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When prices of goods across different locations move in similar patterns over time
Providing provisional financial assistance to member nations to help with balance of payments
In supporting economic development and social progress in Africa through loans, equity investments, and technical assistance
International Financial Institutions (IFIs)
Global organizations (e.g., IMF, World Bank) that promote financial stability, economic cooperation, and development financing.
International Monetary Fund (IMF)
A financial institution providing economic policy advice and financial aid to countries facing economic instability.
Suez Canal
A trade route that shortened travel between Asia and Europe by 4,000 miles, reducing costs and improving global trade efficiency.
Steam Engine
A key 19th-century technological advancement that enhanced transportation and enabled faster global trade.
The 20th century began with economic expansion, elimination of trade barriers, and the rise of international capital markets, making globalization more extensive than ever before.
How did the start of the 20th century impact global market integration?
Railroad Locomotive
Revolutionized land transportation, allowing for efficient movement of goods and resources across major trade hubs.
World War I disrupted global economic integration by disturbing trade routes, inflation, and causing countries to turn inward for recovery.
How did World War I affect globalization?
Electric Telegraph
A communication breakthrough that allowed rapid transmission of trade and market information, reducing transaction delays.
Global Market Integration
The process where separate markets become increasingly interconnected through trade, technology, and transportation.
Free Trade
An economic policy that reduces tariffs and trade barriers to encourage global commerce.
Multilateral Surveillance
The IMF’s process of monitoring global financial and macroeconomic risks.
Gold Standard
A monetary system where currency value is directly linked to gold reserves.