Shania Katelyn L.

Khan
BSME 1 – GE 3 (BD)

History of the Global Economy

1. Give at least five institutions that has helped boost the economy during the 13th and 14th
Century.
- Government Support of Opening Markets
- Insurance
- Principle of Private Property
- Craft Guilds
- International Financial Markets

2. What are the two events that splurged a crisis in United States in the 20th Century?
These are the two events that splurged a crisis in U.S. in the 20th Century.
- World War 1 (1914-1918) “The war to end all wars”
- Great or Economic depression.

3. This cycle of exploitation could be broken if the colony

used its raw materials itself to manufacture its own goods.

4. What country/countries had surplus of earnings upon exporting oil?

- The Persian Gulf area: The countries that surround the Persian Gulf are Bahrain, Iran, Iraq,
Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates.

5. What countries partitioned upon the decolonization of Great Britain?

- The countries that partitioned upon the decolonization of Great Britain are India and Pakistan.
6. Enumerate (a, b, c) and briefly explain the reasons as to why the three international
organizations emerged in after the World War II ended.
a. The International Bank for Reconstruction and Development (IBRD sometimes
known as The World Bank), the reason why this organization merged in after WW II
is that their main objective was to rebuild the war-devastated economies of Europe and
Asia, has grown to become the most powerful provider of foreign aid to poor countries
in the world.
b. The International Monetary Fund (IMF), the reason why this organization emerged
in after WW II it’s because their primary purpose was to maintain the Bretton Woods
System, which established a fixed exchange rate system, after it was abolished in the
early 1970s.
c. The International Trade Organization (ITO), the General Agreement on Tariffs
(GATT) and Trade was assigned the primary responsibility for liberalizing trade
following World War II, which is why this organization was created.
7. Why was Japan mentioned in the reading material?
- Japan turned out to be an example. In general, Japan had a homogeneous society. The principal
features of this island country were feudal institutions and a powerful caste system. In the second
half of the 19th century, the Japanese launched a hectic and fanatical push to industrialize after
realizing their huge disadvantage. Western technologies were borrowed by the Japanese were able
to establish steel mills, a sophisticated fleet, and fight the Russian ships engaged in combat in the
Sea of Japan.
Japan has the third-largest economy in the world, with tremendous development occurring in the
second half of the 20th century following the Second World War's devastation. It plays a
significant influence in world affairs. It is a significant giver of aid and a global source of credit.