How did economic globalisation develop? - Coggle Diagram
How did economic globalisation develop?
Bretton woods conference
it was to agree on a system of economic and international peace and cooperation that would aid damaged countries and help them recover from the devastation of the war.
The Bretton Woods conference created a fixed exchange rate system, in which the value of each country's currency was the value of gold. This fixed exchange rate system helped to stabilize international trade and promote economic growth, and it played a key role in the development of economic globalization
The World Bank and IMF
These were international organizations that was made after world war 2 to promote economic cooperation and they helped countries in need of money.
The creation of these organizations has led to them providing financial assistance to the countries in need and this helped to stabilize their economy. From this it started trade and investment which are huge components in our economy and the development of it.
growing number and strength of transnational cooperation
its the collaberations and exchange of ideas, rescources and expertise and have had severeal
Transnational cooperation has had a major impact on economic globalization by allowing organizations and countries to access new technologies, resources and share ideas.This has led to an increase in international trade and investment, the integration of global value chains, and the growth of multinational corporations. Overall, economic globalization has contributed to economic growth and improved living standards around the globe.
Impact of new technology and communication
brand new ways of communication or a new way of technology that could change your life.
New technology and communication have had a significant impact on the development of economic globalization. The advancement of communication technologies, such as the internet and mobile phones, has made it easier for people and businesses to connect and communicate with each other across borders
Influence of theorist like keynes and hayek
Keynes and Hayek were two highly influential people in the 20th century. Keynes, or John Maynard Keynes, was a British economist known for his belief in government intervention in the economy and his theory of demand-side economics. Meanwhile, Hayek, or Friedrich von Hayek, was an Austrian economist who supported the idea of laissez-faire capitalism and supply-side economics. Both of these economists have had a lasting impact on economic policy and continue to be looked into and debated today.
Keynes and Hayek are two influential people who have had a major impact on economic globalization. Their theories have been used to support a variety of policies, including government intervention to boost demand during economic recessions and the liberalization of trade and deregulation of financial markets. The ongoing debate between these two economists and their theories continues to shape economic policy and influence the global economy.
expansion of the free market system
it is the privatization of state-owned enterprises and the reduction of government involvment in the economy.
The free market system has helped the world become more connected through economic globalization. This happens when countries trade goods, services, and money with each other on a global level. The free market system makes it easier for things like goods, money, and people to move between countries, which leads to the creation of worldwide supply chains and an increase in international trade.
Creation of GATT/world trade organisation
and expansion of free trade.
The General Agreement on Tariffs and Trade (GATT) was created in 1947 with the goal of reducing international trade barriers, such as tariffs and quotas. It was signed by 23 countries and was successful in significantly lowering trade barriers, resulting in an increase in international trade and economic globalization
. While free trade and economic globalization have brought many benefits, such as increased economic growth and access to a wider range of goods and services, it has also been criticized for contributing to income inequality and job loss in certain sectors and regions.