Aromin, Lorraine May R.

9:30-10:30 MWF

BSBA FINMAN 2 Contemporary Arts

GLOBALIZATION OF ECONOMIC RELATIONS

What is Economic Globalization?

It refers to the increasing integration of economies around the world, particularly through the
movement of goods, services, and capital across borders.

it also refers to the movement of people (labor) and knowledge (technology)across international
borders

- the phenomenon can thus have several inter-connected dimensions, such as (a) the
globalization of trade of goods and services, (b) the globalization of financial and capital markets,
(c) the globalization of technology and communications, and (d) globalization of production)

Economic Globalization vs. internationalization

The latter is about the extension of economic activities of nation states across borders, the
former is ‘functional integration between internationally dispersed activities.

Transnational Corporations (TNCs)

- major player of present day global economy

-economic integration is becoming more intensive, production disintegration is the result to the
outsourcing activity of multinationals

Is Economic Globalization a New Phenomenon?

-Globalization processed have been ongoing ever since home sapiens began immigrating from
the African country ultimately to populate the rest of the world.

-According to Frank and Gills ‘ the existence of the same world system which we live
stretches back at least 5,000 years’ the best known example of globalization is the Silk Road,
which connected Asia, Africa and Europe.

- Adam Smith considered the discovery of America by Columbus and discovery of direct sea
route to India by Vasco de Gama in 1948 as the two greatest achievements in human history.
These remarkable achievements leads to the breathtaking technological advances and
organization methods in the Industrial revolution

- the real breakthrough came only in 19th century the average compound growth rate of world
trade saw a dramatic increase of 4.2 percent. In 1913 trade is equal to 16-17 percent of world
income because of the transportation revolution.

International Monetary Systems

-refers to the rules, customs, instruments, facilities and organizations for affecting international
payments.

-facilitate cross-border transactions, especially trade and investment.

The Gold Standard

-European nations as well as United States propagated a deliberate shift to gold at International;
Monetary Conference in Paris. Gold was believe to guarantee a non-inflationary, stable economic
environment, a means for accelerating international trade
-Participating countries determined gold content of national currencies, which in turn defined
fixed exchange rates as well without limits on international markets.

The Bretton Woods System and its Dissolution

-Delegates of 44 countries managed to agree on adopting an adjustable peg system, the gold
exchange standard. Maynard Keynes propose and recommended the creation of an clearing
union, a kind of global bank.

-Delegates agreed on the establishment of two international institutions; The International Banks
for Reconstructing and Development (IBRD) AND International Monetary Fund (IMF)

Multilateralism; From the GATT to the WTO

-After World War 1, United States was the largest aid donor in the form of Marshall Plan and their
global role of US manufacturing increase substantially

-in a place of a unique trade negotiations, nations committed to a world of lowered tariffs
decides to coordinate their actions under the auspices of the General Agreement on Tariffs and
Trade.

-GATT exerted influence via a series of multilateral trade negotiations or rounds, which in first
five rounds concentrated on tariff cuts exclusively.

- US enforced to adopt the Trade Expansion Act of 1962 and to call a new round, the so called
Kennedy Round. The result was an across the board cutting and reductionof non tariff barriers

-Uruguay Round one of the famous multilateral trade negotiations. Reduce tariffs and a series of
punitive measures were imposed by countries. It extended multinational rules to new issues and
sectors such as agriculture. Created a new and more efficient dispute settlement mechanism

-Outcomes of trade negotiations were the agreements on trade related investment measures
(TRIMs), trade in services (GATs), and trade related aspects of intellectual property rights (TRIPs)

-Uruguay gave birth to real international trade institution which is the World Trade Organization
(WHO)

Developing countries and International Trade

-most of developing countries did not manage to integrate into the post- worlds war in trading
system successfully. but they follow an inward looked import-substitution industrialization
strategy which did not favor trade operations.

-Union Nations Conference on Trade and Development (UNCTAD ) was established to joint effort
of developing the world.

