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International Finance And Globalization Essay

872 Words4 Pages

This essay will talk about how globalization connects to different parts of our lives in different countries by focusing on international finance, and how this leads to a shift in power from individual countries to the global capital, by examining the structure of international finance, economic sovereignty and economic sanction. Globalization gives plenty of opportunities for countries to develop economy, education, technology and so on. Meanwhile, it changes the power of different countries gradually by global capital.

Globalization has changed the structure of traditional international finance. Because of the Globalization-which means there are much more trade between different countries than before-plenty of countries will be affected …show more content…

After WWI and WWII, however, the economic sanctions occurred because the world doesn’t want war anymore. Economic sanctions refer to non-troop enforcement measures other than severance of diplomatic relations. In general, sanctions in the areas of finance, finance, trade and so on are economic sanctions. Common approaches including the implementation of trade embargoes, disruption of economic cooperation, cut off economic or technical assistance, but the economic sanctions will cause some losses as well for sanctionists. For example, in December 2000, the Council adopted a decision which allows Iraq to use its 600 million euros (approximately $ 600 million) to maintain its capacity of oil production. Without this funding, Iraq has to pay for these oil facilities, but there is no legal way. United States failed to reach an agreement on how to manage the funds with Iraq, so U.S. prevented the implementation. In the spring of 2001, the United States accused Iraq’s oil brokers about imposing illegal surcharges to refiners. In order to stop this, the United States and the United Kingdom made a "retroactive pricing" (called retroactivepricing) system, which damaged Iraq 's impact on basic oil selling. Because of this system, Iraq 's oil revenues have fallen by 40% since 2001, and Iraq lost worth more than $ 2 billion of contracts in procurement of humanitarian

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