Global Economy Flashcards
Who stated that Globalization is about the liberalization and global integration of markets
Manfred Steger: 1st core claim
Who defined globalization as the expansion and intensification of social relations and consciousness across world-time and across world-space/
Manfred Steger
Reason why we establish good rapport with other nations
Economics
was an ancient network of trade paths that stretched from China through Central Asia to Mediterranean.
Silk Road
It facilitated the exchange of commodities, ideas, art, culture, language, and religion across different civilizations during the 2nd century B.C. -14the century A.D.
Silk Road
Who defined economic globalization as a historical process representing the result of human innovation and technological process?
IMF (International Monetary Fund)
is a historical process representing the result of human innovation and technological process
Economic Globalization
It refers to the integration of economies through the movement of goods, services, and capital which are products of people, organizations, institutions, and technologies.
Economic Globalization (IMF, 2008)
When did silk route occur
during the 2nd century B.C.-14th century A.D.
It refers to the expanding interdependence of
world economies
Economic Globalization
Economic Globalization is the International exchange of goods and services that is expressed in monetary units of ?
Money by cardi b
Who is the person who provided attributes in economic globalization?
Shangquan (2000)
What are the 3 attributes of Shangquan in economic globalization?
- Growing scale of CROSS-BORDER TRADE of commodities and services
- flow of INTERNATIONAL CAPITAL
- wide and rapid spread of TECHNOLOGY
When did European Council President Charles Michel has invited Philippines President Ferdinand “Bongbong” Marcos, Jr. to visit Brussels.
June 5, 2022
Who did BBM meet? and when
clue: European Commission President
his father in hell EMI LANG
si Ursula von der Leyen from July 31 to August 12023
Who said this
“The continued exchanges between Her
Excellency and myself which started in Brussels last year, is a testament to join our
desire to bring our bilateral relationship to
Greater Heights. Let this be a new beginning for the strengthening and the
deepening of all our ties with the EU and
the Philippines.”
Marcos Jr. na walang kwenta
a concept under FLOW OF INTERNATIONAL CAPITAL wherein it is a type of investment in which a company establishes a business in another country for production of goods and services and still takes part in the management of
that business (for economic growth).
ex: toyota motor
FDI (Foreign Direct Investments)
Benczres (2014) identifies four interconnected
dimensions of economy namely:
- Globalization of trade of goods and services
- Globalization of financial and capital markets
- Globalization of technology and communication
- Globalization of production
Interconnected Dimensions of Economy:
Establishment of the World Trade Organization ( WTO)
Emergence of China as the major supplier and exporter of goods that affected
the world’s economy
Increasing number of business process outsourcing ( BPO)
Globalization of trade of goods and services
Ensures that trade flows smoothly, predictably , and freely as possible
World Trade Organization (WTO)
has the second-largest population in the world, which provides a huge
potential labor force, market, and consumer base.
China
key driver of china’s economic growth and helped it become the second-largest
economy in the world by nominal GDP.
Chinese Population
What is the reason why the number BPO companies are increasing?
Cheap labor cost, English Proficiency, costumer service skills
Interconnected Dimensions of Economy:
cross-listing of shares on one or more foreign stock exchange
cross-hedging and diversification of portfolio
round -the -clock trading worldwide
Liberalization of financial and capital markets
Interconnected Dimensions of Economy:
various transactions and interactivities, internet , communication technology
(easy way to make transactions w/other countries & easy way to communicate)
Globalization of technology and communication
Interconnected Dimensions of Economy:
creation of the product (from raw materials to something)
Facilitated by multinational companies ( MNCs) and transnational
corporations ( TNCs)
Have branches outside their mother country
ex: Jollibee
Globalization of production
corporate organizations that own or control production
of goods or services in TWO OR MORE countries other than their home countries.
have a centralized management system
ex: Coca-cola, 7 Eleven, Ajinomoto, Honda, Huawei, KFC, Knorr, Yakult, Yamaha Corporation, Walt Disney Company, Miniso, etc.
Multinational (MNCs)
have many companies around the world but do not have a centralized management system.
ex: Nestle, Ford Philippines, Shell Philippines, Morgan Stanley, Mitsubishi UFJ Financial Group Inc., Bank of America Corporation, etc
Transnational Companies
What are the three Actors of Globalization/ facilitators of globalization
- Nation-States
- Global Corporation
- International Monetary Systems
Facilitators of Globalization:
a sovereign state whose citizens or subjects are relatively homogenous in
such factors as language or common descent
manager of national economy
has its own political economic power over a territory
ex: Imposing tariffs in economic trade
Nation-States
Facilitators of Globalization:
local companies that expanded outside their home country
transnational and multinational corporations that bring/move the products, capital, resources and technology
Manager of national economy
ex. Jollibee, San
Miguel Corporation
Global Corporations
Facilitators of Globalization:
international structure for
MONEY, POWER, and INTEREST in order to set a system in the
financial and economic relations
International monetary systems (IMS)
What are the 3 International monetary systems (IMS)
- Gold standard
- Bretton Wood system
- European Monetary System ( EMS).
How did globalization come about?
history kineme to
1st – Silk Road
2nd – Galleon Trade/Age of Mercantilism
3rd – Gold Standard
4th – Great Depression
5th – The Bretton Woods System
6th – Global Keynesianism
7th – Oil Embargo
8th – Neoliberalism
9th – Washington Consensus
10th – Shock Therapy
What are the drastic economic changes in the world because of globalization?
- GDP increase
- Investments are moving
- Increase speed and frequency of trading
- Item selling and trading
Globalization UNITES OR DIVIDES:
- It fosters universal economic growth and development
- It allows a worldwide distribution of incomes
- It reduces poverty
- It creates mutual dependence between developing and
developed countries.
Globalization UNITES
Globalization UNITES or DIVIDES:
- The sources of goods and services are
exploited. - It does not benefit all nations.
- It leads to inequality according to
expertise, experience and skills.
Globalization DIVIDES
is a central tenet of
globalization.
International economic integration
Economics is just one window into the phenomenon of
globalization; it is not the entire thing. (T or F)
T
globalization is unrelated to changes in the economy. (T or F)
F (globalization is ANCHORED ON changes in the economy
International policymakers, therefore, should strive to think of ways to make trading deals fairer. (T or F)
T