-aims to promote trade and cooperation between the developing and developed nations.
LAZARO, Grace Anne D. 9:30-10:30 MWF

BSBA FINMAN 2 Contemporary Arts

GLOBALIZATION OF ECONOMIC RELATIONS

What is Economic Globalization?

It refers to the increasing integration of economies around the world, particularly through the
movement of goods, services, and capital across borders.

it also refers to the movement of people (labor) and knowledge (technology)across international
borders

- the phenomenon can thus have several inter-connected dimensions, such as (a) the
globalization of trade of goods and services, (b) the globalization of financial and capital markets,
(c) the globalization of technology and communications, and (d) globalization of production)

Economic Globalization vs. internationalization

The latter is about the extension of economic activities of nation states across borders, the
former is ‘functional integration between internationally dispersed activities.

Transnational Corporations (TNCs)

- major player of present day global economy

-economic integration is becoming more intensive, production disintegration is the result to the
outsourcing activity of multinationals

Is Economic Globalization a New Phenomenon?

-Globalization processed have been ongoing ever since home sapiens began immigrating from
the African country ultimately to populate the rest of the world.

-According to Frank and Gills ‘ the existence of the same world system which we live
stretches back at least 5,000 years’ the best known example of globalization is the Silk Road,
which connected Asia, Africa and Europe.

- Adam Smith considered the discovery of America by Columbus and discovery of direct sea
route to India by Vasco de Gama in 1948 as the two greatest achievements in human history.
These remarkable achievements leads to the breathtaking technological advances and
organization methods in the Industrial revolution

- the real breakthrough came only in 19th century the average compound growth rate of world
trade saw a dramatic increase of 4.2 percent. In 1913 trade is equal to 16-17 percent of world
income because of the transportation revolution.

International Monetary Systems

-refers to the rules, customs, instruments, facilities and organizations for affecting international
payments.

-facilitate cross-border transactions, especially trade and investment.

The Gold Standard

-European nations as well as United States propagated a deliberate shift to gold at International;
Monetary Conference in Paris. Gold was believe to guarantee a non-inflationary, stable economic
environment, a means for accelerating international trade

-Participating countries determined gold content of national currencies, which in turn defined
fixed exchange rates as well without limits on international markets.

The Bretton Woods System and its Dissolution

-Delegates of 44 countries managed to agree on adopting an adjustable peg system, the gold
exchange standard. Maynard Keynes propose and recommended the creation of an clearing
union, a kind of global bank.

-Delegates agreed on the establishment of two international institutions; The International Banks
for Reconstructing and Development (IBRD) AND International Monetary Fund (IMF)

Multilateralism; From the GATT to the WTO

-After World War 1, United States was the largest aid donor in the form of Marshall Plan and their
global role of US manufacturing increase substantially

-in a place of a unique trade negotiations, nations committed to a world of lowered tariffs
decides to coordinate their actions under the auspices of the General Agreement on Tariffs and
Trade.

-GATT exerted influence via a series of multilateral trade negotiations or rounds, which in first
five rounds concentrated on tariff cuts exclusively.

- US enforced to adopt the Trade Expansion Act of 1962 and to call a new round, the so called
Kennedy Round. The result was an across the board cutting and reductionof non tariff barriers

-Uruguay Round one of the famous multilateral trade negotiations. Reduce tariffs and a series of
punitive measures were imposed by countries. It extended multinational rules to new issues and
sectors such as agriculture. Created a new and more efficient dispute settlement mechanism

-Outcomes of trade negotiations were the agreements on trade related investment measures
(TRIMs), trade in services (GATs), and trade related aspects of intellectual property rights (TRIPs)

-Uruguay gave birth to real international trade institution which is the World Trade Organization
(WHO)

Developing countries and International Trade

-most of developing countries did not manage to integrate into the post- worlds war in trading
system successfully. but they follow an inward looked import-substitution industrialization
strategy which did not favor trade operations.

-Union Nations Conference on Trade and Development (UNCTAD ) was established to joint effort
of developing the world.

