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  • THE GLOBALIZATION OF WORLD ECONOMIC (AutoRecovered)

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    The document discusses the globalization of world economies through increasing cross-border trade, flow of capital, and spread of technologies. It defines an international trading system as a combination of rules and agreements governing trade between countries. The document notes that globalization enables international trade and cultural exchange, making the world more interconnected. It provides a brief history of international trade, noting that the ancient Silk Road was a major early trade route and that modern international trading systems originated from shifts from barter to mercantilism and later to liberalism.

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    The document discusses the globalization of world economies through increasing cross-border trade, flow of capital, and spread of technologies. It defines an international trading system as a combination of rules and agreements governing trade between countries. The document notes that globalization enables international trade and cultural exchange, making the world more interconnected. It provides a brief history of international trade, noting that the ancient Silk Road was a major early trade route and that modern international trading systems originated from shifts from barter to mercantilism and later to liberalism.

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    13 views1 page

    THE GLOBALIZATION OF WORLD ECONOMIC (AutoRecovered)

    Uploaded by

    Gwapo Epin
    The document discusses the globalization of world economies through increasing cross-border trade, flow of capital, and spread of technologies. It defines an international trading system as a combination of rules and agreements governing trade between countries. The document notes that globalization enables international trade and cultural exchange, making the world more interconnected. It provides a brief history of international trade, noting that the ancient Silk Road was a major early trade route and that modern international trading systems originated from shifts from barter to mercantilism and later to liberalism.

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    © All Rights Reserved
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    THE GLOBALIZATION OF WORLD ECONOMIC

    - Economic globalization refers to the increasing interdependence of world economies as


    a result of the growing scale of cross-border trade of commodities and services, flow of
    international capital and wide and rapid spread of technologies.

    INTERNATIONAL TRADING SYSTEM


    - An international trading system is a combination of rules, regulations, and agreements among
    countries involved in international trade. Globalization makes international trade possible. It is
    the process where the world becomes an interconnected place through trade and cultural
    exchange.

    - International trade is an exchange of good of services across national jurisdiction. Inbound trade
    is defined as Imports, and outbound trade is defined as exports.

    How International Trading System works ?

    History of International Trading System


    What is the major trade route of International Trading System. ?

    - International trade started in ancient times. The Silk Road was the first major trade route that
    connected the East and the West. It was an important trade route for over 2,000 years,
    connecting Asia with Europe via the Middle East.

    How did an international trading system originate?

    - International trade has a rich history starting with barter system being replaced by Mercantilism
    in the 16th and 17th Centuries. The 18th Century saw the shift towards liberalism.

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