THE STRUCTURES

OF GLOBALIZATION
Raxe Bongolan
Airrah Mae Cutang
Hazelyn Cayle
Jhona Mae De Guzman
Loriejean Amor De Guzman
 GLOBAL
ECONOMY
 WHAT IS GLOBAL ECONOMY?
The global economy refers to the
interconnected worldwide economic
activities that take place between multiple
countries. These economic can have either
a positive or negative impact on the
countries involved.
Characteristics of the Global Economy and its subparts
 Globalization
It is the process of a business being able to operate at
an international level.
It enables countries to access less expensive natural
resources and lower costs.
It allows the production of better quality products at a
lower cost.
 International Trade
It is the exchange of goods between countries and exposing the country
to goods that are not available to their country.

There are three types of international trade.

Entrepot trade- It is the
Export trade - it is the Import trade - It is the
process of a country buying
process of sending off process of a country goods, exporting them to a
goods from a country to be receiving foreign goods middleman-like country to be
acquired by the citizens of from another country to be processed and exported
another country. distributed by their citizens. again to be sold to another

country.

 International Finance
It is the monetary interaction between countries focusing on their
currency.

It is the tool that is used to find the currency exchange rates.

The international finance corporation (IFC) was created in 1956 and

currently has 186 countries as its members and is part of the world
bank group with the goal of eliminating poverty through economic
development.

To raise money, the IFC issues bonds in markets around the world. As
of 2021, the IFC has issued $10.553 billion worth across 178 bonds in
20 currencies.
 Global Investment
It is a way in which an investor is able to acquire financial assets and
securities in different countries of the world.
_____________________________________________________________________________________
There are two types of global investment.
Portfolio investment - refers to the investments In a company’s stocks, bonds, or assets.
Investors in this category are looking for a financial rate of return as well as diversifying
investment risk through multiple markets.

Foreign direct investment (FDI) - refers to an investment in or the acquisition of foreign assets
with the intent to control and manage them. Companies can make an FDI in several ways,
including purchasing the assets of a foreign company, investing in the company or in new
property, plants, or equipment or participating in a joint venture with a foreign company, which
typically involves an investment of capital or know-how.
 The Importance of the Global
Economy
The increase in global population has led to emerging markets growing
economically making them one of the leaders in the world's economic
growth.
It provides linkage between regions and nations of the world in a system
of economic relationships.
Allows the differentiation of nations depending on which region is being
examined.
It also allows a small minority to achieve a high standard of living
compared to a larger portion of the global population.
 The International Flow of
Financial Capital
The international flow of capital refers to the paid transfer of the
right to use the monetary capital between countries.

The positive effect of international capital flows is to promote the

economic development of the country which capital flows into, to
complement each other's international resources and to enhance
the welfare of all countries of all countries in the world.
 Investment by Multinational
Corporations.
Multinational Investment and Economic Structure examines the relationship
between industrial development and foreign direct investment (FDI) activities,
and the interaction between multinational (MNE) activity and economic
structures.

MNCs are believed to be highly beneficial for developing countries in terms

of bringing employment opportunities and new technologies that spill over to
domestic firms. Furthermore, MNCs often benefit from government subsidies,
which could in the future be linked to investment in local firms.
 Migration of Workers

It is the movement of persons from their home state to another state

for the purpose of employment.

Labor migration can rejuvenate the workforce, allow labor-intensive

sectors such as agriculture, construction, and personal services to
function, promote entrepreneurship, support social protection
schemes, and help meet the demand for skills.
Taxation
Is a compulsory contribution to societies around the world.
Collecting taxes and fees is a fundamental way for countries
to generate public revenues that make it possible to finance
investments in human capital, infrastructure, and the provision
of services for citizens and businesses.
 MARKET
INTEGRATION
 LEARNING OUTCOMES:

are expected to demonstrate the
At the end of the lesson, the learners
following:

▪ Explain the role of international financial institutions in the creation of a

global economy

▪ Narrate a short history of global market integration in the 20th century

▪ Infer the attributes of global corporations
 WHAT IS MARKET INTEGRATION?

Market integration is a word that is used to describe a process in which

marketplaces for goods and services that are connected in some way
begin to exhibit comparable patterns of price growth or decline.

