Economics in the Global Age and Institutions Developing in the Globalized World Lesson

Factory in China Image As the Cold War came to an end, many governments will encourage free-market economic policies and promote economic liberalization in the later part of the 20^th century. Revolutions in information and communications technology led to the growth of knowledge economics in some regions in the late 20^th century, while industrial production and manufacturing were increasingly situated in Asia and Latin America. Changing economic institutions, multinational corporations, and regional trade agreements reflected the spread of principles and practices associated with free-market economics throughout the world.

Globalization changed international interactions among states. New international organizations, including the United Nations, formed with the stated goal of maintaining world peace and facilitating international cooperation.

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