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Assess the view that the development of global financial markets has been the principal source of globalisation.
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Assess the view that the development of global financial markets has been the principal source of globalisation. Today short-term capital flow around the world over national boarders especially between advanced industrial countries. Global finance in modern terms has exist since 1914, it did exist before 1914 among advanced economies but in a small scale. The system for international trade between a few states at that time was based on the gold standard guaranteed by the wealth and power of Great Britain. Since 1914 and especially after the World War II the world has become more and more globalised and national boarders and functional boundaries are not the same obstacle as it used to be, an essential reason for the globalisation of our world are the financial markets. After the World War II the victorious allies decided that they needed some sort of control for exchange rate to make trades easier between...
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