The term may also be used to describe a circumstance in which the

costs of comparable goods and services offered in a specific area start to
move in a way that is similar to one another. The integration may
occasionally be done on purpose, as a result of a government putting in
place certain policies to influence the course of the economy.

 TYPES OF MARKET INTEGRATION

A.Horizontal Integration
This is when an agency controls other firms with the same marketing tasks at a similar
level in the marketing pattern.

Therefore, some marketing agencies unite to build a union to decrease their effective
number and real competition in the market. It gives main advantages for the new
members.
 TYPES OF MARKET INTEGRATION

B.Vertical Integration
This takes place when a firm does several activities in the order of the marketing process.
It is combining two roles in the marketing process in a single firm or with single ownership.

This type of integration enables control over the quality and quantity of the product from the
start of the production process till when the product is ready for sale. It cuts the number of
intermediaries in the marketing channel.
 TYPES OF MARKET INTEGRATION
Two categories in vertical integration:
Forward integration
When a firm takes up another marketing function similar to the consumption function; it is called forward
integration. For instance, when a wholesaler does the function of retailing.

Backward integration
This comprises a combination of sources of supply; For instance, when a processing firm takes up the job
of buying the produce from the villages.
 TYPES OF MARKET INTEGRATION

C. Conglomeration
A conglomeration is a combination of activities not directly linked to one another and
functions under united management.
 ADVANTAGES OF MARKET INTEGRATION

The advantages of market integration come under three categories;

• Trade benefits
• Employment
• Political cooperation

Most importantly, market integration usually causes; a decrease in the cost of

trade, better availability of products and services and a broader selection of them,
and profits in productivity that lead to better buying power. Trade liberalization
also improves employment opportunities, leading to market growth, technology
distribution, and external investment. Lastly, political collaboration among
countries can also advance from stronger economic relations, which enticement
to settle conflicts peacefully, leading to better stability.
 DISADVANTAGES OF MARKET INTEGRATION

• Diversion of trade: Trade can divert from non-members to members, even though it is
economically damaging for the member side.

• Erosion of national sovereignty: Members of economic unions should observe the rules on
trade and financial policies recognized by an unselected external regulatory body.

Since economists and legislators consider economic integration comes with significant
benefits, several organizations try to measure the extent of economic integration in different
regions and countries.
 ROLE OF INTERNATIONAL FINANCIAL INSTITUTIONS
IN THE CREATION OF A GLOBAL ECONOMY
After the Second World War, almost all countries faced the great challenge
of bringing their feet back on the ground. As a substitute to the
unsuccessful League of Nations, the United Nations was established on
October 24, 1945. Earlier in 1944 at the Monetary and Financial Conference
in Bretton Woods, New Hampshire (US), the first government-sponsored
international financial institutions were established-the World Bank and
International Monetary Fund.

The World Bank and the Asian Development Bank (ADB) are two major
global financial institutions that lend money to their member states and
global corporations. The International Monetary Fund, on the other hand,
helps establish institutional bodies to address and reduce poverty like the
African Regional Technical Centers (AFRITACs) in 2001. Clearly, these global
institutions are active agents in fostering social and economic development
by providing various forms of help to improve the national and the global
economies.
 HISTORY OF GLOBAL MARKET INTEGRATION
IN THE 20TH CENTURY
Global market integration did not happen overnight. It was the result of the establishment of a global
economy that involved the homogenization of trade and commerce. Prior to trends in globalization of
the 20th century, international trade and the exchange of goods and services were already practiced.
Harvey (1990) sees that cities and countries were able to extend their reach beyond borders and
patterns of trade and technology because of developments in shipping and navigation. This was
observable in the development of maritime transport throughout history. Colonialism and imperialism
rose as new ways of putting order to the economic interrelationships among countries.

The Spanish government in the 1600s, for instance, made use of its colonies like the Philippines and
Mexico as suppliers of its resources for trade. The integration of the global market started when big
American corporations began to emerge after the Second World War with the rise of new
conglomerates. Japanese global automobile corporations like Toyota, Nissan and Isuzu took off after
the giant American companies flourished.Renault automobiles, a French multinational automobile
manufacturer, was also used to help in the military post-war operations. The rise of American,
Japanese, and European global corporations paved the way for the further development of
international trade. Iwan (2012) identifies the differences among international, multinational,
transnational, and global companies
International companies are importers and exporters with no investment outside their home
countries.

