SUPERPOWERS - Influence in the global economy
- Created by: aliceoliviaaa
- Created on: 18-04-18 16:50
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- Superpowers influence in the global economy
- USA, EU and Japan (account for 60% of global GDP) are all capitalist economies. This means:
- people own businesses and employ workers, and make profits.
- are dominated by private enterprise rather than government-owned companies
- Promote wealth creation and accumulation by companies and individuals.
- After WW2, Europe and the USA created a range of IGO's to promote capitalism.
- WORLD BANK
- money donated originates from developed capitalist countries trying to promote capitalism. (1944)
- WTO (world trade organisation)
- removed trade taxes and tariffs. removes barriers on international trade. (1947)
- WEF (World Economic Forum)
- swiss non-profit organisation acting as a forum for discussion between businesses, politicians and IGO's. Pro free-trade, pro TNC's. (1971)
- IMF (International Monetary Fund)
- helps economies opening up to world trade and investment. (1945)
- WORLD BANK
- TNC's - drivers of capitalist system and globalisation.
- Public TNC's - owned by shareholders (APPLE, TESCO, SHELL, ZARA)
- Walmart employs 2.3 million people worldwide.
- State-led TNC's - owned by govt's (BANK OF CHINA, EDF, PETRONAS)
- Found in countries who do not follow the capitalist model (Russia, China). Governments want all the profits. These TNC's are often in banking, gas and oil, vehicle manufacturing and factories.
- 2, 3, and 4 top TNC's by revenue are state-owned, making US$329 (State Grid).
- Economic power influences trade patterns and therefore FDI
- TNC's can cause economic decline (detroit).
- 90% of global patent royalties are paid to US, EU and Japan.
- TNC's can cause economic decline (detroit).
- Public TNC's - owned by shareholders (APPLE, TESCO, SHELL, ZARA)
- IGO's, Superpowers,and TNC's. (with capitalism)
- USA, EU and Japan (account for 60% of global GDP) are all capitalist economies. This means:
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