-aims to promote trade and cooperation between the developing and developed nations.
DUMAQUITA, Angelica 9:30-10:30 MWF

BSBA FINMAN 2 Contemporary Arts

GLOBALIZATION OF ECONOMIC RELATIONS

What is Economic Globalization?

It refers to the increasing integration of economies around the world, particularly through the
movement of goods, services, and capital across borders.

it also refers to the movement of people (labor) and knowledge (technology)across international
borders

- the phenomenon can thus have several inter-connected dimensions, such as (a) the
globalization of trade of goods and services, (b) the globalization of financial and capital markets,
(c) the globalization of technology and communications, and (d) globalization of production)

Economic Globalization vs. internationalization

The latter is about the extension of economic activities of nation states across borders, the
former is ‘functional integration between internationally dispersed activities.

Transnational Corporations (TNCs)

- major player of present day global economy

-economic integration is becoming more intensive, production disintegration is the result to the
outsourcing activity of multinationals

Is Economic Globalization a New Phenomenon?

-Globalization processed have been ongoing ever since home sapiens began immigrating from
the African country ultimately to populate the rest of the world.

-According to Frank and Gills ‘ the existence of the same world system which we live
stretches back at least 5,000 years’ the best known example of globalization is the Silk Road,
which connected Asia, Africa and Europe.

- Adam Smith considered the discovery of America by Columbus and discovery of direct sea
route to India by Vasco de Gama in 1948 as the two greatest achievements in human history.
These remarkable achievements leads to the breathtaking technological advances and
organization methods in the Industrial revolution

- the real breakthrough came only in 19th century the average compound growth rate of world
trade saw a dramatic increase of 4.2 percent. In 1913 trade is equal to 16-17 percent of world
income because of the transportation revolution.

International Monetary Systems

-refers to the rules, customs, instruments, facilities and organizations for affecting international
payments.

-facilitate cross-border transactions, especially trade and investment.

The Gold Standard

-European nations as well as United States propagated a deliberate shift to gold at International;
Monetary Conference in Paris. Gold was believe to guarantee a non-inflationary, stable economic
environment, a means for accelerating international trade

-Participating countries determined gold content of national currencies, which in turn defined
fixed exchange rates as well without limits on international markets.

The Bretton Woods System and its Dissolution

-Delegates of 44 countries managed to agree on adopting an adjustable peg system, the gold
exchange standard. Maynard Keynes propose and recommended the creation of an clearing
union, a kind of global bank.

-Delegates agreed on the establishment of two international institutions; The International Banks
for Reconstructing and Development (IBRD) AND International Monetary Fund (IMF)

Multilateralism; From the GATT to the WTO

-After World War 1, United States was the largest aid donor in the form of Marshall Plan and their
global role of US manufacturing increase substantially

-in a place of a unique trade negotiations, nations committed to a world of lowered tariffs
decides to coordinate their actions under the auspices of the General Agreement on Tariffs and
Trade.

-GATT exerted influence via a series of multilateral trade negotiations or rounds, which in first
five rounds concentrated on tariff cuts exclusively.

- US enforced to adopt the Trade Expansion Act of 1962 and to call a new round, the so called
Kennedy Round. The result was an across the board cutting and reductionof non tariff barriers

-Uruguay Round one of the famous multilateral trade negotiations. Reduce tariffs and a series of
punitive measures were imposed by countries. It extended multinational rules to new issues and
sectors such as agriculture. Created a new and more efficient dispute settlement mechanism

-Outcomes of trade negotiations were the agreements on trade related investment measures
(TRIMs), trade in services (GATs), and trade related aspects of intellectual property rights (TRIPs)

-Uruguay gave birth to real international trade institution which is the World Trade Organization
(WHO)

Developing countries and International Trade

-most of developing countries did not manage to integrate into the post- worlds war in trading
system successfully. but they follow an inward looked import-substitution industrialization
strategy which did not favor trade operations.

-Union Nations Conference on Trade and Development (UNCTAD ) was established to joint effort
of developing the world.

-aims to promote trade and cooperation between the developing and developed nations.