Multinational companies (MNCs) have investments in other countries, but do not have a
coordinated product offering in each country. They are more focused on adapting their
products and services to each individual local market.

Global companies have investments and are present in many countries. They typically market
their products and services to each individual local market.

Transnational companies (TNCs) are more complex organizations that have investments in
foreign operations, have a central corporate facility but give decision-making, research and
development, and marketing powers to each individual foreign market.
American corporations operating internationally were at a
great advantage after the war for they had no competition.
Caroll (2003) termed the emergence of international,
multinational, global, and transnational companies in the
United States (US), the European Union (EU), and Japan as the
triad-the major economies of the world. Gereffi (2001)
identifies three structural periods in the existence of global
corporations after the war. They are the investment-based
period (1950-1970), the trade-based period (1970-1995), and
digital globalization (1995 onwards). The development of
global corporations can be examined from the sources and
the levels of foreign direct investments (FDIs).
In 1960, UN cited FDIs as the major drivers of global corporate
development and in 1990, FDIs tripled (Hedley, 1999). During the
trade-based period, global corporations were controlled by
producer-driven commodities. As a result, firms were characterized
by large amounts of concentrated capital focused on large-scale or
capital intensive manufacturing. More so, digital globalization
affected the operation of global corporations since technology
became integrated in both production and consumption. Producer-
driven commodities value streams have integrated their corporate
structures to reduce the effect of time and distance in production
and consumption of goods while buyer-driven value streams have
changed the behavior of corporations in retailing their goods and
services via the internet (Neubauer, 2014).
ATTRIBUTES OF GLOBAL CORPORATIONS
The ascent of global corporations is a reflection of a globalized market integration. TNCs and MNCs
are no longer limited to their home countries. They are able to expand their reach to other
continents and countries. These global corporations have common attributes. Neubauer (2014)
identifies three of them - an agent of desired economic development, en economic prominence,
and a very powerful entity that can create a crisis. These corporations may hit their target of
economic development by making their consumer products available in many parts of the globe.

An example is Nestle. Some TNCs and MNCs were only able to reach their annual growth target by
exploiting the environment. In the Asian Financial Crisis of 1997, global corporations brought chaos
to the economy of the Asian region by controlling the foreign direct investments that resulted in the
increase of real estate values, aggressive government infrastructure projects, and huge corporate
spending all funded by bank borrowings.
 CONCLUSION
On the whole, international financial institutions play
an important role in the social and economic
development programs of developing and transitional
nations. They are instrumental in the functionality of
the global economy which is reliant on global
corporations.
 THE GLOBAL
INTERSTATE SYSTEM
 LEARNING OUTCOMES:
At the end of the lesson, the learners are
expected to demonstrate the following:

Explain the effects of globalization on nation-

states

Categorize the institutions that govern

international relations; and

Differentiate internationalism from globalism

 GLOBAL INTERSTATE SYSTEM
- is the whole system of human
interactions. The modern world-
system is structured politically as an
interstate system – a system of
competing and allying states.
Political Scientists commonly call
this the international system, and it is
the main focus of the field of
International Relations.
 - Weber (1997) describes the state as a compulsory
political organization with a centralized government
that maintains the legitimate use of force within a
certain territory.
________________________________________________________________

- The concept of nation emphasizes the organic ties

that hold groups of people together and inspire a sense
of loyalty and belongingness – ie., ethnicity, language,
religion, and others (Schattle, 2014).
_________________________________________________________________
- A nation-state can then be defined as a political
community that emanates from a civic society to
legitimately execute peace. Thus, civic society is the
basis of the people’s oneness.
INSTITUTIONS
THAT GOVERN
INTERNATIONAL
RELATIONS
UN (UNITED
NATIONS)
United States President FRANKLIN ROOSEVELT coined the name United Nations
which were used in the declaration of the United Nation on 1 of January 1942. UN
means allies to fight against the Axis Powers in the Second World War. Only 26
nation’s representatives pledge their governments to:

1. Each Government pledges itself to employ its full resources, military or

economic, against those members of the tripartite pact and its adherents with
which such government is at war.

2. Each Government pledges itself to cooperate with the Governments signatory

hereto and not to make a separate armistice or peace with the enemies.
• The 194 countries that are members of UN prove that
globalization has affected the dynamics of nation-states in the
context of their agency as legitimate holders of force in their
jursisdiction.

