WEEK-1-3-ULO-B-Contempo Twinkool

Let’s Check!
Activity 1. Now you already understand of globalization of world economics. Let
us try to check your understanding. In the space provided, write the term/s being
asked in the following statements:
Mercantilism 1. This period was the emerging eras of nations-states and the
formation of more central governments.
Descriptive theory 2. It deals with the natural order and movement of trade.
Global Economy 3. This term refers to the international exchange of goods and
services that is expressed in monetary units of money.
Milton Friedman 4. He used the economic turmoil to challenge the consensus
around
Keynes’s ideas.
Prescriptive Theory 5. This theory views government to have participation in
deciding which countries to alter the amount, composition and direction of goods.
Modern World System (MWS) 6 This theory was developed by Wallerstein
explains the contact of economies between core, semi-peripheral and peripheral
countries in the world.
“Race to the bottom” 7. It refers to countries’ lowering their labor standards,
including the protection of workers’ interest, to lure in foreign investors seeking
high profit margins at the lowest cost possible.
Economic Liberals 8. It explain the importance of free trade and the role of
individual’s preference in choosing economic activity.
Classical Imperialism 9. The earliest wave of mercantilism was described as
_______.
International Trade (IT) 10. It is the process and system when goods
commodities, services cross national economy, and boundaries in exchange for
money or goods of another country

Let’s Analyze
Activity 2. Discuss and explain the following.
1. How do economic forces facilitate the deepening of globalization?

Our economic is fast growing because of globalization. Partnership of two
countries where the economic forces facilitate the deepening of globalization
through exchanging of goods and services to different countries. Advancement in
technology has led the growth of various sectors of economies throughout the
world. Apart from this, the advancement in technology and improved
communication network has facilitated the exchange of goods and services,
resources, and ideas, irrespective of geographical location. In this way, advanced
technology have led to economic globalization. Also Governments must to
continue to devise ways of cushioning the effects of economic globalization,
while ensuring that its benefits accumulate for everyone. Economic forces also
help those country who are in needs they let the country to borrow money with
interest.
2. How is the Philippines central to the history of economic globalization?

Most economists and globalization scholars believe that free trade originated
during the Industrial Revolution and the heyday of the construction of the
Western empire, a period from about 1870 to 1914 . During this time, the
European colonies in Asia and Africa provided European producers with raw
materials and were markets for European products. For a globalized economy,
free trade zones or the unhindered movement of goods, resources, ideas and
people were necessary. During Manila Galleon begins the history of globalization
the galleons were the richest ships in the world and through trans-pacific trade,
Spain came to dominate commerce in both silk spices. They were the sole
means of communication between Spain and its Philippines colony served as an
economic lifeline for the Spaniards in Manila. In several centuries earlier and puts
the Philippines at center stage. Philippine economy has achieved growing

alignment with the global economy. This is evident in the general increase in
commodity trade and labor migration. Finance is also more integrated, albeit at a
relatively moderate speed. The galleons were the richest ships in the world and
through trans-pacific trade, Spain came to dominate commerce in both silk
spices. They were the sole means of communication between Spain and its
Philippines colony served as an economic lifeline for the Spaniards in Manila.
3. Compare and contrast the assumption of the original Bretton
Woods system with those of the Washington Consensus.
The Bretton Woods Institutions, is to manage capitalism. It was
aiming to use fiscal policy to deliver growth and keep unemployment
low. The Bretton Wood System collapsed in 1970s but created a
lasting influence on international currency exchange and trade
through its development of the IMF and World Bank.
While the Washington Consensus describes all the policies that
the international institutions based on Washington, IMF, World Bank,
etc. The Washington Consensus we’re intended to help developing
countries that faced economic crisis. The Washington Consensus
recommended structural reforms that increased the role of market
forces in exchange for immediate financial help. The Washington
Consensus has resulted in structural reforms, with the goal of making
developing countries more competitive. The three main thrusts, of
these reforms have been the deregulation of domestic markets, the
privatization of public firms, and the liberalization of trade and
financial flows.
Brush Up!
Activity 3. Reflection Figure: Below is a reflection figure that looks like a human
figure. Determine what you have learned (the knowledge that serves as your
foundation to stand and keep); the things you have realized and appreciated
(attitude towards learning) and the things that you discovered (skills that you will
cherish in life). Fill in each part the reflection figure.
Things that I have learned is

