Globalization, Trade, Tariffs

Globalization

Spread of political, economic, and cultural interactions across borders

Economic Globalization

Flow of goods, services, and capital between countries

International Trade

Exchange of goods and services across countries

International Finance

Movement of money and investments globally

Bretton Woods System

Post-WWII system to stabilize global economy

GATT (General Agreement on Tariffs and Trade)

Agreement to reduce trade barriers

WTO (World Trade Organization)

Organization that enforces global trade rules

IMF (International Monetary Fund)

Provides financial stability and loans

World Bank

Provides development loans to poorer countries

Tariffs

Taxes on imports

Free Trade

Trade without restrictions

Protectionism

Policies that restrict imports to protect domestic industries