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Globalization of production is buying goods and services from all over the world in order to benefit from prices and quality of factors of production (labor, raw materials & capital).
Stimuli for production globalization:
- Cost differences;
- Quality differences;
- Tax differences;
- Technological advancements, i.e. communication;
- Transportation developments, i.e. containers.
Global Institutions
International Monetary Fund (IMF) maintains order in the international monetary system and provides loans to different countries.
World Bank provides low-interest loans to poor nations in order to promote their economic development.
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