Abstract
‘The economic dimension of globalization’ explores how the way people have undertaken economic production has changed. The global economic order emerged after World War II, when the Bretton Woods Conference laid the foundations for the IMF, World Bank, and WTO. In the 1980s neoliberalism liberalized financial transactions. However, this unstable growth led to the Great Financial Crash, where banks traded toxic assets without regulation. Transnational corporations rival nation-states in economic power, and have had a profound effect on the structure and function of the global economy. The Washington Consensus was drafted to reform indebted developing countries, but it has thus far rarely helped countries develop.
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