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Global Economy - Essay Example

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The economy of many nations worldwide is supported by the private sectors. Unfortunately, in the early days of industrialization, there were no enough private sectors entrepreneurs to take…
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Global Economy
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Global Economy

Download file to see previous pages... support by the International Monetary is a debt relief to developing nations that result to an increased flow of direct financial investments and technology by the private sectors. Globalization is viewed as key force that would promote worldwide economic development while unrestricted regime trade serves to increase the inequality between developing and developed nations. When there is globalized trade, the developing countries are able to acquire skilled labor and modern technology that will aid in economic growth by dealing with problems such as unskilled labor and poverty. Integral of International Monetary and trade regimes in supporting a globalized capitalist economy ensured that consumption and production were not confined within national borders any longer. It also private sectors to increase production since good and services had gained local and foreign market. Globalization of capitalist economy made the developed countries experience so-called ’Golden Age of Capitalism’ between 1953- 1973 as per capital income growth rate in Europe rose from 1.3% to 4.1% while that of U.S rose from 1.8% to 2.5%. They had a spectacular economic growth performance (Jaffe 367).
Exchange rate regimes are the main regime managed by the international monetary and world trade organization. The International Monetary Fund has classified exchange rate regimes on the bases of the degree of flexibility of the arrangement or a formal or informal commitment to a given path of exchange rate into eight categories. Exchange Arrangement with No Separate Legal Tender, currency board arrangements, Conventional Fixed Pegs Arrangements, Pegged Exchange Rates within Horizontal Bands, Crawling Pegs, Exchange Rate within Crawling Bands, Managed Floating with No Predetermined Path for the Exchange and Independent Floating. This foreign exchange regime emphasizes the implications on the exchange rate regimes to the independence of monetary policy. However, monetary policy does not ...Download file to see next pagesRead More
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