globalization is one the reason Things I have
why one country is improving just learned
because of exchange goods and (knowledge)
product and one thing that I learn
is the age of globalization began
when all important populated
continents began to exchange
products continuously.
Things that I realized is before you

learn this topic you need to ready Things I have
yourself and you have the realized and
willingness to learn and understand appreciated
the lesson because it was so hard (attitudes)
for me so you need to focus and be
responsible for this subject to
broaden your knowledge.
The skill I have

discovered is that Things I have
communication is very discovered
important to understand (skills)
each other and I discovered
about Bretton woods system
is originated by the
influenced of British.

WEEK-1-3-ULO-B-Contempo Twinkool

Uploaded by

Copyright:

Available Formats

WEEK-1-3-ULO-B-Contempo Twinkool

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

WEEK-1-3-ULO-B-Contempo Twinkool

Uploaded by

Copyright:

Available Formats

Let’s Check!

Activity 1. Now you already understand of globalization of world economics. Let

asked in the following statements:

formation of more central governments.

services that is expressed in monetary units of money.

Milton Friedman 4. He used the economic turmoil to challenge the consensus

Prescriptive Theory 5. This theory views government to have participation in

Modern World System (MWS) 6 This theory was developed by Wallerstein

explains the contact of economies between core, semi-peripheral and peripheral

countries in the world.

“Race to the bottom” 7. It refers to countries’ lowering their labor standards,

including the protection of workers’ interest, to lure in foreign investors seeking

high profit margins at the lowest cost possible.

individual’s preference in choosing economic activity.

Classical Imperialism 9. The earliest wave of mercantilism was described as

commodities, services cross national economy, and boundaries in exchange for

money or goods of another country

Activity 2. Discuss and explain the following.

1. How do economic forces facilitate the deepening of globalization?

countries where the economic forces facilitate the deepening of globalization

through exchanging of goods and services to different countries. Advancement in

world. Apart from this, the advancement in technology and improved

communication network has facilitated the exchange of goods and services,

resources, and ideas, irrespective of geographical location. In this way, advanced

technology have led to economic globalization. Also Governments must to

continue to devise ways of cushioning the effects of economic globalization,

2. How is the Philippines central to the history of economic globalization?

during the Industrial Revolution and the heyday of the construction of the

people were necessary. During Manila Galleon begins the history of globalization

means of communication between Spain and its Philippines colony served as an

the Philippines at center stage. Philippine economy has achieved growing

commodity trade and labor migration. Finance is also more integrated, albeit at a

through trans-pacific trade, Spain came to dominate commerce in both silk

Philippines colony served as an economic lifeline for the Spaniards in Manila.

3. Compare and contrast the assumption of the original Bretton

Woods system with those of the Washington Consensus.

The Bretton Woods Institutions, is to manage capitalism. It was

aiming to use fiscal policy to deliver growth and keep unemployment

low. The Bretton Wood System collapsed in 1970s but created a

lasting influence on international currency exchange and trade

through its development of the IMF and World Bank.

While the Washington Consensus describes all the policies that

the international institutions based on Washington, IMF, World Bank,

etc. The Washington Consensus we’re intended to help developing

countries that faced economic crisis. The Washington Consensus

recommended structural reforms that increased the role of market

forces in exchange for immediate financial help. The Washington

Consensus has resulted in structural reforms, with the goal of making

developing countries more competitive. The three main thrusts, of

these reforms have been the deregulation of domestic markets, the

privatization of public firms, and the liberalization of trade and

cherish in life). Fill in each part the reflection figure.

Things that I have learned is

Things that I realized is before you

The skill I have

You might also like