Welcome to the contemporary program. Our topic for today is the global economy.

economic
status of a nation is crucial for several reasons. Experts said that the economy of a nation
dictates its political landscape. Economic growth means increasing employment, increasing
revenue collection and increase in the consumption of goods. It translates to better
education, reduction of the power and the rate increase life expectancy. Because of
adequate health care improved government monitors return for infrastructure and other
development projects. In relation to globalization. Globalization as a rule decreases the
cost of manufacturing companies can offer their goods and services at lower prices to
consumers. When the average cost of goods and services is affordable to consumers. It
contributes to the elevation in the standard of living as consumers have access to a
wider variety of goods

Mohand . 2009 defines economic globalization as a free movement of goods, services, capital,
technology and information. It leads to increasing economic integration and interdependence of
economies around the world, whether local, national or regional. It strengthens the cross border
movements of goods, services, capital and technology. So then in Wilson 2005 states that
economic globalization is the expansion of national economies, the global market driven by
modern technologies and institutional setups promote faster and easier flows of goods and
capital. The concept of international trade is not a new idea. Our ancestors were not traded with
Chinese and Arabs before the colonial era, or golden spices retreated for porcelains, silk,
perfumes and other items. Trade between Europeans and Asians was made possible with the
opening of the Suez Canal in 1869. The gold standard according to mercantile principle, the
more gold a country has, the more power it possesses. It led to the development of the term
gold standard, the gold standard is a monetary system where a country currency or paper
money has value directly link to its gold. With a gold standard, participating countries agreed to
convert paper money into a fixed amount of gold. A country that uses the gold standard sets a
fixed price for gold, and buys and sells gold at that price. It cannot print money in excess of the
gold. It possesses the key players of economic globalization there are forces that play the role
of expediting the process of interconnectedness in the world politically, culturally, and
economically. Among them are the international organizations and large manufacturing
corporations. International Organization promotes voluntary cooperation and coordination
among Member States. They are divided into two, the intergovernmental organization or the
Agios in the international Non Governmental Organization, or the AI NGOs, intergovernmental
organization are graded by multilateral Treaty, which also serve as their charter. They promote
voluntary cooperation and coordination, particularly in the area of peace and security in the
region. decisions and agreements are binding among Member States and they are established
for mutual benefit and in pursuit of shared goals. Example is the United Nations, the World Bank
and the European Union. International and government organization, or AI NGOs are nonprofit
voluntary organizations. They are not graded by multi lateral treaty, and they serve as expert
diplomats advocates of different specific issues or groups. They also serve as protesters and
activists. They deal with issues like poverty alleviation, promotion of social justice, addressing
literacy problems, inequalities, environmental rehabilitation, and giving aid to disaster struck
areas among others. Example of AI NGOs are the Red Cross the Greenpeace and Amnesty
International. Large manufacturing corporations are corporations that manufacture products and
sells goods. Manufacturing is normally done in developing countries where the cost of raw
materials and labor are cheap and taxes are low. The products that are sold in developed
countries where the majority have sufficient disposable income, they are divided into two
multinational corporate corporations are MNCs and transnational corporations. Multinational
corporations are also known as global corporations. They own and control production of goods
and services on their home country, and other countries where they operate business. They
possess international identity since they are headquartered in their home country. These
companies adapt their products and services in each country of Operation transnational
corporation, or DNC is a corporation that operates substantial facilities in the country where they
conduct businesses. Every corporation operating in different countries are given freedom in
business decision making, research and development and marketing strategies. What are what
are the contribution of MNCs in the economy multiple international corporations first is involved
in the promotion of foreign investment, which increases the revenue and national budget of the
host country's foreign investment also have great jobs in the host countries. Second is
technology transfer, where modern and sophisticated technologies are also transferred raising
the productivity of horse developing countries. 30 is the promotion of experts of host country
with worldwide connection and capability to deliver goods and services efficiently and lower cost
of production in host countries. They also play a critical role in promoting the experts of their
host countries endlessly investment in infrastructures, which is part of the contribution of these
corporations to host countries like roads, bridges and buildings. They also contribute in the
establishment of telecommunication structures, whether the contribution of the NCS or
transnational corporations in the economy. The answer is our first involved in the transfer of
technology, where modern and sophisticated technologies are also transferred raising the
productivity of horse developing countries. Second, they are involved in sharing of management
experiences, where best practices in different areas are shared and compared increasingly,
thereby increasing productivity and corporate success. Lastly, TNCs are involved in the sale of
financial services like that of the international banks, which helped move finances from capital
markets to business institutions