Why do you need to study the world? At first glance, the world, as a concept, is abstract.

After all,
your daily experience is considered interaction with your country. When you read the news, you read about
Philippines. When you engage in an official transaction like paying taxes, you deal with the Philippine
government. Almost all of your classmates and teachers are Filipino.

However, you only need to step back a little bit to see that the world “out there” is already here. For
example, you likely have relatives who are overseas Filipino workers (OFWs). Every time these relative
visit or send something home, they are bringing part of the world with. Even if you have not traveled outside
the Philippines, you have likely heard stories about foreign countries might have told about the wonders of
USA. Others may have shown you pictures of San Diego, California, The BALBOA Park. Others may have
described the lights and towering building of Chicago.

Needless to say, the media and other internet are also your windows to the contemporary world. You
watch American movies and ca probably sing at least one K-pop song. If a major political event occurs. You
don’t even need to go to CNN.com to find out more details; friends are already posting articles on Facebook.

Finally, your consumption habit is global. You have dined in Mc Donald’s, eaten Australian beef.

You are already citizen of the world whether you are aware of it or not. Just by living your life, you
automatically think about the contemporary world. This course will be your guide.

DEFINITION OF GLOBALIZATION

Most accounts view globalization as primarily and economic process. It usually refers to the
integration of the national markets to a wider global market signified by increased of free trade. Academics
call this an interdisciplinary approach, and it is this approach used by the general education (GE).

The best scholarly description of globalization is provided by MANFRED STEGER who described
the process as “the expansion and intensification of social relations and consciousness across the world time.

Expensing refers to both the creation of social networks and the multiplication of existing
connections that cut across traditional political, economic, cultural, geographical boundaries.

Example of global connection: between people, while international groups of non-governmental

organization (NGO’s) are networks that connects a more specific group. (See the story of Glo)

GLOBALIZATION must be differentiated with an ideology he calls GLOBALISM. If globalization

allow for the expansion and intensification of global connections. GLOBALISM, is a widespread belief of a
powerful people that the global integration of economic market is beneficial for everyone.
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 According to Arjun Appadurai, globalization occur on multiple and intersecting dimension of
integration, he call it “SCAPE”, the global movement of the people, an ethnoscape, and flow of culture
“mediascape”. Circulation of mechanical goods and software “Technoscape”. Global circulation of money
“Financescape”. While political ideas move around “indeoscape”. Although they intersect these various
scape, they are distinct windows into the broader phenomenon of globalization.

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DEFINITION OF ECONOMIC GLOBALIZATION

The widespread of economic movement of groups, capital, services, technology and information that
increase the interdependence of world economics.

Economic Globalization refers to the intensification and expansion of mutual economic intersections
on the world scale. Three dimensions of economic globalization – trade, financial, globalization of
production.

The global integration of economies through trade and investment flows as well as the
internationalization of the production of goods and services.

Thus, when we speak of the global economy we think of trade, the buying and selling goods and
services such as cars coffee, cotton, electronics, etc. More so, the movement of capital, meaning the value of
nation’s currencies bought and sold in international currency exchange.

FACTORS THAT FACILITATE ECONOMIC GOBALIZATION

The International Monetary Fund (IMF) regards economic globalization as a historical process
representing the result of human innovation and technological progress. According to IMF, the value of
trades, goods, and services as a percentage of world GDF increased from 42.1 percent in 1980 to 62.1
percent in 2007.

According to the United Nations Conference on Trade and Development (UNCTAD), the amount of
foreign direct investment flowing across the world was US $ 57 Billion in 1982. By 2015, that number was
$ 1.76 Trillion. These figures represent a dramatic increase in global trade in the span of just a few decades.

