locations around the world to take advantage of labour, land, capital and technology -> lower cost of production
5. The emergence of global institutions – economic and political integration
Globalization created need for managing, regulating and policing the global marketplace
WTO: global treaty
IMF: structural adjustment package e.g. reform -> stabilize the world
World bank: development, e.g. how developing countries integrate to global market
United Nations: integrating world economy
6. 19th century…
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