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In this context then, a decision to purchase a cheaper technology would be replaced with a decision to purchase a more expensive technology, which eliminates less waste.
The International Monetary Fund promulgates numerous laws that regulate the international economics and politics of corporate action. Its primary aim is to set the currency exchange rates and offer a correlation between financial policies as to ease the international operations between partners and countries. "The IMF is responsible for the creation and maintenance of the international monetary system, the system by which international payments among countries take place. It thus strives to provide a systematic mechanism for foreign exchange transactions in order to foster investment and promote balanced global economic trade" (Investopedia, 2008).
The developments affecting the global context have posed some challenges for the organization. In this order of ideas, globalization has raised the yet unanswered question of whether sustainable economic growth can be achieved globally, without the use of a single universal currency. Another challenge is that of setting an international rate, by choosing between fixed and flexible. The debate on interest rate is a long standing one, with more and more countries implementing the flexible one. However, it has been argued that the flexible interest rate is unable to support real economic growth and development (Balladur, 1999).
The Fund responded to some of the forwarded challenges by revealing the created opportunities. In this order of ideas, the most important...
It will allow more effective and efficient consultations between countries. "These consultations will be an important vehicle for building a common vision for action on issues like global imbalances, something that would lessen risks for countries all over the world" (Carstens, 2006).
References
Balladur, E., 1999, the International Monetary System: Facing the Challenge of Globalization, Peterson Institute for International Economics, http://www.iie.com/publications/papers/paper.cfm?ResearchID=347last accessed on November 1, 2008
Carstens, a., 2006, Challenges and Opportunities for the IMF, Website of the International Monetary Fund, http://internationalmonetaryfund.com/external/np/speeches/2006/052306.html. Ast accessed on November 1, 2008
2008, Trade Policy Reviews, Website of the World Trade Organization, http://www.wto.org/english/tratop_e/tpr_e/tpr_e.html. Ast accessed on November 1, 2008
2008, Trade Policy Reviews: Ensuring Transparency, Website of the World Trade Organization, www.wto.org/english/thewto_e/whatis_e/tif_e/agrm11_e.html. Ast accessed on November 1, 2008
2008, What Is the International Monetary Fund? Investopedia, http://www.investopedia.com/articles/03/030703.asplast accessed on November 1, 2008
Foreign Direct Investment Policies, Economy Watch, http://www.economywatch.com/policywatch/fdi-policy.html. Ast accessed on November 1, 2008
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