According with Steger, the contemporary economic globalization started with the emergence of Bretton Woods. The United States and Grain Britain resolved to create a more stable money exchange system in which the value of each country’s currency was attached to a fixed gold value of the US dollar (p.38). This institution also set the institutional foundation for the three new …show more content…
These institutions not only have the possibility to move capital around the world, they have the capacity to deregulate global labour market. According with Steger, these institutions have the ability to disperse manufacturing processes into many discrete phases carried out in many different locations around the world reflects the changing nature of global production (p.54) TNCs have became important players that influence the economic, political, and social welfare of many