Module 2

Question 1

refers to the growing interdependence of the world economies manifested by the ever-increasing flows of capital, technologies, and communication through a common economic system (Shangquan, 2000; Steger et al., 2014).

Answer 1

Economic Globalization

Question 2

refers to the higher productivity of people as it produces goods, services, and capital, making it available in all parts of the world;

Answer 2

Human Innovation

Question 3

refers to the innovative methods of producing goods and services more efficiently.

Answer 3

Technological Progress

Question 4

Basic examples of today’s Fourth Industrial Revolution (FIRe)

Answer 4

Tesla cars and the Artificial Intelligence (AI) embedded in a number of applications like the Plagiarism checker or text similarity detection such as Turnitin.

Question 5

Economic Globalization is known for the movement of goods, people (pertains to the workforce), and knowledge (specifically in technology). This movement helps global market growth at an unprecedented rate.

Answer 5

IMF further explanation

Question 6

As more and more countries are involved and participating in the global market, free trade and economic liberalization are at the forefront of different state policies and major players in state economic treaties or Free Trade Agreements (FTAs). These FTAs bind countries to impose imports and export duties for purposes of mitigating or reducing trade barriers like tariffs. Thus, it is with utmost importance to understand what and why Free Trade and Economic Liberalism became the widely used economic policy and philosophies. We have to examine the very concept of these two accessible and maintained economic perspectives before digging into the major concepts of Economic Globalization.

Answer 6

note

Question 7

What are the Major Elements of Economic Globalization?

Answer 7

A. Internationalization of Trade and Finance (Steger, 2005; Stiglitz, 2003)

B. Movement of Labor (Stiglitz, 2003)

C. Diffusion of Technology (Stiglitz, 2003)

Question 8

Major International Economic Institutions

Answer 8

International Monetary Fund (IMF)
World Bank (WB) and;
World Trade Organization (WTO)