⇒ Till 1900 world was a single world economy.
⇒ Only a few industrialised countries provided manufactured goods and the remaining countries provided the raw material necessary for the same.
⇒ Each country exploited the respective colonies or their respective neighbouring countries. For example USA exploited Latin America and Britain exploited Uganda.
⇒ Always the colonial products were taken at a very cheap rate and the finished goods from the industrialised countries were sold at the highest rate possible.
USA as a dominant industrial power
Five rating agencies from around the world have joined hands to launch a new Global Credit Rating Agency, ARC Ratings, which is being promoted as the alternative to the present “Big Three” agencies- Fitch (Headquarters in London and US), Moody’s (US) and Standard & Poor’s (US) – dominating about 90% of global market.
- It will be a Joint venture (20% each) between CARE Rating of India; SR Rating, Brazil; GCR ,South Africa; MARC of Malaysia and Portugal’s CPR
- Proposed Headquarter : London (registered with European Securities and Markets Authority)
CEO : Jose Pocas Esteves
chief ratings officer : Uwe Bott
Universal Credit Rating Group (UCRG) : Earlier in June 2013, three rating agencies from US (Egan-Jones Ratings Co), China (Dagong Global Credit Rating Co. Ltd) and Russia (RusRating JSC) came together with the similar purpose to create a global rating agency which will challenge the monopoly of these three agencies and thus would bring a sort of reform in the system global credit rating agency, launched .