INTERNATIONAL TRADING SYSTEM

Historical overview, International trading systems are not new. The oldest known international trade
route was the SILK ROAD – a new network of pathways in the ancient world that spanned from China to
what is now the Middle East and to Europe. It was called as such because one of the most profitable
products traded through this network was silk, which was highly priced specially in the Core are that is now
the Middle East as well as in the West (Europe). Traders used the SILK ROAD regularly from 130 BCE
when the Chinese HAN dynasty opened trade to the West until 1453 BCE when the Ottoman Empire closed
it.

However, while the SILK ROAD was international, it was not truly “global. It had no ocean route
that could reach the American continent.

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 According to historian DENNIS O. FLYNN and ARTURO GIRALDEZ, the age of globalization
began when, “all important populated continents began to exchange product continuously both with each
other directly and indirectly via other continents and in values sufficient to generate crucial impacts on all
trading partners. FLYNN and GIRALDEZ trace this back to 1571 with the establishment of the GALLEON
TRADE that connected Manila in the Philippines and Acapulco in Mexico. This was the first time that the
America were directly connected to Asian trading routes.

The galleon trade was part of the age of mercantilism. From the 16 th century to the 18th century,
countries, primarily in Europe competed with one another to sell more goods as means to boost their
country’s income. Thus, mercantilism was also a system of global trade with multiple restrictions.

A more open trade system emerged in 1947 when the United Kingdom, US and other European
nations adopted the gold standard at an international conference in Paris. Broadly, its goal was to create a
common system that would allow for more efficient trade and prevent isolationism of the mercantilist era.
The countries in that manner establish a common basis for currency prices and fixed exchange rate system –
all based on the value of gold.

THE BRETTON WOODS SYSTEM

After the world wars, world leader sought to create a global economic system that would ensure
global peace. They believed that one of the ways to achieve this goal was to set up a network of a global
financial institution that would promote economic interdependence and prosperity. The BRETTON
WOODS SYSTEM was inaugurated in 1944 during the United Nations. Monetary and Financial conference
to prevent the catastrophes of the early decades of the century from recurring and affecting international ties.

The BRETTON WOODS SYSTEM was largely influenced by the ideas of British economic JOHN
MAYNARD KEYNES who believed that economic crisis occurs not when a country does not have enough
money, but when money is not being spent and thereby not moving. When economies slow down according
to KEYNES, governments have to reinvigorate market with infusions of capital. This active role of
government in managing spending served as the anchor for what would be called a system of global
KEYNESIANISM.

Delegates at BRETTON WOODS agreed to create two financial institutions. The first was the
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (IBRD, or WORLD
BANK), to be responsible for funding post war reconstruction PROJECTS. The second institution was the
INTERNATIONAL MONETARY FUND (IMF), which was to be the global lender of last resort to prevent
individual countries to spiraling into credit crisis. To this day, both institutions remain key player in
economic globalization.

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 Shortly after BRETTON WOODS, various countries also committed themselves to further economic
global integration through the GENERAL AGREEMENT IN TARIFFS AND TRADE (GATT) in 1947.
The main purpose was to reduce tariffs and other hindrances to free trade.

NEOLIBERALISM AND ITS DICONTENTS

The high point KEYNEYSIANISM came in the mids 1940’s to the early 1970. During this period,
government poured money into their economies, allowing people to purchase more goods, and in the
process, increase demands for this product. As demand increased, so did the prices of these goods. Thus,
western countries and Japan accepted this rise in prices because it was accompanied by general economic
growth and reduced unemployment.

In the early 1970s, however the prices of oil rose sharply as a result of the ORGANIZATION OF
ARAB PETROLEUM EXPORTING COUNTRIES (OAPEC). The member countries of OAPEC imposed
embargo in response to the decision of the United States and other countries to resupply the Israeli military
with the needed arms during the YOM KIPPUR WAR. The oil embargo affected the western economies that
were reliant on oil. The stock markets crashed in 1973 – 1974 after the United States stop linking the dollar
to gold, effectively ending the BRETTON WOODS SYSTEM.

