contempt lesson3

economic globalizaiton

acc to IMF this is an historical process that reflects the outcome of human creativitiy

economics

the study of ho w societies allocate scarce resource to produce goods and services

16th

the origins of globalizaiton

16-18 century

age of mercantilism

populated online tons began to exchange products continuosly

acc to historians globalisation began when?

1571

when was the galleon trade

manila & acalpulco

where was the galleon trade

race to bottom

refers to countries decreasing labor standards

global coroporations

consumers

IMF

national government

NGO

influential factors of economic globalization

global corporations

these entities are pivotal in economic globalization due to their extension international operations

International financial institutions

influential actors

like world bank and world trade organization play a crucial roles in regulating global finance and trade

national governments

they negotiate and implement trade agreements

regional economic blocs

EU; NAFTA

focus on reducing trade barriers and harmonising regulations among member countires

amplify their bargaining power

non governmental organizationns

they push for fair trade practices; advocate for labor rights across global supply chains

consumers

they shape the economic globalzaiotn through their purchasing decisions

core states

such as g7 counties

advanced industrialization; high tech innovation

semi peripheral

brazil; india

play a crucial intermediary role in the globalization economy

regional manufacturing hubs and emerging markets

peripheral area

africa; southeast asian

typically resource extraction economies