Humanities
SUNY at Buffalo Impact of Globalization on Business & Quality of Life Discussion

university at buffalo

Question Description

I need support with this Political Science question so I can learn better.

What is the Bretton Woods System? What, in particular are the International Monetary Fund (IMF) and World Bank?

What is meant by "the race to the bottom"?

How does understanding the US Automobile Industry help us understand economic globalization? What role does technology play in changing this industry?



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Final Answer

Attached.

Running head: EXAM 4: ECONOMIC GLOBALIZATION

Exam 4: Economic Globalization

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Institutional Affiliation

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EXAM 4: ECONOMIC GLOBALIZATION

Exam 4: Economic Globalization
The Bretton Woods System
The Bretton Woods Agreement was created to create an international monetary system
referred to as the Bretton Woods System. The System was established to make gold the basis of
the American dollar. Other world currencies were attached to the value of the U.S. dollar. The
system was established in 1944 and the objective was to create an efficient system of foreign
exchange (Chen, 2020). The implication was to prevent competitive devaluation of currencies
and enhance economic growth. However, the system was abandoned in the 1970s when
President Nixon abolished the means of exchanging the U.S. currency for gold.
The International Monetary Fund (IMF) and World Bank
The IMF and World Bank differ in the roles...

Nginah (14849)
Cornell University

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