Globalization the Current Economic Crisis Essay

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The meeting of the Group of 20 also decided to tighten these regulations and tax havens, recognizing that businesses must accept their share of the responsibility for the current crisis not just with lip service but also with the money they've earned from the system the way it used to work (Fidler et al., 2009). This has also affected international investment in large publicly held companies, and some of the regulations discussed in last week's meetings include the use of an international currency and international investment regulations, including the way taxes are charged and allocated (Fidler et al., 2009).

In the past, the construction of global economic regulations and tax laws -- or the lack thereof, in many cases -- was a major part of many international businesses' plans -- it had to be, to ensure maximum growth and success. The changes that the Group of 20 are proposing and hoping to enact will have a huge effect on such things, forcing international businesses to further change their future projections and plans even more than they already have (Fidler et al., 2009). Businesses have already had to deal with a decline in investor confidence, and now there will be tighter regulations on how they are able to spend their money and move it around, even while the pool of money both from investors and from company profits is growing shallower.

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In addition to increased regulation and the closing of tax havens and other loopholes in international monetary and business law, the Group of 20's decisions and instructions for the International Monetary Fund will make capital harder to gain access to in the more affluent countries (Fidler et al., 2009). Believing that the crisis has yet to bottom out, especially in the less developed countries of the world, the International Monetary Fund is being asked to allow more of its resources to be held in reserve to devote to these countries at a later date, when the depth of the crisis and the specifics of effects of it in the world's poorer countries are known (Fidler et al., 2009). This will make less money available elsewhere, tightening operations.

Less money would also have been available to the International Monetary Fund due to the fall in global GDP, had not the leaders of the Group of 20 decided to quadruple the funds assets by adding one trillion dollars (Fidler et al., 2009). All in all, the metting itself and the decisions reached show that the leading countries of the world are embracing the new responsibilities of globalization.….....

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