Don Mariano Marcos Memorial State University

SOUTH LA UNION CAMPUS

COLLEGE OF COMMUNITY HEALTH AND ALLIED MEDICAL SCIENCES
Agoo, La Union

Pang-es. Emeli P.
Bachelor of Science in Nursing III-A

A. Building Vocabulary.
Define the following terms according to your own understanding.

1. Globalization
- Here's how I interpret the term "globalization." It refers to the fast-paced global
exchanges and movements (goods, and services, capital, technologies, and
cultural practices). Globalization has the effect of promoting and increasing
interactions between different regions and populations around the world. Let’s
provide an example to understand it easier, let us take a look at the well-known
coffee chain Starbucks. The first Starbucks outlet opened its doors in 1971 in the
city of Seattle. Today it has 15,000 stores in 50 countries. These days you can
find a Starbucks anywhere, a product of globalization.

2. Contemporary world
- The term "contemporary" means "now," "modern," or "nowadays." Thus, the
contemporary world simply refers to the current era's circumstances and ideas.
Contemporary art, literature, and music are just a few examples of what can be
found in contemporary world.

Module I- GECC 107: CONTEMPORARY WORLD

DMMMSU-CCHAMS
 B. Identification.
Below are definitions of globalization according to different authors. Identify
the best school of thought on globalization based on the scholar or author’s
definition.

1. Hyper-globalization
2. Skeptical
3. Hyper-globalization
4. Hyper-globalization
5. Hyper-globalization
6. Skeptical
7. Skeptical
8. Hyper-globalization
9. Transformationalist
10. Hyper-globalization
11. Hyper-globalization
12. Hyper-globalization
13. Hyper-globalization
14. Transformationalist
15. Transformationalist

Module I- GECC 107: CONTEMPORARY WORLD

DMMMSU-CCHAMS
 1. Differentiate global economy from world economy.
- Global economy refers to the global system of trade and industry that has emerged
as a result of globalization, i.e., the way in which economies have evolved to work
together as if they were one system. Because of the global economy, countries can
now plan to get their goods from anywhere in the world, rather than just from the
same places they’ve always gotten them. On the other hand, the term “world
economy” is basically all the economic activity occurring within and between
countries around the globe. It has also grown in importance and complexity. When
one country performs well, other countries’ economies benefit. When one country
performs poorly, other countries may suffer as a result. The world’s countries are now
interdependent.

2. What is the importance of international financial institution to countries of the

world?
- International financial institutions (IFIs) play an important role in the social and
economic development of countries with developing or transitional economies in
many parts of the world. IFIs provide long-term, low-interest loans, credits, and
grants to governments and the private sector to fund projects. They provide technical
and policy advice to governments, private enterprises, and civil society through
shareholdings, trade services, and bank shares. IFIs work on the premise that strong
economic institutions lead to social and economic development, especially in fragile
states and areas where poverty is a major issue. New projects promoting renewable
energy and responding to climate change have sprung up as a result of the recent
global focus on environmental sustainability. Gender, public-private partnerships, and
anti-corruption are other common ‘cross-cutting solutions areas’ in IFIs. Furthermore,
they are also assisting individual countries in taking advantage of international capital

Module I- GECC 107: CONTEMPORARY WORLD

DMMMSU-CCHAMS
 market investment opportunities while reducing their vulnerability to adverse shocks
or changes in investor sentiment.
3. What is the significance of global corporation?
- The term “global corporation,” also known as “global company,” is derived from the
word “global,” which means “all over the world.” It’s reasonable to assume that a
global company is one that conducts business globally. A global company is one that
operates in at least one country other than its home country. The primary benefit of
expanding business operations beyond your borders comes down to numbers.
Operating in more countries allows you to reach a larger number of customers,
resulting in increased revenue and profit. If you work in the services industry, you
have the opportunity to hire more people, which can bring in new ideas and open up
even more doors — doors you hadn’t considered before. Working in global markets
can also help you reduce risk and take advantage of new opportunities. If you work in
a different country with its own economy, it can act as a buffer if your own country
experiences a lag, let alone a recession. While there are risks associated with
expanding your business into new markets with different cultures, languages, and
purchasing habits, these risks are similar to those associated with expanding your
business into your first market. Foreign markets cannot be taken for granted in the
same way that your own market could not be taken for granted when you first
started. Expansion necessitates extensive research and the acquisition of new
management skills.

Module I- GECC 107: CONTEMPORARY WORLD

DMMMSU-CCHAMS
 REFERENCES

International Financial Institutions – an overview. (2019, November 7). Cinfo.

https://www.cinfo.ch/en/un-ifi-careers/working-international-financial-

institutions/international-financial-institutions

LaMarco, N. (2018, November 5). What Is a Global Corporation? Small Business - Chron.Com.

https://smallbusiness.chron.com/global-corporation-63267.html

MyInfo Basket.com. (2021, September 5). The Global Economy (And the Economic

Globalization). https://myinfobasket.com/the-global-economy-definition-what-is-

economic-globalization/

Overview of International Financial Institutions (IFIs). (2020, February 24). GAC.

https://www.tradecommissioner.gc.ca/development-developpement/mdb-overview-bmd-

apercu.aspx?lang=eng

Study.com | Take Online Courses. Earn College Credit. Research Schools, Degrees & Careers.

(2017, June 3). Study.Com. https://study.com/academy/lesson/world-economy-definition-

history.html

Weedmark, D. (2020, March 30). Why Is Global Business Important? Bizfluent.

https://bizfluent.com/info-7886307-global-business-important.html

What is globalization anyway? (2020, February 6). World Economic Forum.

https://www.weforum.org/agenda/2017/01/what-is-globalization-explainer/

Module I- GECC 107: CONTEMPORARY WORLD

DMMMSU-CCHAMS
Module I- GECC 107: CONTEMPORARY WORLD
DMMMSU-CCHAMS