Around this time a new form of economies thinking beginning to challenge the KEYNEYSIAN
Theory. Economist such as FRIEDRICH HAYES and MILTON FRIEDMAN argued that the government
practice of pouring money into their economies had caused inflation by increasing demand for goods
without increasing supply. Economist like FRIEDMAN challenge the consensus of KEYNES idea what
emerge now is a new form of economic idea called NEOLIBERALISM. From the 1980s onward,
neoliberalism becomes the codified strategy of the United States Treasury Department. The WB, IMF, and
WTO, a new organization founded in 1944 for the tariff reduction under the GATT. The policies that
forwarded came to be called WASHINGTON CONSENSUS.

The WASHINGTON CONSENSUS dominated global economic policies from the 1980s until the
early 2000s. The theory pushed for minimal government spending to reduce government debt. They also
called for the privatization of government controlled services like water, power, communication, and
transportation believing that the free market can produce the best result.

Washington consensus acknowledges along the way, certain industries would die.

Example: The Post-Communist RUSSIA. After Communism had collapsed in RUSSIA in 1990s, the
IMF called for immediate privatization of all government industries. The IMF assumed that such
moved would free those industries from corrupt bureaucrats and pass them on the more dynamic
and independent private investors. This practiced has entrenched an oligarchy that still dominates
the Russian economy. Russians case was just example of how the “Shock Therapy” of

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 neoliberalism did not lead to the ideal outcome predicted by economist who believed in perfectly
free market.

During the global financial crisis of 2007 – 2008 when the world experienced global economic crisis.
The crisis can be trace back to the 1980s when the United States removed various banking and investment
restriction. Taking advantage of “Cheap Housing Loan”, Americans began building their houses even
beyond their financial capacities. However, to mitigate the risk of these loans, banks that were lending house
owners adopted a policy called “MORTGAGE BACK SECURITY(MBS)” so that failure to pay the loan
would not ruin the entirety of the investment. Therefore, even if the homeowners defaulted on their loans,
the bank could simply reacquire the house and sell them at a higher price (“Shock Therapy”).

Hence, interconnections allowed for a global effect across the world. The United States through
President Barack Obama recovered quickly adopting the KEYNESIAN STYLE in his first month in office.

COMPARISON:

KEYNESIAN
(Bretton Woods System)
 Inaugurated 1944
 John Maynard Keynes, British Economist
 Instituted World Bank, International
Monetary Fund
 Increased in government spending
 1973 – 1974, ending Bretton Woods System
NEOLIBERALISM
(Washington Consensus)
 1980 adopted the Washington Consensus
Policy
 Friedrich Hayek and Milton Friedman
 The theory pushed for minimal spending
 Privatization of government controlled
services like: water, energy, transportation
and communication

ILLUSTRATION:

CHALLENGE OF NEOLIBERALISM

Bank require the House through

BANK “Mortgage Back Security”

Removed Banking and

Investment Restrictions

People beyond Financial Capacities House was used as collateral for

acquire Housing but defaulted to pay the the loan obtain
mortgage

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 Note:
The “MBS” serves as the “Shock Therapy” of the institution to avoid
bankruptcy.

POLITICAL ECONOMY DURING MARCOS REGIME (1965 – 1986)

 Marcos administration focus program of the government on Peace, Land Reform, Education,
Defense, Government, Social Services Reform.
 The Philippines was heavy dependence on foreign loans.
 Philippine economy was characterized by industrial production including: Textile, Metal Work,
Machinery, Petroleum Product and Agricultural Production.
 Marcos employs the services of a new breed of economic managers to work under his administration.

Government Spending Plan:

 Marcos initiated modernization and relied on foreign loans funded infrastructure projects amounting
to $ 150 million dollars.
 Invest on the area of production called “MIRACLE RICE” that bring boom in rice production.
Philippines able to export $ 5.9 million dollars’ worth of rice on 1968.
 On 1970 the United States of America (USA) faces great depression, stock market went down,
unemployment increase.
 Philippines government was affected of the crisis brought about by the war in VIETNAM but
Marcos continues to obtain foreign loans from IMF that it causes balance of payment.
 Philippine external debt was 4.1 billion in 1975 doubled to 8.2 billion in two years by 1982,
Philippine was 24.4 billion pesos.

