contem

• Globalization plays a vital role in the economic system of the world
• Globalization


  The whole world is increasingly involving as a part of a single market, with interdependent production, consuming similar goods, and responding to the same impulses. It also involves the spreading of ideas, practices, and technologies. It is the connectivity across the entire world of the economic and cultural life that increased throughout the centuries.
• Contemporary world


  Circumstances and ideas of the present age, where it deals with problems and issues related to environment, population, wealth, power, tensions and conflicts
• Globalization (Borderless)


  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 promotes such flows
• Information Technology and the widespread of these makes the world interconnected to each other
• 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


  Designing a product in a way that it may readily consume across multiple countries
• Westernization


  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
• Dimensions of globalization

  • Economic
  • Cultural
  • Political
  • Technological
  • Geographic
  • Military
• Appadurai's five dimensions of global cultural flow

  • Ethnoscape (global movement of people)
  • Mediascape (flow of culture)
  • Technoscape (circulation of mechanical goods and software)
  • Financescape (global circulation of money)
  • Ideoscape (realm of political ideas)
• Economic globalization


  The expanding interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, flow of international capital and wide and rapid spread of technologies
• Global corporations are companies which have expanded outside their home countries
• Global Governance


  The totality of norms, laws, policies and bodies that defines, comprise, and facilitate transnational relations between citizens, states, cultures, intergovernmental, and non-governmental organizations
• Globalism


  An attitude that seeks to understand all the interconnections of the modern world and to highlight the patterns that underlie them
• Global Interstate System


  Seeks to form collaboration among nation-states through the establishment of intergovernmental organizations
• Intergovernmental Organizations (IGOs)


  Facilitators of connections among nation-states
• Internationalism


  A practice of interdependent collaboration
• Nation-state


  A political community that emanates from civic society to legitimately execute peace
• Economic globalization refers to the expanding interdependence of world economies
• In the Philippines, cross-border trading can be best illustrated by the country's trading partnerships with China, the United States, and Australia
• The flow of international capital can be observed in foreign direct investments (FDI), foreign portfolio investments, trade flows, external assistance and external commercial borrowings, and private loan flows
• Economic globalization can be traced from the time when there was economic movement in Asia, Africa and Europe through the Silk Road
• Benczes' four interconnected dimensions of economy

  • Globalization of trade and goods and services
  • Globalization of financial and capital markets
  • Globalization of technology and communication
  • Globalization of production
• The World Trade Organization (WTO) eases trade among countries
• The emergence of China as a major supplier and exporter of manufactured goods has affected the world economy
• The increasing number of business process outsourcing (BPO) companies in the Philippines is an example of economic globalization of trade and services
• The liberalization of financial and capital markets is evident in cross-listing of shares on one or more foreign stock exchange, cross-hedging and diversification of portfolio, and round the clock trading worldwide
• The existence of multinational corporations (MNCs) and transnational corporations (TNCs) is an example of the globalization of production
• Economic globalization


  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"
• Economic globalization

  Fosters universal economic growth and development
• Economic globalization


  Reduces poverty
• Economic globalization


  Creates mutual dependence between developing and developed countries
• Economic globalization


  Exploits the sources of goods and services in economically poor nation-states
• Economic globalization


  Does not benefit all nations equally
• Economic globalization


  Leads to inequality according to expertise, experience and skills
• The United Nations (UN) was established in 1945 to promote international cooperation and to restore international order
• The World Bank (WB) and the International Monetary Fund (IMF) were established in 1944 at the Bretton Woods Conference
• World Bank


  An intergovernmental institution that aims to end extreme poverty and promote shared prosperity in a sustainable way
• International Monetary Fund (IMF)


  An intergovernmental institution that works to foster global monetary cooperation, secure financial stability, facilitate international trade, and more
• International financial institutions help facilitate the functionality of a global economy by lending money to their member states and global corporations