TASK 2:

A. Identify the Five Core Claims of Market Globalism and describe how this can be
applied in learning.

Core Claims Application

ETHNOSCAPES It's a term that describes people who migrate throughout the world,
as well as their ideas, and the influence they have as a result of
their movement. This approach may be used to help individuals
learn by exchanging ideas. Take, for example, today's educational
system. We now utilize the internet to communicate with one
another but teachers and students bring fresh ideas and knowledge
with them.

TECHNOSCAPES Technoscapes refer to the flow of technology. As the world

progresses we have moved to an era where technology has been a
necessity to us. Since we have been forced to stay home for our
safety, we have been utilizing technology such as cell phones,
laptops, computers, and tablets to continue learning.

MEDIASCAPES Mediascapes refer to the distribution of information (may it be

written, audio, video, or images) through electronic devices,
entities, or capabilities as well as the information they transmit. In
learning we use this a lot an example is you tube.

FINANCESCAPES Financescapes refer to the flow of money across political borders. It

is the numerous types of capital as well as their mobility throughout
the world for diverse objectives. This approach will substantially
assist us in being wise with our money as business administration
students. It will teach us how to manage, save, and spend our
money in the most efficient way possible.

IDEOSCAPES Ideoscapes refers to the global flow of ideas. It is a combination of

audio, text, and visuals, as well as the concepts that come from
them. This concept can be applicable in learning by….

B. Read each item below and answer the question in a separate sheet of paper. Each item
has a unique rating relative to the degree of relevance to the learning objectives.

1. What is the main function of the IMF in international trading and finance? (5 points)
 Encouraged global financial collaboration and international trade, it also provided short-
term monetary assistance to countries in cases of transitory balance of payments
difficulties.

2. What are the possible reasons for the collapse of the Bretton Woods system? (10 points).
 3. What are the usual mechanisms used by the Western Economies in adopting the principle of
protectionism? (5 points)

 In this emerging pros and cons of globalization, there are notable ways which neoliberals
address the problem and one of which is the technique used by western countries in
shifting to protectionism. Usually, trade protectionism is best illustrated in form of taxes,
tariff and even quota. Also, there some of policy tools used by various government in
imposing protectionist policies like their intervention from imported products abroad by
imposing taxes in order to give preferential treatment to the local products, thus, it helps
in boosting domestic products. They also impose subsidies and standardized products
which are governmental intervention.

4. Given the status quo, Is it possible to replace globalization with a new world order? If it is
possible, how would it materialize? Explain (5 points)
The novel coronavirus pandemic has already sparked speculation that the world will
change dramatically as a result. In my opinion, replacing globalization with a new world
order is impossible. The reason for this is that military conflict between major powers,
such as the United States and China, persists, despite the fact that they must be the
ones to unite in order to avoid such a disaster. Their relationship will become more
competitive, and if a new world order is to be implemented for the benefit of all, the
world's leading powers will need to work together and unite to reform its working
practices and institutions in a mutually satisfactory and sustainable manner.

5. What forces drive globalization? Is the interaction of these forces amicable or combative? (5
points).

 The key driving forces of Globalization includes Economic, Political and Technological
factors, establishment of WTO, emergence and growth of regional integration, decline in
trade barriers, decline in investment barriers, technological changes, increase in FDI and
growth of MNCs. Strong wave of liberalization induced by the World Trade Organization
(WTO) as well as unilateral negotiations and decisions undertaken by the country’s
world over. Increase in and expansion of technology Generally, organizations go global
for expanding their markets and increasing their sales and profits. Globalization is
driven by various new developments and gradual changes in the world economy.
Generally, organizations go global to expand their markets and increase their sales and
profits. One of the major forces of globalization is the expansion of communication
systems. In the present era, it has become easy to distribute information to any part of
the world through the Internet. Different goods or services may compete on price,
availability, suitability, efficiency and other salient qualities. In the spirit of competition,
they may be either amicable or combative; neither or both.

6. Identify the different actors that facilitate the international monetary system? Explain how
these actors facilitate the international monetary system. (5 points)
 Bretton Woods system- Setting up a system of rules, institutions, and procedures to
regulate the international monetary system, the planners at Bretton Woods established
the International Bank for Reconstruction and Development (IBRD) (now one of five
institutions in the World Bank Group) and the International Monetary Fund (IMF). These
organizations became operational in 1946 after a sufficient number of countries had
ratified the agreement.
 The Gold Standard- operate as a fixed exchange rate system, which gold as the lone
global reserve
 The Plaza Accord- US dollar as a consequence of the heightening pressure of local US
manufactures and farmers to reinstate their global competitive in the world
 The Louver Accord- protect the US dollar from further devaluation in the world market
 The Washington consensus- Its agenda were promoted and disseminated by the IMF as
part of its conditionality’s in exchange for financial assistance. The IMF and the
Washington Consensus (and its free market ideology) have been blamed for the
unsuccessful progress of the periphery. For Waller stein (2005), the way for the
periphery to develop is not to “import-substitute” but to export orient productive activities.
 The Morgenthau Plan- After World War II, the United States sought to carry out the
Morgenthau Plan. The idea was to downscale Germany’s economy to become a
pastoral and agricultural one. This was a reaction to USSR's (specifically, Russia) thrust
for communism in the East European region coupled with the growth of socialist and
communist parties in the West. However, the plan did not materialize and was
abandoned by the US. In contrast, the United States shifted its plans and promoted an
economically and militarily powerful Germany and Western Europe.
 The Marshall Plan and the European Monetary Integration- Consequently, trade and
capital transactions increased; local economies became more interconnected;
macroeconomic stability was reestablished, and the euro grew to become the second
most globally used currency (European Commission, (2008)
 David Ricardo’s Comparative Advantage Theory- producing both wine and clothing
International Trade and Trade Policies the social partition of labor adds to the economic
development of the highly developed countries
 Unilateral Trade Order-encouraged nation-states to export and limit imports.
 Bilateral Trade Agreements- MFN policy
 Multilateralism: From the GATT to the WTO- trade negotiations called “rounds”
 Developing Countries and International Trade- bargain between the HDCs and LDCs