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Globalization
A shift toward a more integrated and interdependent world economy
Globalization of Markets
The merging of historically distinct and separate national markets into one huge global marketplace
Globalization of Production
Sourcing of goods and services from locations around the globe to take advantage of national diffrences in the cost and quality of factors of production (labor, energy, land and capital)
Political Economy
The political, economic, and legal systems that are interdependent; affected by and shaping societal culture
Political System
System of government in a nation; political systems assessed in terms of degree to which they emphasize collectivism as opposed to…
Collectivism
system that stresses the privacy of collective goals over individual goals
Socialists
those who believe in public ownership of the means of production for the common good of society
Communists
believed socialism could only be achieved through violent revolution and totalitarian dictatorhsip; in retreat worldwide by mid-1990s
Social democrats
worked to achieve same goals by democratic means
International Monetary System
The institutional arrangement that governs exchange rates; recall that the foreign exchange market is the primary institution for determining exchange rates
Floating exchange rate system
Where the foreign exchange market determines the relative value of a currency
Pegged exchange rate system
When the value of a currency is fixed to a reference country and then the exchange rate between that currency and other countries’'
Managed-float or dirty-float system
When the value of a currency is determined by market forces, but with central bank intervention if it depreciates too rapidly against an important reference currency
Fixed exchange rate system
countries fix their currency against each other at a mutually agreed upon value
European Monetary System (EMS)
Prior to the introduction of the euro, how eu countries operated with fixed exchange rates within the context
