is the increasing interdependence of world economies due to the growing scale of cross-border trade of commodities and services, international capital flow, and the vast and rapid spread of technologies.

polices the rules of the international financial order.

intervenes in national economies especially of developing countries.

imposes stabilization programs during crises.

development agency for Third World nations in the postwar reconstruction of Europe and Japan.

closely tied with the IMF in policy recommendations.

multilateral forum for trade negotiations.

primary international trade agency.

sought to reduce or eliminate a whole range of non-tariff barriers and uneven trading conditions between countries.

rich and powerful societies that tend to develop democratic political traditions and structures and live in one part of the extracted surplus of more impoverished communities on the periphery of the world system.

weak states whose central governments cannot control powerful social groups, often manipulated by strong states at the system’s core.

states that fall between the core and periphery which share elements of both.

is an economic and political system in which trade and industry are controlled by private owners for profit rather than by state.

improvements in transportation and communication technology.

individuals’ and societies’ preferences.

trading conditions between countries.

International Trading Systems:

is the oldest International trade route which spans from China to the Middle East, all the way to Europe.

Traders use this for exchanging of goods and services, ecpecially silks.

an international trading system that connects Mexico to the Philippines.

the first time that America's were directly connected to Asian trade routes.

Its goal was to create a common system that would allow for more efficient trade, even efficient than the silk road and galleon trade.

are currencies that are not backed by previous metals whose value is determined by cost relative to other currencies.