Globalization And The International Monetary System

1155 Words Jan 13th, 2016 5 Pages
Chapter one focused on globalization. With globalization, all firm sizes can contribute to markets that exchange internationally. This chapter focused a lot on global institutions and why we need them when globalization exists. We need them because they help regulate the marketplace and promote treaties that help govern business done globally. I learned about the International Monetary Fund, which controls the management of the international monetary system. The United Nations is in charge of security and keeping the peace between all nations. Globalization has lead to technological change that has helped advance our world. The technological change meant lower costs of communication networks, and information processing, as well as lower transportation costs. While globalization is great, it also has some risks. It could lead to financial crisis. Some worry that it could also lead to job losses, and hurt the economy. Some people argue manufacturing job opportunities are given to other countries. This chapter gave me a lot to think about and how globalization impacts so many things. Most companies go to other countries to manufacture, so it does take opportunities away from their home country.

Chapter two focused on national differences in the political economy. Political economy is how the economic, political and legal systems interact and influence each other within a country. This chapter discussed socialism in depth and how the early 20th century had it broken up into…
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