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 The increased flow of trade, people, investment,
technology, culture and ideas among countries.
--Thomas Friedman
Hans Rosling shows 200 years of growth
 Increase in productivity through
investment in
 land, labor or capital—including human
and physical
 Low tariffs that encourage
international trade
Countries by highest percentage GDP growth
 Rapid population growth
 A declining population
 Political instability and government seizure of private property
 High tax rates
 Low savings rate
 Banks get the money they loan from people who have savings
accounts at the bank
 Less-developed countries have low savings rates because the
people are too poor to save
 They can only afford the necessities of life
 Thus, banks can not make loans for capital investments
 Farmers can’t buy tractors
 Businesses can’t improve their technology
 Less-developed countries are poor because they cannot save
 Without savings they cannot buy capital goods
 But they cannot save and buy capital goods because they are
 EU
3 member
 Eliminated trade barriers between US, Canada,
and Mexico
 Signed by President Bill Clinton in 1994
 Overall value of intra-North American trade has
more than tripled since the agreement's inception
Began in 1945
Today 28
 Creates free-trade zones that reduce or
eliminate trade barriers
 Created a single currency, Euro, introduced
1 January 1999
 Great Britain is currently attempting to exit
the EU Brexit
Replaced GATT
162 member
 Negotiates new trade agreements
 Resolves trade disputes
 From 1930-1995 the average tariff in the US
dropped from 59% to 5%
EOC study guide
Globalization #8
 Prioritizes trade and commercial
considerations over all other values
 Refuses to ban imports of goods made
with child labor
 Hurts developing countries
World Trade Organization Criticism:
It opens products to the world market and goods go to those who are
willing to pay the most for them.
Another criticism of free trade:
Smaller, poorer countries become dependent upon trade with richer,
larger nations in trade agreements and working class jobs are displaced
 World Bank
 International Monetary Fund (IMF)
Part of the
United Nations
Created 1944
188 member
in Washington,
EOC study guide
Globalization #9
 Set two goals for the world to achieve by 2030:
1. End extreme poverty by decreasing the percentage of people
living on less than $1.90 a day to no more than 3%
2. Promote shared prosperity by fostering the income growth of
the bottom 40% for every country
 Provide low-interest loans and grants for
 Education
 Health
 Infrastructure
 Agriculture
Part of the
United Nations
Created 1944
188 member
 Primary purpose is to ensure the stability of the international
monetary system—the system of exchange rates and
international payments that enables countries (and their citizens)
to transact with each other
 How?
 Maintain an orderly system of payments and receipts between
 Ensure the stability of exchange rates
 Facilitate international trade
EOC study guide
Globalization #7 cont
Biggest IMF borrowers
(3/13/15): Portugal,
Greece, Ireland, Ukraine