For every group, summarize and explain the following after reading 02 Readings 1-2:

1. What is economic globalization?

2. Is economic globalization a new phenomenon?
3. What are the differences and similarities between convergence and divergence?
4. What does International Monetary Systems do?
5. What is The Gold Standard?
6. What are the roles of The Bretton Woods System and Its Dissolution?
7. What does  European Monetary Integration do?
8. What are International Trade and Trade Policies?
9. What is Unilateral Trade Order?

1. Economic globalization refers to the increasing interdependence of world economies as a

result of the growing scale of cross-border trade of commodities and services, flow of
international capital and wide and rapid spread of technologies.

2 Globalization is not new. Since the start of civilization, people have traded goods with their
neighbors. As cultures advanced, they were able to travel farther afield to trade their own goods
for desirable products found elsewhere
3 Divergence generally means two things are moving apart while convergence implies
that two forces are moving together. In the world of economics, finance, and trading,
divergence and convergence are terms used to describe the directional relationship of two
trends, prices, or indicators

4 The international monetary system provides the institutional framework for determining

the rules and procedures for international payments, determination of exchange rates,
and movement of capital. The major stages of the evolution of the international monetary
system can be categorized into the following stages.
5 The gold standard is a monetary system where a country's currency or paper money has
a value directly linked to gold. With the gold standard, countries agreed to convert paper
money into a fixed amount of gold. A country that uses the gold standard sets a fixed price for
gold and buys and sells gold at that price.
6 The Bretton Woods System required a currency peg to the U.S. dollar which was in turn
pegged to the price of gold. The Bretton Woods System collapsed in the 1970s but created a
lasting influence on international currency exchange and trade through its development
of the IMF and World Bank
7 European monetary integration refers to a 30-year long process that began at the end of the
1960s as a form of monetary cooperation intended to reduce the excessive influence of the
US dollar on domestic exchange rates, and led, through various attempts, to the creation of a
Monetary Union and a common currency.
8 Trade policy is a government's stance on international trade, or a combination of laws
and practices that affects imports and exports. Trade policies can include regulations, tariffs,
and quotas
9 Unilateral trade agreements are one-sided, non-reciprocal trade preferences granted by
developed countries to developing ones, with the goal of helping them to increase exports
and spur economic development