MONEY MATTERS OF THE

WORLD: ECONOMIC
GLOBALIZATION
 ECONOMIC GLOBALIZATION

The increasing integration of circuits of

goods, production, images, information
and money across national boarders.
(Tonkiss, 2012)
 THE FOUR DIMENSIONS OF
ECONOMIC GLOBALIZATION

1. Globalization of trade of goods and services

2. Globalization of production
3. Globalization of financial and capital markets
4. Globalization of technology and
communication
(Estanda, 2018)
 FUNDAMENTAL INNOVATIONS

• Digitization and instantaneous global

communication
• Transformation from producer driven to buyer
driven
• Emergence of global financial firms
 TWO ASPECTS OF ECONOMIC
GLOBALIZATION

FINANCE TRADE
 THE BRETTON WOODS AGREEMENT

• Year founded: 1944

• Place: Bretton Woods, New Hampshire, USA
• Participants: 44 countries
• Result: system of currency fixed exchange rate, the creation
of the IMF and the International Bank for Reconstruction
and Development, now known as the World Bank.
 THE BRETTON WOODS AGREEMENT
INTERNATIONAL MONETARY
FUND
The International Monetary Fund, or IMF,
promotes international financial stability
and monetary cooperation. It also
facilitates international trade, promotes
employment and sustainable
economic growth, and helps to reduce
global poverty. The IMF is governed by
and accountable to its 189 member
countries.
www.imf.org
WORLD BANK
Three priorities guide our work with
countries to end poverty and boost
prosperity for the poorest people.
Helping create sustainable economic
growth, the surest path out of poverty.
Investing in people, through access to
health care, education, water and
sanitation, and energy. Building
resilience to shocks and threats that
can roll back decades of progress.
www.worldbank.org
 THE WORD TRADE ORGANIZATION

The WTO is the only global organization dealing with the rules
of trade between nations. At the heart of the WTO
agreements, negotiated and signed by the bulk of the
world’s trading nations ratified in their parliaments. The goal is
to ensure that trade flows as smoothly, predictably and freely
as possible.

(wto.org)