However, having laid this foundation, Castells proceeds to prove their substantial actualization. He first cites the emergence of global financial markets that integrate capital flows and currencies that work in real time and as a singular unit. For instance, cross-border transactions of bonds and equities have, between 1970 and 1996, grown 54 times in the United States, 55 times in Japan, and 6 times in Germany. Capital flows increased seven-fold from industrialized countries to developing countries within the period 1960 to 1996. More importantly, market valuation firms, notably Standard and Poor and Moody’s, have developed a legitimacy and following that rules and criteria these institutions establish and enforce command compliance by participants in the world markets within which they operate. Even the International Monetary Fund applies criteria developed by these valuation firms in decision making. And where capital markets and currencies re interdependent, then so follow monetary policies and interest rates, and ultimately economies.
Castells further points out that international trade is veering more towards commerce in manufactured products rather than commodities and raw materials, and that developing countries are gaining a greater share of worldwide exchange. Definition of Globalization.
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