Chapter 23 Summary

Globalization of capitalism was clearly evident by the end of the XX century.
There were clear foundations on which the XX century globalization was built.
Many people see globalization as a natural, inevitable, practically unstoppable.
Bretton Woods System negotiated the rules for commercial and financial dealings.
NAFTA agreement between USA, Canada and Mexico was signed in 1994.
The World Trade Organization agreement was developed and created in 1995.
Kind of economic globalization taking shape from 1980s was widely known as neoliberalism.
Entire world was increasingly becoming almost like a single market.
USA and Britain have removed many earlier political controls on economic activity.
Reduction of tariffs, global movement of capital, mobile and temporary workforce.
WTO and IMF imposed free market and pro-business conditions on many poor countries.
Investment into poor countries when businesses sought to take advantage of cheap labor.
Transnational corporations produce goods and deliver services in many countries.
By 2000, 51 of the richest economies in the world were transnational corporations.
Growing inequality in the world due to globalization.