business policy

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In this age of globalization, global monetary system affects all the businesses operating across the globe (Kinsella, 2015). But initially if we have to understand the significance of global monetary system, we can correctly define it as a set of internationally agreed rules, conventions and supporting institutions that facilitate international trade, cross border investment and reallocation of capital between nation states (Kinsella, 2015). Basically, the monetary system can grow by itself as a collective result of individual agreements between international economic factors – something which happened in 1944 in the form of Bretton Woods (“Bretton Woods,” 2009).
Currently interest rates depend on the structure of the Global Monetary System (Kinsella, 2015). Generally, they are not freely convertible and do not float freely (Kinsella, 2015). The Global Monetary System was established as a result of the Bretton Woods conference in 1944 which led to the establishment of IMF and the World Bank (“Bretton Woods,” 2009). Initially the Gold standard was followed to evaluate the reserves of each country affiliated to the World Bank, but after its abandonment of Gold as reserve asset, IMF returned its gold reserves to its members at current prices (“Bretton Woods,” 2009). The proceeds were placed in a trust fund to help poor nations and IMF continued its role of helping countries cope with macroeconomic and exchange rate problems (“Bretton Woods,” 2009).
We now need to understand how the Global Monetary System is tied into our International Business Policy (Kinsella, 2015). The monetary system is not perfect. Both speculative activity and also government intervention and regulations affect the system (Kinsella, 2015). So, in order to mitigate these risks, companies must use risk management instruments (“Bretton Woods,” 2009). They can minimize risks by placing assets in different parts of the world or through contract manufacturing (Kinsella, 2015). Also, they need to manage company-government relations (“Bretton Woods,” 2009). This is because the volatility of money or economy in one end of the world can affect the business prospective of a firm based out of another nation but having its operations or customers in the affected nations (“Bretton Woods,” 2009). This is because of the Global Monetary System which basically states that there will always be a single currency and the world will remain intertwined together like a single nation (Kinsella, 2015).
It is important to research Global Monetary System because currency fluctuations or economic volatility in one nation can directly or indirectly affect the business of a firm operating in a different country (Kinsella, 2015). Also since Governments need to ensure a smooth working and living environment for its citizens, its economic policies are based on the overall economic outlook of the world (Kinsella, 2015). So, if we look at history we will find various instances where Governments have been bailed out by Governments of other nations or by the IMF since the collapse of an economy will result in an economic volatility across the entire world (Kinsella, 2015).
So, it is very important to understand the Global Monetary System and base our policies and business strategies on the overall world economy (Kinsella, 2015).

(n.d.). Retrieved from https://2001-2009.state.gov/r/pa/ho/time/wwii/98681.htm

Written by Stephen Kinsella, S. L. (n.d.). The role of currency in the global financial crisis. Retrieved from https://www.weforum.org/agenda/2015/07/the-role-of-currency-in-the-global-financial-crisis/

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