• Globalization reshaped the role and functions of nation-states

as governing bodies in their particular territories.
EFFECTS OF
GLOBALIZATION
ON NATIONAL
STATES
 EFFECTS OF GLOBALIZATION ON NATIONAL STATES

1. Globalization is seen to impose a forced choice

upon nation-states.

Friedman in Steger (2005) claims that nation-states

are in danger of losing important elements of
economic sovereignty because of the notion that
neo-liberalism is beyond contestation as an aspect of
globalization.
ASSOCIATION OF SOUTHEAST ASIAN NATIONS
(ASEAN)

ASEAN FREE TRADE AREA (AFTA)

Goal:
to encourage the member-states to
deepen their commitments in investment,
trade, and industrial collaboration to
brace them for the increase in the
region’s economic activity.
 EFFECTS OF GLOBALIZATION ON NATIONAL STATES

2. Establishment of economic and political integrations.

One good example is the European Union (EU) and the North American
Free Trade (NAFTA). EU has become a supranational body with 28
members. It has a single currency and monetary system among 17 states,
parliament with legislative powers, with common citizens’ rights to live,
work, vote and run for office, with developed collective mechanism to
resolve crises and assist those in need, and which intercontinental
jurisprudence in the case of the members is not dissolved, what has
changed is only how the nation-states function, in terms of economy and
politics, as part of a whole. (Schattle, 2014)
 EFFECTS OF GLOBALIZATION ON NATIONAL STATES

3. The establishment of international laws and principles.

•UN Security Council has powers that include the creation of peacekeeping operations and
international sanctions and the authorization of military action.

•UN’s International Criminal Court (ICC) prosecutes individuals accused of crimes against
humanity such as genocide.

Moreover, there are also universal principles that are adopted by nation-states in relation to
the dynamism of globalization.

•Universal Declaration of Human Rights -affirms an individual’s rights

•United Nations Convention of the Law of the Sea defines the rights of nation-states on the
use of the world’s oceans.
 EFFECTS OF GLOBALIZATION ON NATIONAL STATES

4. The rise of transnational activism (TNA).

Activist groups of nation-states connect with their
counterparts on other states.

For example, an advocacy-based organization in the

Philippines may connect itself with and get support from other
human rights groups in Europe to pressure the Philippine
government to realign its stance and actions in upholding
human rights.
 EFFECTS OF GLOBALIZATION ON NATIONAL STATES

5. The creation of new communications network.

Globalization binds communities through digital media.

With new technologies in communication, political
interaction can happen in a virtual sphere.

People can exchange political perspectives through

the internet, therefore stirring political discourse on an
online platform.
Intergovernmental organizations (IGOs) were established.

Aim: to foster strong economic, political, cultural,

educational, and technical intergovernmental relationships.

▪︎The Association of Southeast Asian Nations (ASEAN)

▪︎European Union (EU)

▪︎World Trade Organization (WTO)

 The Association of Southeast Asian Nations (ASEAN)
▪︎Established in 1967 ▪︎has 10 member states.
Its aims are:
1) to accelerate economic growth, social progress, and cultural development in the region;

2) promote regional progression;

3) advance peace and sustainability;

4) promote active and beneficial cooperation and mutual assistance on matters of common interest in the
economic, technical, cultural, administrative, and scientific fields;

5) provide assistance to each other in the framework of training and research installations in the educational,
professional, technical, and administrative spheres;

6) work hand in hand for more effective and greater use of agriculture and industries;

7) advance Southeast Asian research; and preserve close and beneficial collaboration with current international
and regional institutions with similar aims and purposes (asean.org). Indonesia, Malaysia, Philippines,
Singapore, Thailand, Vietnam, Laos, Myanmar, and Cambodia are the members of ASEAN.
 The European Union (EU)
▪︎an IGO with 28-state members
▪︎was established in November 1993.
Its goals are:
1) to promote peace, its values, and the well-being of its citizens;

2) offer freedom, security, and justice without internal borders;

3) uphold sustainable development based on balanced economic growth and price stability;

4) combat social exclusion and discrimination;

5) promote scientific and technological progress;

6) enhance economic, social, and territorial cohesion and solidarity among member countries;

7) respect cultural and linguistic diversity; and establish an economic and monetary union
(europa.eu).
 The World Trade Organization (WTO)

▪︎The Association of Southeast Asian Nations (ASEAN)

164 member-states.

