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Economic Globalization Concept Map
Transcript of Economic Globalization Concept Map
Influence Contemporary Bretton Woods Agreement established a new international monetary system after World War II. Gold Standard Fixed Exchange Rate created Inflation leads to ie. In the 1960's, the U.S. had to afford the costs of Vietnam War and great number of new social programs, therefore ending up printing too much paper money. Floating Exchange Rate opposite of -government sets the value
of its currency -value of currency is based on
supply and demand International Bank for Reconstruction and Development divided into two organizations World Bank Group Bank for International Settlements -controlled by 184 member countries
-responsible for long-term financial assistance International Monetary Fund (IMF) work together -in charge of short-term financial assistance
-monitors exchange rates World's economy based on Centrally Planned Economic System developed during the Cold War. opposite of Free Market Economy International Money Markets decentralized by new technologies mutual funds helped with the growth of "Electronic herd" --Thomas Friedman John Maynard Keynes Friedman Hayek Milton Friedman direct government intervention supported help with recession no government involvement in economy supported opposed totalitarian there is always a natural rate of unemployment concluded that free market importance of prices many planners human action dynamic competition General Agreement on Tariffs and Trade (GATT) -established in 1947 as an agency of the UN Free Trade Agreement (FTA) North American Free Trade Agreement (NAFTA) -includes the entire North America