POLSCI 1AB3 Lecture Notes - Lecture 5: Fortune Global 500, International Monetary Fund, International Trade
11 Apr 2018
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Document Summary
What globalization is, arguably, not (or at least not just): International trade and investment have increased enormously in the last 50 years. However, trade and financial flows are not a unique characteristic of the late 20th century. Some of the largest economic agents on the plant are not states but multinational. Measured by revenue (fortune global 500) at number 24 is walmart with revenue of close to billion, with several other corporations close behind. These corporations have revenues that are larger than all but the largest states. Moreover, the absolute number of mncs has been increasing rapidly. However, mncs are not historically unique, nor is their power as individual actors greater now than historically. East i(cid:374)dia co(cid:373)pa(cid:374)y, hudso(cid:374)"s bay corporatio(cid:374), et(cid:272). Some of the key international organizations like the world trade organization and the international monetary fund have rules in place that bind states into an international system framed around liberal free trade, private markets, etc.
