College of Education Arts and Sciences

Activity #1-The Globalization World Economics

Name: Suzette B Hermoso

Course Year and Section:BSCS 1-A

Directions:
1. How do economic forces facilitate the deepenìng of the globalization?
2. How is the philippine central to the history of economic globalization?
3. Compare and contrast the assumptions of the original Bretton woods system
with those of the Washington consensus

Answers:
1. Based on my research the economic forces facilitate the deepening of
globalization taking the responsibility of market for scarce good.the scarcity
can never be eliminated , only emeliorated. If the supply rises,to swamp or
satiate demands then the price falls, and some suppliers get price out of the
market in this matter supply get restricted.The deepening:or more extensive
globalization,it is the unforced extension of the market.(this is according
CHRIS GOODWIN , PEDRO DUDUIK both an economist ).
2. The Philippines plays a central role in the economic globalization. The
primary reason for this is that the Philippines supplies a substantial portion of
the global workforce. The opening of jobs overseas are welcome
opportunities for Filipinos of all social classes. Hence, the birth of the term
OFW or Overseas Filipino Worker.This globalization of the workforce is good
because of job opportunities and increased foreign remittances. The spread
of the Filipino culture in other countries has also opened the Filipinos at home
to foreign cultures, thereby changing lifestyles. The world has become a
global village.But there are also several negative effects. For instance, many
Filipinos are oppressed in foreign lands. Some are abused, while some come
home in coffins. OFW parents are also separated from their children for
extended periods, making communication difficult within the family.(answer
come from the apps of brainy)
3. After world war 2, the United States held ⅔ of the world's gold. The country
came out of the conflict nearly undamaged because of the mainland’s
distance from Europe and Asia where the most of the battle was held. The US
Dollar was in the best position to handle the role of world currency. So it was
agreed upon by 44 nations that attended the Bretton Woods meeting in New
Hampshire that the world would run on the US dollar. It was “ASSUMED” that
if needed, a nation could redeem their collected dollars for gold. The US
ignored this agreement through their continued accumulation of deficit by
printing more paper dollars that in the end there were more paper money the
gold. And we know the rule “ when there is too much of something, that thing
will always lose its value”. The Bretton Woods Agreement died in 1971 when
President Richard Nixon suspended the US dollar’s convertibility into gold.
His administration also colluded with the countries of OPEC to sell oil only in
US Dollars, so from then on, your country can only acquire dollars if you
create products that you can export and sell in the United States. If a nation
cannot send anything to the US or any other country that is willing to pay in
dollars, that country cannot buy oil which will effectively freeze its economy.
So to this day, more than 95% of all the nations are at the mercy of this
system, this is the reason for most of the wars we see, and the inflation we
experience. It is the protection of this system that is causing all of this. The
Bretton Woods Agreement was never meant to succeed, it was just a way to
fool the nations into joining in what sounded like a step towards world peace
when everyone wanted to leave the ugliness of the war behind.(brainy apps).