▪︎The sole IGO that caters to rules of trade on a global scale.

Objective: to ensure that trade runs as smoothly, predictably, and freely as

possible.

▪︎encourages trade by lowering trade barriers that may hinder how products
and services flow from nation to nation.
 Some other examples of IGOs are:

the International Criminal Court (ICC)

North Atlantic Treaty Organization (NATO) and;

Organization of Petroleum Exporting Countries (OPEC).

All IGOs serve purposes based on the common interest of their

member-states that is deemed beneficial to all parties involved.
The intensification of relations among nation-states gave birth to the idea of
internationalism and globalism.

INTERNATIONALISM is basically anchored on the opinion that nationalism

should be outrun because links that bind people of different countries are
more powerful than those that disconnect them (Anora, 2014).
 Liberal Internationalism

▪︎ Immanuel Kant (1795) stated that agreements among nations must be

reached.

▪︎ proposes that nations must give up their freedom and submit to a larger
system of laws that is embodied by common international principles.

▪︎ He believed that a form of global government is needed to create and

enforce these laws.

Socialist internationalism

▪︎based on the view that capitalism is a global system and that the working
class must unite as a global class to forward the struggle against capitalism.

▪︎ linked to the goal of a world revolution – to end class struggle globally.

 GLOBALISM emerged as an attitude that seeks to
understand all the interconnections of the modern world
and to highlight patterns that underlie them.

▪︎It pursues to describe and explain a world that is

characterized by a network of connections that span
multicontinental distances.
CONTEMPORARY
GLOBAL
GOVERNANCE
WHAT IS GLOBAL GOVERNANCE?
“The totality of norms, laws, policies, and bodies that define, comprise, and facilitate
transnational relations between citizens, states, cultures, intergovernmental and non-
governmental organizations.”

- Weiss & Thakur (2014)

“Sum of the many ways individuals and institutions, public and private, manage
their common affairs…”

- Commission on Global Governance

“ Collection of governance-related activities, rules and mechanisms, formal and informal,

existing at a variety of levels in the world today, also referred to as the ‘pieces of global
governance”

- Karns and Mingst

GOAL OF GLOBAL GOVERNANCE
to provide global public goods
peace and security
justice and mediation systems for
conflict
functioning markets
unified standards for trade and
industry.
 PRIMARY INSTITUTIONS OF
GLOBAL GOVERNANCE

United Nations World Trade International

World Bank
Organization Monetary Fund
 WHAT IS AN INTERGOVERNMENTAL
ORGANIZATION?
An Intergovernmental organization or
IGO is an organization composed
primarily of sovereign states, or of
other intergovernmental organizations.
IGOs are established by treaty or
other agreement that acts as a charter
creating the group.

Examples include the United Nations,

the World Bank, or the European
Union.
UNITED NATIONS

The United Nations is an international

organization founded in October 24,1945
after the Second World War by 51 countries
and currently made up of 193 Member
States committed to maintaining
international peace and security, developing
friendly relations among nations and
promoting social progress, better living
standards and human rights.

UNITED NATIONS

Headquarters: Manhattan, New York City

UNITED NATIONS
Finananced by assessed voluntary contributions
from its member states.
Works in affiliation with six official languages:
Arabic, Chinese, English, French, Russian & Spanish

THE CHARTER OF THE UN

The United Nations Charter is the treaty that forms and establishes the
international organization called the UNITED NATIONS.

It was signed on 26 June 1945, in San Francisco, at the conclusion of the

United Nations Conference on International Organization, and came into
force on 24 October 1945.
THE UN HAS 4 MAIN PURPOSES
To keep peace throughout the world;
To develop friendly relations among nations;
To help nations work together to improve the lives of
poor people, to conquer hunger, disease and illiteracy,
and to encourage respect for each other’s rights and
freedoms;
To be a centre for harmonizing the actions of nations
to achieve these goals
ROLE OF UNITED NATIONS IN 21ST
CENTURY

MANAGING KNOWLEDGE

DEVELOPING NORMS

FORMULATING RECOMMENDATIONS

INSTITUTIONALIZING IDEAS
PRINCIPAL ORGANS OF
UNITED NATION
GENERAL ASSEMBLY

The General Assembly is the main deliberative organ of the United Nations. It is composed of
representatives from all Member States, each of which has one vote.

