midterms

• Workers in TNCs are paid less compared to their counterparts in the companies’ home countries
• Dimensions of global cultural flow

  • Ethnoscape
  • Mediascape
  • Technoscape
  • Financescape
  • Ideoscape
• International Monetary Fund (IMF) fosters global monetary cooperation, ensures financial stability, and supports developing countries
• World Bank states that economic globalization does not benefit all nations

  2002
• Globalization as an ideology is referred to as globalism
• Appadurai (1996): 'Five dimensions of global cultural flow'
• Organizations of the World Bank

  • International Bank for Reconstruction and Development (IBRD)
  • International Development Association (IDA)
  • International Financial Corporation (IFC)
  • Multilateral Investment Guarantee Agency (MIGA)
  • International Center for Settlement and Investment Disputes (ICSID)
• Economic globalization


  • International movements of goods and services, capital, labor migration for employment
• Economic globalization integrates the entire world into a unified market, facilitating global trade in goods, services, capital, and labor
• Post-World War II, World Bank and IMF emerged as global financial guides aiming to rebuild economies and eradicate poverty
• Globalization as a condition is a future social condition characterized by thick economic, political, and cultural interconnections and global flows that make currently existing political borders and economic barriers irrelevant (Steger, 2005)
• Regional development banks collaborate to promote economic stability
• Economic globalization


  • Capital/economic smooth flow or circulation
  • Access to new markets
  • Spread of updates/knowledge
  • Increase in cooperation and unity
• Cheap labor is evident in the Philippines
• Economic globalization refers to the increasing interdependence of world economies through cross-border trade, flow of international capital, and rapid spread of technologies
• Asian Development Bank (ADB) and African Development Bank (AfDB) focus on regional development, economic growth, and poverty alleviation in Asia and Africa respectively
• Globalization is the connectivity across the entire world of the economic and cultural life that increased throughout the centuries
• The Silk Road connected the Western world to the Middle East and Asia, facilitating trade between different regions
• Economic globalization helps facilitate the movement of goods from one country to another, leading to growth and development of economies
• ADB and AfDB, established in the 1960s, focus on regional development
• Globalization of production

  • MNCs
  • TNCs
• AfDB focuses on regional development in Africa
• Globalization of trade and goods and services

  • Establishment of WTO
  • China as major supplier and exporter
  • Increasing number of BPO
• World Trade Organization was established

  1995
• Economic Globalization is the process of making the world economy an 'organic system' by extending transnational economic processes and relations to more and more countries and by deepening the economic interdependencies among them
• Regional development banks collaborate

  To promote economic stability
• International Economic and Funding Organizations goals

  • Reducing Global Poverty
  • Support sustainable economic, social, and institutional development
  • Promote original cooperation and integration
• NGOs are classified into


  • Conventional (federations)
  • Universal
  • Intercontinental
  • Regional
• The overall objective of the WTO is to help its members use trade as a means to raise living standards, create jobs, and improve people's lives
• Global market integration did not happen overnight. It was the result of the establishment of a global economy that involves the homogenization of trade and commerce
• International Monetary Fund was founded at the Bretton Woods Conference in 1944 to secure international monetary cooperation, stabilize currency exchange rates, and expand international liquidity
• Differences among international, multinational, transnational, and global companies
• IGOs include

  • United Nations
  • North Atlantic Treaty Organization
  • European Union
  • World Trade Organization
  • International Criminal Court
• Early international trade and exchange involved the development of maritime transport and the role of colonialism and imperialism in establishing economic interrelationships
• International financial institutions play a significant role in the social and economic development of countries with emerging or transitional economies in many regions of the world
• International financial institutions drive global cooperation, address disparities, and pave the way for a more inclusive world economy
• ADB spurs economic growth and progress, addressing poverty in Asia
• Globalization of financial and capital markets

  • Cross-listing of shares
  • Cross-hedging and diversification of portfolio
  • Round the clock trading
• Transnational Corporation is any firm that undertakes foreign direct investment, owns or manages income-generating assets in more than one country, produces goods or services beyond its country of origin, or engages in international production
• NGOs are found in

  • Scientific
  • Technical
  • Business
  • Medical
  • Social