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Q4. Identify the role of international capital, labour and international institutions
in the contemporary world economy, and their impact upon employment policy
and practice.
International capital, labour and international institutions play a huge part in the
modern world economy. International capital refers to foreign investments, generally in
money, flowing into developing countries. It depicts as the financial side of international
trade.
Economic and ecological links between nations have grown rapidly. This widens
the impact of the growing inequalities in the economic development and strength of
nations. The asymmetry in international economic relations compounds the imbalance,
as developing nations are generally influenced by - but unable to influence international economic conditions. International economic relationships pose a particular
problem for poor countries trying to manage their environments, since the export of
natural resources remains a large factor in their economies, especially those of the least
developed nations. Growth in many developing countries also requires external capital
inflows. Without reasonable flows, the prospect for any improvements in living
standards is bleak. As a result, the poor will be forced to overuse the environment to
ensure their own survival. Long-term development thus becomes much harder, and in
some cases impossible.- UN Documents Gathering a body of global agreements. (n.d.), Our
Common Future, Chapter 3: The Role of the International Economy. Retrieved from http://www.undocuments.net/ocf-03.htm.