GLOBAL ECONOMIC INTEGRATION

The world has become too integrated nationalist and leftist groups even they close the door the world
trade it is undeniable that some form of international trade remains essential for countries to develop in the
contemporary world. In the past, those that benefited the most from free trade were the advanced nations
that were producing and selling industrial and agricultural goods like United States, Japan, and European
Union were responsible for 65 percent of global export while developing countries only 29%.

By 2011, developing countries like the Philippines, India, Argentina, and Brazil accounted for 51%
of global export. As a result of these increased exports, economic globalization spike in global growth rates
and yet economic globalization remains unfair.

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 First, developed countries are often PROTECTIONISTS, as they reputedly refused to lift policies
that safeguard their primary products. The best example is Japan. Japan refused to allow rice imports into
the country to protect its farming sector. The United States likewise protects its sugar industry. Trade
imbalances therefore, characterized economic between developed and developing countries.

International economic integration is a central tenet of globalization. As a reminder economics is just

one window of globalization; it is not the entire thing. Nevertheless, much of globalization is anchored in
changes in the economy. Global culture for example is facilitated by trade. Filipinos would not be aware of
American culture if not for the trade that allows locals to watch American movies, listen to American music,
and consume American products.

INTERNATIONAL FINANCIAL INSTITUTION

In many parts of the world international financial institution (IFIs) plays major role in the social and
economic development programs of nations with developing or transitional economies. This role includes
advising on development projects, funding them and assisting in their implementation. The goals and
objectives of these institutions:

 to reduce global poverty and improve people’s living conditions and standards;
 to support sustainable and economic, social institutional development;
 to promote regional cooperation and integration.

1. African Development Bank (ADB) – is a multilateral development bank whose shareholders consist
of 54 regional member countries in Africa and 26 countries elsewhere in the world. Most of the
bank’s support is in the form of loans grants for specific development project and investment
programs in agriculture, energy, transport, water, sanitation, health, and education.

2. Asia Development Bank – is an international development finance institution whose mission is to

help its developing member countries reduce poverty and improve the quality of life of their people.
The institution was established in 1966, financed by 67 members with headquarters in Manila. ADBs
main partner is governments, private sector, non-governmental organization, and foundations. The
main instruments of ADB comprise of loans, technical assistance, grants and advice.

3. Caribbean Development Bank- the institution was established in 1969 is a regional, multilateral
development bank the book membership consist of 28 member countries.

Corporate Priorities:
 Strengthening and modernizing utilities and infrastructure;
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  Competitiveness in business enterprises particularly in tourism;
 Support in agricultural and rural development ;
 Promoting the mainstreaming of gender issue;
 Access the education and training.

4. European Bank for Reconstruction and Development – is the largest single investor in the region that
extends from central Europe to Central Asia. The EBRD provides project financing for banks,
industries, and business. It also works with publicly owned companies to support privatization, the
restructuring of State- owned businesses.
5. Inter- American Development Bank - is the largest development bank in Latin America and the
Caribbean. The bank is the major source of long term financing and expertise for sustainable
economic, social and institutional development.
IDB objectives and goals:
 Poverty reduction and improved social equity

Major Areas of concern:

 Water
 Sanitation
 Sustainable energy and climate change
 Education and innovation
 Infrastructure
 Environment

