contemporary world (unit test 1)

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lunä

Cards (33)

*Contemporary World
*Refers to circumstances and ideas of the present age, where it deals with problems and issues related to environment, population, wealth, power, tensions and conflicts.
*Globalization
*It is the increased interconnectedness and interdependence of people and countries,
through opening of international borders to increasingly fast flows of goods, services, finance,
people and ideas and the changes in institutions and policies of national and international levels
that facilitates or promote such flows.

With the birth of Information Technology and the widespread of these makes the world
interconnected to each other. Because of these that anything and everything becomes global.
Globalization the speed up of movements and exchanges of human resources, goods
and services capital, technologies and cultural practices between countries in the world
or expansion and intensification of economic, political and social relations and
consciousness across the world.
Internationalization describes designing a product in a way that it may readily
consumed across multiple countries.
Westernization is a process whereby societies come under or adopt western culture in
areas such as industry, technology, politics, economics, lifestyle, law, norms, mores,
customs and traditions.
Creation and Multiplication of connections:
development and increasing social network and cultural activities that led to the breaking of traditional norms and practices in the political, economic and cultural realisms of most communities.
Expansion and Stretching of connections:
social operations and corrections on how the financial markets and trading operate around the globe like the operations of Economic Organizations like of WTO ASEAN Economic Community, World Economic Forum and European Union that brought expansions throughout the world.
Intensification and Acceleration of connections:
human activities where it describes how the process of world and individual connection works. The fourth Industrial Revolution is a concrete example where Digital machines widely used in reaching every global events.
Consciousness and awareness of connections:
the people as the primary actors of globalization is very important on how they impact the growing outcomes and markers in globalization specially the
implications of their actions to the norms and practices of borderless world.
it is all the economies of the world which we consider together as one economic system.
The economy has two meanings:
The economy of the whole planet ex. GDP
The way it is the world today, with countries intertwined together.

Global Economy- is the exchange of goods and services integrated into a huge single global market. It is virtually a world without borders, inhabited by marketing individuals and or companies who have joined the geographical world with the intent of conducting research and development and making sales.
global economy - resources, markets and competition are in worldwide scope.
global sourcing - firms purchase product and services from around the world for local use.
global economy refers to the interconnected worldwide economic activities that take place between multiple countries. This is an economic theory that refers to an economy’s ability to produce goods and services at a lower opportunity costs that its trade partners.
THE FACTORS AFFECTING THE GLOBAL ECONOMY?
Human Resource
Natural Resource
Physical Capital
Technology
World system are defined by the existence of division of labor. The modern world system has a multi-state political structure and therefore the division of labor is international division of labor.
ECONOMIC INTEGRATION is an arrangement among nations that typically includes the reduction or elimination of trade barriers and the coordination of monetary and fiscal policies. It is sometimes called as regional integration as it occurs to neighboring countries.
MARKET INTEGRATION- is a process by which economies are becoming more interdependent and interconnected in terms of commodity flows including externalities and spillover of impacts ( Genschel and Jackenfuchs, 2017)
INTERNATIONAL FINANCIAL INSTITUTIONS (IFIs) are institutions that provide support through loans or grants and technical advices to promote a country’s economic and social development.
CORPORATIONS- are private institutions that produce or manufacture goods, products, and services for a more expanded market usually at the reach regions or the world.
Two Kinds of Market Integration
HORIZONTAL- happens when a firm gains control of other firms performing similar marketing functions at the same level of marketing sequence. Ex: Disney bought Pixar, Landbank acquired Phil. Postal savings Bank
VERTICAL INTEGRATION- happens when one company owns the operation of the products from one stage to the other along the supply chain. Ex. An iron mining company owns a steel manufacturing company, McDonalds owns the land where supplies are located.
International financial institutions (IFIs) are financial institutions established by more than one country and are subjects of international laws
Owners or shareholders of IFIs are generally national governments, although other international institutions and organizations can also be shareholders
The most prominent IFIs are creations of multiple nations, although there are also bilateral financial institutions that are technically IFIs
Many IFIs are multilateral development banks (MDBs)
THE GLOBAL CORPORATIONS
Multinational Companies - own a home company and it's subdiaries
Translational Companies - do not have subdiaries but just many companies
Interstate System- system of unequally powerful and competing states in which no single state is capable of imposing control on all others. These states are in interaction with one another in a set of shifting alliance and wars and changes in relative power of states upsets any temporary set of alliances, leading to a restructuring of the balance of power’ (Chase-Dunn, 1981:20)
Global Interstate System- is an institutional arrangement of governance that addresses regional or globalized issues that go beyond the scope of a nation-state.
Internationalism- puts emphasis on diversity and celebrates multiculturalism, while globalism focuses more on the economic aspect of the exchanges among countries and societies.
Internationalism is defined political, economic, and cultural cooperation between nations, while globalism is an ideology based on the belief that flow of people, goods and information should flow freely across national borders. ( Roudemof, 2005)
Sargent ( 2008) argues that internationalism emphasizes diversity and celebrates multiculturalism, while globalism focuses on the economic aspect of the exchanges among countries and society.
The United Nations has made enormous positive contributions in maintaining international peace and security, promoting cooperation among states and international development.
The name “United Nations” was suggested by US President Franklin Roosevelt
The United Nations Organization (UNO) is the global international organization of sovereign independent states. It was established on 24 October 1945.
Global governance today demands collective interest of all powerful blocs to be under one roof so that it can ensure peace, security, and importantly prosperity all around the world.