The Integration of the global market started when big American Corporation began to emerge

after the second world war with the rise of new conglomerates. International Financial Institutions lend
money to non-sovereign guaranteed (NSG) actors, including as the private sector and subnational
governments. Economic institutions are responsible for organizing the production, exchange,
distribution and consumption of goods and services.

The Bretton Woods Agreement established a system through which a fixed currency exchange
rate could be created using gold as the universal standard. The General Agreement on Tariffs and Trade
(GATT) traces its origins to the 1944 Bretton Woods Conference, which laid the foundations for the post-
World War II financial system and established two key institutions, the International Monetary
Fund(IMF) and the World Bank. The conference delegates recommended the establishment of a
complementary institution, the International Trade Organization (ITO), which they envisioned as the
third leg of the system. NAFTA has its positive and negative consequences. NAFTA lowered prices by
removing tariffs, opened up trade between the three countries, and created five million jobs in the
United States.

Before the rise of today’s modern economy, people only produced for their family. Nowadays,
economy demands the different sectors to work together in order to produce, distribute, and exchange
products and services. The first big economic change was the Agricultural revolution (Pomeranz,2000).
When people learned how to domesticate plants and animals, they realized that it was much more
productive than hunter-gatherer societies. The second major economic revolution is the industrial
Revolution of the 1800s. With the rise of Industry came new economic tools, like steam engines,
manufacturing, and mass production.

A global corporation is a business that operates in two or more countries. Global corporation often
locate their factories in countries which can provide the cheapest labor in order to save up for expenses in
the making of a product. However, these incentives often hurt the working population of the developing
nations. The upper classes may benefit from the business of these corporations but the people working in
the factories are exploited as their wages are cut.

The changes a country experiences from the international trade are not only economic. Many of
the cultural changes are as important and sometimes, even more obvious than the economic changes the
nation can experience.

International trade and global corporations, along with the internet and more global processes,
contribute to globalization because people and corporations bring their own beliefs, their traditions, and
their money with them when they interact with other countries.