6. World Bank (WB) – is the largest multilateral development bank and the only MDB that is not
bound to specific region. Its mission is to help people their environment by providing resources,
sharing knowledge, building capacity and forging partnerships in public and private sectors. World
Bank provided US $ 64.2 billion dollars in loans, grants, equity investment and guarantees to its
members and to private businesses, for projects in developing countries worldwide.
The World Bank is made up of five institutions:
 International Bank for Reconstruction and Development (IBRD);
 International Development Association (IDA);
 International Finance Corporation (IFC);
 Multilateral Investment Guarantees Agency;
 International Center for Settlement of Investment Dispute

7. Others
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BRIEF HISTORY OF GLOBAL MARKET INTEGRATION IN THE 20TH CENTURY
(CHAIRMAN BEN S. BERNAKE)

Asia and Europe had been trading at least since the time of Roman Empire. Between 1510and 1780s,
spice export to Europe grew. For the Dutch East Indies (now Indonesia), and the East India company routed
the Asian Countries and monopolized trade. The situation change dramatically in the early 19 th century. The
monopoly wee slowly dismantled and China and later Japan were opened up to western traders. Export from
the Asian countries boomed throughout the 19th and 20th century, and the share European imports increased.
However, the economic performance of the Asian countries was far from impressive. From 1850s to 1913,
GDP per capita fell by 8 percent in China and grew only by 15 percent in India and doubled in Japan, but
this was not sufficient to catch up with two world leaders, the United Kingdom and United States.
Unfortunately, the international economic integration achieved during 19 th century by two world
wars and the Great Depression. After World War 2, the major powers undertook the difficult task of
building both the physical infrastructure and the International trade and monetary systems. The industrial
core including an emergent Japan as well as the United States and Europe succeeded in restoring degree of
economic integration. One manifestation of this reintegration was the rise of the so called intra-industry
trade, researchers noted that in 1960 – 1970 there was increase share of global trade.

Post economic reintegration supported by several factors, both technological and political advances
reduced the cost of transportation and communication, as the air fleet freight was converted from propeller
to jet and intermodal shipping technique. Telephone communication expanded, digital electronics came into
use. In the policy sphere, tariff barrier which had been dramatically increase during great depression were
lowered by the General Agreement on Tariff and Trade. Several conclusions emerge from this historical
review that the clearest conclusion is that technologies that reduce the cost of transportation and
communication have been major factor supporting global integration.

ATTRIBUTES OF GLOBAL CORPORATION

1. Its local subsidiaries are managed generally by the national of the host country (International
Management).
2. A large part of capital assets of the parent country are owned by the citizens of the Rome country
(Huge Capital).
3. Multinational Corporation Such As Coca- Cola has branches in as many as seventy countries
around the world (Worldwide Operations).
4. Their annual sales turnover is more than the gross national product of many small countries
(large size).

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 5. The operations of multinational company involves the mobility of capital, technology,
entrepreneurship and other factors.
6. It provides with employment opportunities to a large number of unemployed individuals in the
respective countries of their operations (Employment).
7. A multinational company may operate in host countries in several ways, branches, subsidiaries,
franchise, and ventures.
8. A multinational company is usually a complete organization comprising manufacturing,
marketing, research and development (Integrated Activities).
9. Centralized control, they control all its branches through head office which is situated in home
country of these companies.

GLOBAL CORPORATION:

1. China Mobile – it has the world largest mobile network and the biggest mobile customers
2. General Electric – United States, worlds digital industrial company
3. Johnsons and Johnsons – United States, is a multinational manufacturer of pharmaceutical goods
4. Facebook – US
5. Amazon – US, online bookshop, teabags, shoes
6. Exxon Mobil US, the world largest oil and gas company
7. Berkshire Hathaway – US, textile company, utilities, railroads and insurance company
8. Microsoft – US, Bill Gates computer
9. Alphabet – US, google
10. Apple - US, IPhone

The Global Interstate System

The modern world-system is now a global economy with a global political system (the modern
interstate system). Global Interstate System (GIS) refer to the relationship between different state unions, it
also includes all the cultural aspects and interaction networks of the human population.

