ADM 3318 Chapter Notes - Chapter 1: World Trade Organization, International Monetary Fund, Foreign Direct Investment
10 Dec 2016
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Document Summary
Globalization: the shift toward a more integrated and interdependent world economy. The globalization of markets: the merging of historically distinct and separate national markets into one huge global marketplace. The globalization of production: sourcing goods and services from locations around the globe to take advantage of national differences in the cost and quality of various factors of production. As of 2006, 149 nations that collectively accounted for 97 percent of world trade were wto members, thereby giving the organization enormous scope and influence. International monetary fund (imf): international institution set up to maintain order in the international monetary system. The imf is seen as the lender of last resort to nation-states whose economies are in turmoil and currencies are losing value against those of other nations. Was set up to promote economic development: united nations (un): an international organization made up of 191 countries charged with keeping international peace, developing cooperation between nations, and promoting human rights.
