MODULE 2 - Contemporary World

I.
MODULE 2 – The globalization of World Economies
II. Learning Objectives:

1. Define economic globalization
2. Identify the actors that facilitate economic globalization
3. Narrate a short history of global market integration in the twentieth century.
4. Articulate your stance on global economic integration
III. Pre-Assessment:
a. Give the meaning of the following ACRONYM

1. UNCTAD - United Nations Conference on Trade and Development
2. IMF - International Monetary Fund
3. UN - United Nations
4. IBRD - International Bank for Reconstruction and Development
5. GATT - General Agreement on Tariffs and Trade
6. OAPEC - Organization of Arab Petroleum Exporting Countries
7. WTO - World Trade Organization
b. Choose one global institution or international economic organization. Then research

the origins and history of the institution you have chosen.
United Nations (UN) is an international economic organization. The name
"United Nations" was coined by United States President Franklin D. Roosevelt. It
officially came into existence in October 24, 1945. This organizations aims to
maintain international peace and security, protect human rights, promote
sustainable development, and uphold international law.
c. Identify the major country-leaders of this institution.

The major country-leaders of this institution are the permanent members
(also known as the Permanent Five, Big Five, or P5). The five sovereign states to
whom the UN Charter of 1945 grants a permanent seat on the UN Security Council:
The People's Republic of China (formerly the Republic of China), the French Republic,
the Russian Federation (formerly the Union of Soviet Socialist Republics), the United
Kingdom of Great Britain and Northern Ireland, and the United States of America.
d. How does this institution influence global economic activity?

The UN provides a forum for its members to express their views in the General
Assembly, the Security Council, the Economic and Social Council, and other bodies
and committees. By enabling dialogue between its members, and by hosting
negotiations, the Organization has become a mechanism for governments to find
areas of agreement and solve problems together. This method helps tighten the
bond between countries, promote international law, and maintains international
peace and security.
IV. Lesson Opening
This lesson aims to trace how economic globalization came about. It will also
assess this globalization system and examine who benefits from it and who is left out
V. Discussion proper
Class please read these sub-topics
a. International trading systems

b. The Bretton Woods system
c. Neoliberalism and its discontents
d. The global financial crisis and the challenge to Neoliberalism
e. Economic globalization today
Please refer to our text book pp. 13-23, “Contemporary World”
VI. Guide Questions:
1. How does IMF regard “economic globalization”?

2. When is it considered that trade has increased?
3. What is the oldest known international trade route?
4. Why is the silk road considered international not global?
5. When did full economic globalization begin?
6. What is mercantilism?
7. When was open trade emerged?
8. When was the great depression started?
9. What is fiat currency?
10. When was the Bretton Wood System inaugurated?
11. Who influenced the Bretton Wood System?
12. What is global Keynesianism?
13. What are the 2 institutions that remain key players in economic globalization?
14. What is the main purpose of GATT
15. What is neoliberalism?
16. What do you think are the policies forwarded by GATT?
17. What do you mean by trade liberalism?
18. Why is it that trade talks under WTO have often been unfair?
VII. Summary/Generalization
1. International economic integration is a central tenet of globalization

2. International policymakers should strive to think of ways to make trading deals fairer
Note: Generate your own generalization at least three
1. There are really tons of economic benefit that you will get if the country is already
developed.
2. There should be more policies that are in favor to the developing countries.
3. Global organizations really is a bug helps in maintaining order throughout the world.
VIII. Post-learning assessment: Essay 5 points each
1. How do economic forces facilitate the deepening of globalization?

One country’s products and services can be traded for other country’s
products and services based on price and quality. It benefits everybody. Countries by
their very nature has different raw materials and skills to sell in the world’s
marketplace. Their ability to trade in the world’s marketplace provides for most
things any country needs for their own consumption. If there is going to be a world
marketplace, it necessarily means globalization. As this trading keeps on happening
between countries, the globalization will surely keep on deepening.
2. How is the Philippines central to the history of economic globalization?

During the time when the Spaniards colonized the Philippines, there
where trading ships that are called Galleon. These ships sails from Metro Manila to
Acapulco, Mexico. This is the first time that the America had a direct contact with
the Asian countries when it comes to trading goods.
3. Compare and contrast the assumptions of the original Bretton Woods System with
those of the Washington consensus?
Bretton Woods system created a framework of norms, rules, and
understanding to counter pre-WW2 economic instability like depression,
unemployment, and protectionism. This is designed to counter the economic
instability in 1930s. It manages capitalism and also lowered unemployment rate.
This collapsed due to protectionism, this is where a neo-liberalism took place. They
removed capital controls between countries, this became the Washington
consensus. Its features are trade liberalization to have free trade, openness to
foreign direct investment, and privatization.
IX. Feedback
I have no trouble in answering the module because it was discussed first before
the date of the submission. The thing that I want to improve is my time managing
skills.
X. Textbook: The Contemporary world: General Edition
By: Lisandro E. Claudio, Patricio N Abiles,
C & E Publishing Inc., 2018

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I.

MODULE 2 – The globalization of World Economies

II. Learning Objectives:

a. Give the meaning of the following ACRONYM

b. Choose one global institution or international economic organization. Then research

c. Identify the major country-leaders of this institution.

d. How does this institution influence global economic activity?

Class please read these sub-topics

a. International trading systems

Please refer to our text book pp. 13-23, “Contemporary World”

VI. Guide Questions:

1. How does IMF regard “economic globalization”?

1. International economic integration is a central tenet of globalization

Note: Generate your own generalization at least three

VIII. Post-learning assessment: Essay 5 points each

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

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

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