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Financialization: themes, issues and critical debates
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Just as financial management strategies will vary from company to company, they also can differ according to industry and sector. Firms that operate in fast-growing industries—like information technology or technical services—would want to choose strategies that cite their goals for growth and specify movement in a positive direction.

Their objectives, for example, might include launching a new product or increasing gross revenue within the next 12 months.

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On the other hand, companies in slow-growing industries—like sugar manufacturing or coal-power production—could choose objectives that focus on protecting their assets and managing expenses, such as reducing administrative costs by a certain percentage. Career Advice.

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Your Money. Personal Finance. Your Practice. Popular Courses. Login Newsletters. What Is Strategic Financial Management? The Operative Word: Strategic. When Strategic Management Is Effective. Strategic financial management is about creating profit for the business.

A financial plan that is strategic focuses on long-term gain. Strategic financial planning varies by company, industry, and sector.

The principal purposes of the BIS were to manage the scheduled payment of Germany's reparations imposed by the Treaty of Versailles in , and to function as a bank for central banks around the world. Nations may hold a portion of their reserves as deposits with the institution. It also serves as a forum for central bank cooperation and research on international monetary and financial matters. The BIS also operates as a general trustee and facilitator of financial settlements between nations.

Twenty-five trading partners responded in kind by introducing new tariffs on a wide range of U. Hoover was pressured and compelled to adhere to the Republican Party 's platform, which sought protective tariffs to alleviate market pressures on the nation's struggling agribusinesses and reduce the domestic unemployment rate.

The culmination of the Stock Market Crash of and the onset of the Great Depression heightened fears, further pressuring Hoover to act on protective policies against the advice of Henry Ford and over 1, economists who protested by calling for a veto of the act. The classical gold standard was established in by the United Kingdom as the Bank of England enabled redemption of its banknotes for gold bullion. France, Germany, the United States, Russia , and Japan each embraced the standard one by one from to , marking its international acceptance.

The first departure from the standard occurred in August when these nations erected trade embargoes on gold exports and suspended redemption of gold for banknotes. Having informally departed from the standard, most currencies were freed from exchange rate fixing and allowed to float. Most countries throughout this period sought to gain national advantages and bolster exports by depreciating their currency values to predatory levels. A number of countries, including the United States, made unenthusiastic and uncoordinated attempts to restore the former gold standard.

The early years of the Great Depression brought about bank runs in the United States, Austria, and Germany, which placed pressures on gold reserves in the United Kingdom to such a degree that the gold standard became unsustainable. Germany became the first nation to formally abandon the post-World War I gold standard when the Dresdner Bank implemented foreign exchange controls and announced bankruptcy on July 15, In September , the United Kingdom allowed the pound sterling to float freely.

By the end of , a host of countries including Austria, Canada, Japan, and Sweden abandoned gold. Following widespread bank failures and a hemorrhaging of gold reserves, the United States broke free of the gold standard in April The disastrous effects of the Smoot—Hawley tariff proved difficult for Herbert Hoover's re-election campaign. Franklin D. Roosevelt became the 32nd U. As an alternative to cutting tariffs across all imports, Democrats advocated for trade reciprocity.

Congress passed the Reciprocal Trade Agreements Act in , aimed at restoring global trade and reducing unemployment.

Global financial system - Wikipedia

The legislation expressly authorized President Roosevelt to negotiate bilateral trade agreements and reduce tariffs considerably. If a country agreed to cut tariffs on certain commodities, the U. Between and , the U. The legislation contained an important most-favored-nation clause, through which tariffs were equalized to all countries, such that trade agreements would not result in preferential or discriminatory tariff rates with certain countries on any particular import, due to the difficulties and inefficiencies associated with differential tariff rates.

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The clause effectively generalized tariff reductions from bilateral trade agreements, ultimately reducing worldwide tariff rates. As the inception of the United Nations as an intergovernmental entity slowly began formalizing in , delegates from 44 of its early member states met at a hotel in Bretton Woods, New Hampshire for the United Nations Monetary and Financial Conference , now commonly referred to as the Bretton Woods conference.

Delegates remained cognizant of the effects of the Great Depression, struggles to sustain the international gold standard during the s, and related market instabilities. Whereas previous discourse on the international monetary system focused on fixed versus floating exchange rates, Bretton Woods delegates favored pegged exchange rates for their flexibility. Under this system, nations would peg their exchange rates to the U. Rather than maintaining fixed rates, nations would peg their currencies to the U.

To meet this requirement, central banks would intervene via sales or purchases of their currencies against the dollar. This feature grew from delegates' experiences in the s when excessively volatile exchange rates and the reactive protectionist exchange controls that followed proved destructive to trade and prolonged the deflationary effects of the Great Depression.

Capital mobility faced de facto limits under the system as governments instituted restrictions on capital flows and aligned their monetary policy to support their pegs. Collectively referred to as the Bretton Woods institutions, they became operational in and respectively. The IMF was established to support the monetary system by facilitating cooperation on international monetary issues, providing advisory and technical assistance to members, and offering emergency lending to nations experiencing repeated difficulties restoring the balance of payments equilibrium.

Members would contribute funds to a pool according to their share of gross world product , from which emergency loans could be issued. While the IBRD lends to middle-income developing countries , the IDA extends the Bank's lending program by offering concessional loans and grants to the world's poorest nations.

Delegates intended the agreement to suffice while member states would negotiate creation of a UN body to be known as the International Trade Organization ITO. Members emphasized trade reprocity as an approach to lowering barriers in pursuit of mutual gains.

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As such, the agreement's most favored nation clause prohibited members from offering preferential tariff rates to any nation that it would not otherwise offer to fellow GATT members. In the event of any discovery of non-agricultural subsidies, members were authorized to offset such policies by enacting countervailing tariffs. While the U.

Although the exchange rate stability sustained by the Bretton Woods system facilitated expanding international trade, this early success masked its underlying design flaw, wherein there existed no mechanism for increasing the supply of international reserves to support continued growth in trade. Central banks needed more U. To accommodate these needs, the Bretton Woods system depended on the United States to run dollar deficits.

As a consequence, the dollar's value began exceeding its gold backing.

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During the early s, investors could sell gold for a greater dollar exchange rate in London than in the United States, signaling to market participants that the dollar was overvalued. Belgian-American economist Robert Triffin defined this problem now known as the Triffin dilemma , in which a country's national economic interests conflict with its international objectives as the custodian of the world's reserve currency. France voiced concerns over the artificially low price of gold in and called for returns to the former gold standard. Meanwhile, excess dollars flowed into international markets as the United States expanded its money supply to accommodate the costs of its military campaign in the Vietnam War.