Importance of Global Interstate System

A Hegemon is a core state that has a significantly greater amount of economic power than any other
state, and that takes on the political role of system leader.

The Development of World System

The world systems perspective emerge during the world war revolution of 1968 and the anti-war
movement that produced a generation of scholars who saw the people of global south ( then called the third
World) as more than an underdeveloped backwater. It became widely understood that a global power
structure existed and that the people of the non-core had been active participants to other own liberation.
The history of colonialism and decolonialism were seen to have important shaped the structure and
institution of the whole global system.

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 World system means that the polities and settlements are interacting with one another in important
ways.
CORE NATIONS

 Core nations appear to be powerful wealthy and highly independent of outside control. They are able
to deal with bureaucracies effectively. They have powerful militaries and strong economy.
 Due to resources that are available to them, they are able to be at the forefront of technological
progress and have a significant influence on less developed nations.
SEMI- PERIPHERAL NATIONS
 These regions have a less developed economy, and are not dominant in international trade. However,
they strive to get into a dominant position of the core nation and it was proved historically that it is
possible to gain major influence in the world and become a core country.
PERIPHERICAL NATIONS
 These are the nations that are least economically developed, one of the main reasons of their
peripheral status is the high percentage of uneducated people who can mainly provide cheap
unskilled labor to the core nations.
Distinction between Internationalism from Globalization
 Internationalism – Is a political principle that advocates greater political or economic cooperation
among nations and people. Internationalist believe that humans should unite across national,
political, cultural, racial, or class boundaries to advance their common interest, or that government
should cooperate for long term interest.
 Globalism – Refers to various systems with scope beyond the merely international. While globalism
is associated with world system. It also used to describe other global trends. Paul James, defines
globalism as the dominant political ideology. The definition implies that there were free modern or
traditional forms of globalism long before the force of capitalism sought to colonize every corner of
the globe.
Contemporary Global Governance
Global governance or world governance is a movement toward political cooperation among
transnational actors, aimed at negotiating responses to problems that affect more than one state or region.
Role of Global Governance
The emerging field of global governance has produced a number of breakthroughs, as well as
failures, aimed at managing global problems through the voluntary and ad hoe cooperation of a diverse
range of international actor.
Needs for Global Governance
Global governance is necessary because humanity increasingly faces both problems and
opportunities that are global in scale.
Nowadays, transnational problems such as violence, pandemics routinely reached across the
boarders, affecting us all.
Global governance aims to prepare professionals to face global challenge that require specific legal
and economic competencies, as well as a wide range of technical knowledge and skills to manage culture
mediation
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Political Globalization
It refers to the growth of the worldwide political system, both is size and complexity, it includes:
 National Government
 Intergovernmental Organization
 Civil Society
a. International Non-governmental Organization
b. Social Movement Organization
One of the key aspects of the political globalization is the declining importance of the nation-sate and
the rise of other actors in the political scene. The creation and existence of the United Nations has been
called one of the classic examples of political globalization.

United Nations Organizations and Its Role in Globalization

General Security Secretariat ECOSOC ICJ ICC Trusteeship

Assembly Council Council

Specialized Agency:
 UNESCO – United Nations Education, Scientific, Cultural, Organization
 WHO – World Health Organization
 WTO – World Trade Organization
 ILO – International Labor Organization
 UNEP – United Nations Environmental Program
 UNICEF – United Nations International Children Emergency Fund
 UNCHR – United Nations High Commission of Human Rights
 UNDP – United Nations Development Program
United Nations and its Role in Globalization
 It is an international organization created on 24 th October of 1945 when the United Nations charter
was signed.
 Main objective are:
1. To maintain international peace and security
2. Promoting human rights and global development
 Member States of the United Nations
1. The UN member states are the 193 sovereign states that are members of the United Nations
and General Assembly and have equal representation in GA.

