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The Emergence Of Global Institutions
G20 The Group of Twenty Finance Ministers and Central Bank Governors (also known as G20, and Group of Twenty) is a group of finance ministers and central bank governors from 20 major economies: 19 countries plus the European Union, which is represented by the President of the European Council and by the European Central Bank. The G-20 heads of government or heads of state have also periodically conferred at summits since their initial meeting in 2008. Collectively, the G-20 economies account for around 85% of the gross world product (GWP), 80% ofworld trade (or if excluding EU intra-trade: 75%), and two-thirds of the world population.
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1.1.2 The Globalization Of Production
The globalization of production refers to the sourcing of goods and services from locations around the globe to take advantage of national differences in the cost and quality of factors of production like land, labor, and capital Companies compete more effectively by lowering their overall cost structure or improving the quality or functionality of their product offering