The Globalization of Economic Relations
The Globalization of Economic Relations
The Globalization of Economic Relations
Economic Relations
Sir Malit
What is Economic Globalization?
• Export Subsidies is a
government
payments made to
domestic firms to
encourage exports-
can also act as a
barrier to trade.
Quotas
• Preparing to rebuild the international economic system while World War II was
still raging, 730 delegates from all 44 Allied nations gathered at the Mount
Washington Hotel in Bretton Woods, New Hampshire, United States, for the
United Nations Monetary and Financial Conference, also known as the Bretton
Woods Conference. The delegates deliberated during 1–22 July 1944, and signed
the Bretton Woods agreement on its final day. Setting up a system of rules,
institutions, and procedures to regulate the international monetary system,
these accords established the International Monetary Fund (IMF) and the
International Bank for Reconstruction and Development (IBRD), which today is
part of the World Bank Group. The United States, which controlled two thirds of
the world's gold, insisted that the Bretton Woods system rest on both gold and
the US dollar. Soviet representatives attended the conference but later declined
to ratify the final agreements, charging that the institutions they had created
were "branches of Wall Street". These organizations became operational in 1945
after a sufficient number of countries had ratified the agreement.
The Philippines and the Bretton Woods
Agreement
• Source:
https://www.officialgazette.gov.ph/1944/07/22/statement-agree
ments-reached-at-the-bretton-woods-monetary-conference-july-22
-1944/
Developing Countries and International Trade