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 2. The UN is the world largest Intergovernmental Organization which is based on New York.
Challenges of Global Governance in the 21st Century
According to Irina Bokova, Director- General of UNESCO. BOKOVA noted that while technology
have created new pathways to prosperity, trade and inter cultural dialogue. Bokova emphasized that we must
learn, at the Road of our cities and communities to live together.
Bokova also observed that the alarming numbers of individual displaced by conflict, which read a
record high in 2015. She highlighted the historic changes brought about by the idea of human rights and
human dignity. She mentioned that United Nations must take a leaking role. UNESCO, as a facilitator of
inter cultural dialogue and prominent of education can also effect change.
Bokova urged new thinking about peace building. The world urgently needs legitimate and effective
peace efforts during and after conflicts. In response, Bokova discussed how the United Nations and
UNESCO could address conflicts related to water and enforce the protection of world heritage.

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ASSESSMENT ACTIVITY/HOMEWORK

Name: ___________________________________ College: _____________________

Year/Section: ______________________________ Date:________________________

Q. What are the biggest problems/issues facing the world today?

1._______________________________________________________________________________
2._______________________________________________________________________________
3._______________________________________________________________________________
4._______________________________________________________________________________
5.______________________________________________________________________________
6._______________________________________________________________________________
7._______________________________________________________________________________
8._______________________________________________________________________________
9._______________________________________________________________________________
10.______________________________________________________________________________

Q. Essay

Topic: COVID19 Pandemic Causes and Effects

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Continuation

16
ASSESSMENT ACTIVITY

Name:_____________________________ College:________________________________
Year/Section:_______________________ Date:___________________________________

Instruction: Select and encircle the correct answer for each item.

1. Globalization represents an increasing integration of all the following except ____________.

a. Economy c. Culture
b. Communication d. Moral
2. The Bretton Woods Institution include
a. The United Nations Org. c. The European Union
b. The World Bank d. African Development Bank
3. The Bretton Woods System was established on
a. 1944 c. 1930
b. 1914 d. 1955
4. All the following are examples of the benefits of globalization EXCEPT
a. A rapid economic transformation made the world more independence
b. There is bow global culture with urbanization and resemblance
c. Globalization is the latest stage of imperialism
d. The world is becoming homogeneous, a cosmopolitan culture is developing in which people
think globally
5. The Bretton Wood System is under the leadership of
a. John Meynard Keynes c. Sahdgurn
b. Lyndon Johnson d. Barack Obama
6. Globalization destroy nationalism
a. True b. False
7. Which of the following is the economic objectives of International Monetary Fund (IMF)?
a. Promote economic cooperation among different countries.
b. It balance economic growth
c. The growth of international trade
d. All of the above
8. The objective of GATT is
a. To remove barrier on trade
b. To extend loan to developing countries
c. To strengthen political relation
d. To impose higher tariff and dues
9. Institution responsible for funding power reconstruction projects
a. World Bank
b. World Trade Organization
c. North Atlantic Treaty Organization
d. General Agreement on Tariff and Trade
10. Countries form regional association for
a. Civil War c. European Conflict
b. Military defense d. Economic Plan
11. A period of temporary economic decline during which trade and industrial activity are reduced
a. World Bank c. Recession
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 b. Pacific Embargo d. Pandemic

12. A widespread occurrence of an infectious disease at a particular time in a particular place

a. Pandemic b. Epidemic

13. An official ban on trade or other commercial activity with a particular country
a. Lockdown c. Embargo
b. Barr d. Tariff
14. Sending goods to another country to sell is called?
a. Import c. Export
b. Barter d. Door to Door
15. Globalization could not exist without
a. Increased Trade c. Global Transportation
b. A Common Religion d. A Common Currency
16. Globalization is the political and economic expansion to an international/global level
a. True b. False
17. Discuss the key dimension of NEOLIBERAL economic dimensions of globalization: privatization,
liberalization and deregulation. What are they? Give an example of each of them.(3pts)

Good luck!

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