THE ROLE OF INTERNATIONAL INSTITUTIONS IN THE GLOBALIZATION OF THE WORLD ECONOMY
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Date
2008
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Publisher
The Kazakh National University Named After Al -Farabi and Suleyman Demirel University
Abstract
For the last several decades man, countries across the globe have established close contacts. Multinational ideas and cultures circulate more freely. As a result, laws, economies, and social movements are being formed at the interational level. According to capitalist economic theory, a completely liberalized global market is the most efficient way to foster growth, because each country specializes in producing the goods and services in which it has a comparative advantage. Yet, in practice, cutting trade barriers and opening markets do not necessarily generate development. Rich countries and large corporations dominate the global marketplace and create very unequal relations of power and information. As a result, trade is inherently unequal and poor countries seldom experience rising well-being but increasing unemployment, poverty, and income inequality.
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Keywords
globalization of economy, income Inequality, sustainable development, poverty
Citation
Smirnova Elena ,The role of international institution in the globalization of the world economy ,Conference Proceedings: Competitive Ability of Kazakhstan’s Economy: Accelerated Modernization and Development Of Corporate Structures, ISBN: 978-605-4233-03-8, Almaty 2008, pgs. 118-122.