy is the economy of the humans of the world, considered as the international exchange of goods and services that is expressed in monetary units of account.
Why do nations trade?
1. Countries trade because they are different from each other .
2. Countries trade to achieve of scale in production.
Global Trading
Trade Barriers
Preventing a foreign product
from freely entering into nation's territory.
Global Trading
Global trading allows the different countries to participate in global economy encouraging the foreign direct investors. These individuals invest their money in the foreign companies and other assets. Hence, the countries can become competitive global participates.
Market Integration
Market Integration
Market Intregration
Free Trade
Market Integration is a situation in which separate markets for the same product become one single market,for example when an import tax in one of the market is removed. Integration is taken to denote a state of affairs or a process involving attempts to combine separate national economies into larger economic regions (Robson, 1998, p.1)
Free Trade
Free Trade wherein international trade (the importation and exportation) left to its natural course without tariffs and non-tariff trade barriers such as quotas, embargoes,sanctions or other restrictions.
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Tariffs - taxes or duties to be paid on a particular class of imports or exports
Embargo - a government-instituted prevention of exports to a certain country.Official ban on trade or other commercial activity. (The United States has imposed several long-running embargoes on other countries including Cuba, North Korea and Iran)
Economic sanctions - commercial and financial penalties applied by one or more countries against a targeted country, group, or individual
Free trade
Free Trade areas
WORLD’S MAJOR FREE TRADE AREAS
1. North American Free Trade Agreement (NAFTA)
2. Association of Southeast Asian Nations Free Trade Area (AFTA)
3. Southern Common Market (MERCOSUR)
4. Common Market of Eastern and Southern Africa (COMESA)
Here are not Free Trade Areas yet Union and Partnership Agreements
5. European Union
6. Trans-Pacific Partnership
7. Transatlantic Trade and Investment Partnership
The Role of International Financial Institutions in the Creation of Global Economy
International Financial Institutions
- International non-profit agencies are one of the major sources of financing like regional development banks or banks globally.
- To finance productive development projects or to promote economic development
WORLD BANK- multinational financial institution established at the end of World War II (1944) to helpprovide long-term capital for the reconstruction and development of member countries.
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Group 1 BET-MT2