SECURITY COUNCIL
Under the Charter, the Security Council has primary responsibility for the maintenance of
international peace and security. It has 15 Members, and each member has one vote. Under the
charter, all Member States are obligated to comply with council decisions.

ECONOMIC AND
SOCIAL COUNCIL
A founding UN Charter body established in 1946, the Economic and Social Council (ECOSOC) is the
place where the world’s economic, social and environmental challenges are discussed and
debated, and policy recommendations issued.
 TRUSTEESHIP
COUNCIL
The Trusteeship Council was established to provide international supervision for 11 Trust Territories
and to make sure that adequate steps were taken to prepare the Territories for self-government or
independence.

INTERNATIONAL
COURT OF JUSTICE
The International Court of Justice is the principal judicial organ of the United Nations. The Court is
charged with settling legal disputes between States and giving advisory opinions to the United
Nations and its specialized agencies.

SECRETARIAT

The UN Secretariat, consisting of staff representing all nationalities working in duty stations all over
the world, carries out the day to day work of the Organization. The Secretariat services the other
principal organs of the United Nations and administers the programmes and policies established by
them.
IN 1948, UN WAS RESPONSIBLE FOR BRINGING HUMAN RIGHTS
INTO THE REALM OF INTERNATIONAL LAW THROUGH THE
UNIVERSAL DECLARATION OF HUMAN RIGHTS.
 UNITED NATION FUNCTIONS
DELIVERING HUMANITARIAN AID UPHOLDING INTERNATIONAL LAW
providing food aid, shelter, education, healthcare or
protection.
UNITED NATION FUNCTIONS
PROMOTING SUSTAINABLE DEVELOPMENT
CHALLENGES OF THE UNITED NATIONS
The UN is not a world government, it
functions primarily because of
voluntary cooperation from states.

If states refuse to cooperate, the

influence of the UN can be severely
circumscribed.
 WEISS AND THAKUR
(2014)

THE UNITED NATIONS

MEET THE TWENTY-FIRST
CENTURY: CONFRONTING
UN BASED ON
KNOWLEDGE, NORMS,
POLICY, INSTITUTIONS,
AND COMPLIANCE:

1. In terms of knowledge, UN is underappreciated regarding

how its convening capacity and mobilizing power are utilized
to help funnel and consolidate knowledge from outside and
ensure its discussion and dissemination among governments.

2. The contrasting moral structures of social behavior in

different member-states complicate the formulation of a
normative standard that can be applicable to all.
3. In formulating propositions, problems occur when only the
member-states are heard. UN belittles the helping hand of
non-governmental organizations (NGOs) and the global public
opinion. Sometimes, recommendations are not executed.

4. Institutions can also be places where ideas are cornered

and left behind. The modality and processes for enforcing
compliance with international norms and laws are not
present. In fact, some UN staff members violate, cheat, and
challenge them.
CHALLENGES OF GLOBAL GOVERNANCE
IN THE TWENTY-FIRST CENTURY
PUBLIC HEALTH
-infectious diseases
NATIONAL AND INTERNATIONAL SECURITY
-threats
TRADE AND ECONOMIC DEVELOPMENT
-food insecurity
ENVIRONMENTAL PROTECTION
- climate change
HUMAN RIGHTS
 NATION STATE
A nation state is a political unit where the state
ELEMENTS
and nation are congruent. It is a more precise
concept than "country", since a country does not PEOPLE
need to have a predominant ethnic group.
GOVERNMENT

TERRITORY
SET OF RULES LAWS INSTITUTIONS
THAT GUIDE AND SOVEREIGNITY
MAKE UP THE
PUBLIC SECTOR
 RELEVANCE OF THE NATION-STATE AMID
GLOBALIZATION IN THE TWENTY-FIRST CENTURY

The role of the nation-state in a global world is largely a regulatory one as the
chief factor in global interdependence. While the domestic role of the nation-
state remains largely unchanged, states that were previously isolated are now
forced to engage with one another to set international commerce policies.
Through various economic imbalances, these interactions may lead to
diminished roles for some states and exalted roles for others. Globalization is a
force that changed the way nation-states deal with one another, particularly in
the area of international commerce.
 THANK
YOU
FOR LISTENING!
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