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Global Trade and Finance
Learning objectives
- In this chapter you will begin to learn about the contemporary international economy, and the reasons for the debates about the benefits and demerits of globalization.
- This chapter examines the post-Second World War political-economy system, including the rise, fall, and rebirth of the Bretton Woods system.
- The chapter discusses the role of international institutions, multinational corporations, and other key actors in shaping the contemporary globalized economic scheme.
- You will learn about the essential aspects of global trade, finance, and banking, as well as how these are changing.
- This chapter begins to demonstrate how globalization has affected different parts of the world unevenly, as a prelude to Chapter 9.
Key concepts and terms
- Bretton Woods system
- Capital controls
- Deregulation
- Development
- Dollar standard
- Electronic commerce
- Equity
- Fixed exchange rate
- Floating exchange rate
- Foreign direct investment (FDI)
- Free market
- Futures
- Global goods
- Global sourcing
- Great Depression
- Identity
- Immigration controls
- Intellectual property rights
- Interdependence
- Intrafirm trade
- Marshall Plan
- Most favored nation status
- New International Economic Order
- North-South debate in international politics
- Political-economy approach
- Post-Washington Consensus
- Poverty
- Protectionism
- Special Drawing Right (SDR)
- Supraterratoriality
- Trade liberalization
- Transborder
- Washington Consensus
- World Bank Group (WBG)
- World Trade Organization (WTO)
- Zero-sum world