The document discusses the history and development of international financial institutions and market integration. It lists five key institutions that helped establish a global economy: 1) The Bretton Woods System which made the US dollar the global currency after WWI. 2) GATT and the WTO which focused on multilateral trade agreements. 3) The IMF and World Bank which were founded after WWII to promote economic stability. 4) The OECD, OPEC, and EU which encompass major economies and trade blocs. It then illustrates how market integration has evolved from the Agricultural and Industrial Revolutions to today's information economy driven by technology.
The document discusses the history and development of international financial institutions and market integration. It lists five key institutions that helped establish a global economy: 1) The Bretton Woods System which made the US dollar the global currency after WWI. 2) GATT and the WTO which focused on multilateral trade agreements. 3) The IMF and World Bank which were founded after WWII to promote economic stability. 4) The OECD, OPEC, and EU which encompass major economies and trade blocs. It then illustrates how market integration has evolved from the Agricultural and Industrial Revolutions to today's information economy driven by technology.
The document discusses the history and development of international financial institutions and market integration. It lists five key institutions that helped establish a global economy: 1) The Bretton Woods System which made the US dollar the global currency after WWI. 2) GATT and the WTO which focused on multilateral trade agreements. 3) The IMF and World Bank which were founded after WWII to promote economic stability. 4) The OECD, OPEC, and EU which encompass major economies and trade blocs. It then illustrates how market integration has evolved from the Agricultural and Industrial Revolutions to today's information economy driven by technology.
The document discusses the history and development of international financial institutions and market integration. It lists five key institutions that helped establish a global economy: 1) The Bretton Woods System which made the US dollar the global currency after WWI. 2) GATT and the WTO which focused on multilateral trade agreements. 3) The IMF and World Bank which were founded after WWII to promote economic stability. 4) The OECD, OPEC, and EU which encompass major economies and trade blocs. It then illustrates how market integration has evolved from the Agricultural and Industrial Revolutions to today's information economy driven by technology.
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LESSON 5
TAKE ACTION In your own understanding, list down five of international financial institutions in the creation of a global economy 1.The Bretton Woods System – This was established after the major economies in the world suffered because of World War I and U.S Dollar became the global currency. 2.The General Agreement on tariffs and trade(GATT) and the World Trade Organization (WTO)- GATT was established in 1947, it was a forum for the meeting of representatives from 23 member countries and the WTO focused on trade goods through multinational trade agreement conducted in many rounds of negotiation and its general basis is neoliberalism. 3.The International Monetary Fund (IMF) and the World Bank- This was founded after the World War II their establishment was mainly because of peace advocacy after the war they helped the economic stability of the world. 4.The Organization for economic Corporation and Development (OECD), THE Organization of Petroleum Exporting Countries (OPEC) and European Union (EU)- One of the most encompassing club of richest countries in the world, OPEC are part of the major exporters of oil in the world today while EU has most members adopted the euro as basic currency.
SELF REFLECT Through a graphic organizer, illustrate the history of market integration. Write a maximum of Five sentences to present your insight on what market integration has become today compared to its beginning. THE AGRICULTURAL REVOLUTION THE INFORMATION REVOLUTION AND THE INDUSTRIAL REVOLUTION Today is the time of the information This was the first economic change MARKET revolution technology has reduced the when people learned how to INTEGRATION human labor and shifted it from domesticate plants and animalsthey manufacturing-based economy to one realized that it was much productive that is bade on service work and the than hunter gathered societies and production of ideas rather than goods. became the new agricultural economy Computers and other technologies are this led to major developments, it also beginning to replace many jobs gave rise to new economic tools like because of automation or outsourcing steam engines,manufacturing and jobs offshore. mass production.
CAPITALISM AND SOCIALISM
The economic capital became more
and more important to production of goods because capitalism is a system which all natural resources and means of production are privately owned and when one owns a business he needs to outperform his competitors if he is going to succeed while socialism is viewed by karl Marx as a stepping stone toward communism a political and economic system in which all members of society are socially equal.
LESSON 6-7
TAE OFF
Analyze the picture below. What message does it want to imply?
The picture depicts the unity of each nation towards the betterment of the world, Its borders are recognized by other countries but globalization makes a big different especially in the politics. SELF CHECK
Aside from what were mentioned above, Identify three institutions that govern international relations and write short descriptions.
SELF REFLECT:
Answer the question- How can the challenges of global governance be eliminated or atleast be alleviated?
Global governance has two challenges these are the Traditional challenges that generally be described as invasion by other countries which for me can eliminated through Neoliberal economics or neoliberal capitalism it focuses on free trade and dismantling trade barriers,free trade was seen as the ideal way to eliminate the so called traditional challenge because the best economy is one where is a free trade everywhere, it also requires the state to cooperate in the global market through the free flow of capital, the privatization of services and fiscal austerity.
Secondly, the Challenges from national or Identity movements upon reading the module this can be eliminated or at least be alleviated through the Peace treaties alliances such as the United Nations where in the main purpose of this organization is to provide peace and unity in every nation.
Moreover, UN offered different programs such as UNICEF its primary goals is to help children around the world,SDGs In economic issues its main focus is the reduction of global inequality, UNEP addresses environmental issues, IPCC aims to mitigate climate change through assessments of climate, ICJ usually referred as the World Court.
TAE OFF!
Based from the picture below, what do you think the North and south pertains to?
The picture depicts the difference between south and north which means north are those second world countries joined either the first world or the third world wherein they are privilege and with greater economy and political power while south are those majority world where in crisis is rampant and described as wretchedly poor place by Colin Clar.
Take Action!
“Beyond a larger population is a craving silver lining of the south”
Self Reflect!
How did a new conception of global relations emerged?
Nowadays, Global relations is still on its process to emerged as one why? Different countries, organization and even peace makers are having a hard time in nurturing the mind of every leaders it’s because there are beliefs, own political ways or even own practices that they stand for.
New terms alone were insufficient to bring changes despite the aspirations and efforts of many people still it was dived in to two the well privilege and terribly poor so as we continue to unite the global relations one thing is for sure, It will take decades.
