M2:L1

Question 1

can be viewed as the merging, integrating and understanding of the contribution of the different financial and economic institutions and sectors that would facilitate the growth of the global economy.

Answer 1

Market Integration

Question 2

This refers to the process of creating a unified marketplace where goods, services and capital can flow freely between countries or regions.

Answer 2

Market Integration

Question 3

It is a central aspect of economic globalization, which refers to the increasing interconnectedness of economies and societies around the world.

Answer 3

Market Integration

Question 4

4 Forms of Market Integration

Answer 4

a.Reduction of trade barriers such as tariffs that are too exorbitant.
b.Harmonization of regulatory standards,
c.ADOPTION OF COMMON CURRENCY
d.Development of infrastructure to fasten/facilitate transportation and communication.

Question 5

that made countries even closer together in trade relation

Answer 5

Financial Institution and economic organization

Question 6

Established from the remnants of WW I and II in trade, the Focus were the:
a. Reduction of barriers to trade
b. Free flow of money and exchange due to the start of restructuring of the economy.

Answer 6

The Bretton System

Question 7

The GATT was established in _________

Answer 7

1947

Question 8

The GATT was established in 1947 - A forum for the meeting of representatives from _____member countries -

Answer 8

23

Question 9

The General Agreement on Tariffs (GATT)It focuses on trade goods through multinational trade agreements conducted in many ‘rounds’ of negotiation and from the agreement the ______________ was created

Answer 9

World Trade Organization WTO

Question 10

Is an independent multilateral organization that became responsible for trade and services, non-tariff-related barriers to trade(trade liberalization) –

Located in Geneva, Switzerland with 152 member states as of 2008

Answer 10

World Trade Agreement (WTO)

Question 11

Founded after World War II, the establishment was mainly because of peace advocacy after the war and aimed to help the economic stability of the world

Answer 11

The International Monetary Fund (IMF)

Question 12

IMF and WB were both founded after the war with the same mission where WB’s main goal was to extend loans to the third world in particular and had a longer-term payment approach.

Answer 12

The World Bank

Question 13

Trade pack between the US, Mexico, and Canada was created on January 1, 1994, when Mexico joined the two other nations
Helps in developing and expanding world trade and increases cooperation for improving working conditions in North America by reducing barriers to trade as it expands the markets of three countries.

Answer 13

North American Free Trade Agreement(NAFTA)

Question 14

___________is the whole system of human interactions. The modern world system is structured politically as an interstate system of competing and allying states. The political scientists call this the

Answer 14

The Global Interstate System

Question 15

Defined by the existence of a division of labor. The modern world system has a multi-state political structure(called the interstate system) and therefore its division of labor is the international division of labor. –

Answer 15

INTERNATIONAL SYSTEM FOR INTERNATIONAL RELATIONS -Called world system- d

Question 16

Three (3) zones of the divisions of labor(international)

Answer 16

1. CORE
2. SEMI PERIPHERY
3. PERIPHERY

Question 17

high-income nations in the world economy, western countries, the dominant capitalist that exploit peripheral countries for labor and raw materials.

Answer 17

Core

Question 18

are middle-income countries like India and Brazil, Phils

Answer 18

semi periphery

Question 19

called the low-income countries, whose natural resources and labor support the wealthier countries

Answer 19

periphery

Question 20

WORLD SYSTEM THEORY OF IMMANUEL Wallerstein Three (3) zones of the divisions of labor(international)

Answer 20

1. CORE
2. SEMI PERIPHERY
3. PERIPHERY

Question 21

re rich countries like the US that most likely supply the needs of poorer countries. Core countries buy raw materials, then make final goods and eventually sell the goods to the semi-periphery and periphery countries. (they preserve their natural resources and just buy cheap natural resources from poor countries.)

Answer 21

1. Core- CORE COUNTRIES

Question 22

they can export and import both. Export and import exchange.

Answer 22

semi periphery

Question 23

exporter of raw and cheap labor and buys expensive goods from the core countries. Rich companies get cheap labor from poor countries, ex, Panasonic has its assembly place in the Phils, then the finished product will be sold to other countries more expensively.

Answer 23

3. periphery