ABUYOG COMMUNITY COLLEGE

ABUYOG, LEYTE

MY WORKSHEET
IN
THE CONTEMPORARY
WORLD
MIDTERM

Submitted by: GRACE A. SALAR

Submitted to: MS. MABEL C. PASCULADO

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Assessment
Activity #01: Give what is asked.
1. What is the acronym of the word “UNESCO”
- United Nations Educational, Scientific and Cultural Organization

2. True or False: The modern global corporations are commonly referred to as multinational
corporations and transnational corporations.
- True

3. In a Venn diagram, compare and contrast Globalism to Internationalism. (5-points)

4. It is a process by which economies are becoming more independent and interconnected in terms
of commodity flows including externalities and spill over of impacts.
- Globalization

5. Identify the roles and functions of the United Nations. (10-points)

- The United Nations (UN) is an international organization founded in 1945. The UN's mission is
to maintain international peace and security, develop friendly relations among nations, provide relief to
people suffering from poverty or natural disasters, and promote social progress. There are currently 193
member states of the United Nations (UN). All of these member states are sovereign countries. The UN
and its specialized agencies and five branches have made a great contribution to the economic and social
development of member states. In particular, they have carried out large-scale economic surveys and
provided expertise to member states in such fields as agriculture, finance, health and population matters.
Across many countries in the world there is a need for international assistance to support national efforts
for sustainable development. The United Nations system has evolved considerably over the past 50 years
and now carries out a much broader range of activities than before.

6. Explain the role of international financial institutions in the creation of a global economy. (5-
points)

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 - The role of international financial institutions in the creation of global economy is mostly the
institutions created after the world wars to ensure that every country will recover and will keep a
stabilize economic system. Three types of international financial institutions can be identified:
supranational, regional and multilateral. While supranationals such as the International Monetary Fund
(IMF) and World Bank work with a set set of policies, regional banks are usually funded by national
governments so their policy making is closer to home. Multilateral banks bear more characteristics of
both supranationals and regional banks. The most important types of international financial institutions
in the creation of global economy are the IMF, World Bank and Asian Development Bank (ADB). The
International Monetary Fund (IMF) has its origins in 1944 when 44 governments met at the Bretton-
Woods conference to decide on new rules for the international monetary system. The IMF's main purpose
is to promote international monetary co-operation, exchange stability and balanced economic growth. It
is also in an intergovernmental organisation, meaning its decisions are made by majority vote. The World
Bank was founded in the aftermath of World War II when 25 countries met at the Bretton-Woods
conference to form a new international financial institution.

7. Explain the effects of globalization on governments. (5-points)

- Globalization in the government may has its positive and negative impact. Some of the
helpful initiative in economics and international relations are the widespread trading and increasing
opportunities. Moreover, this has become a way to overcome issues and challenges easily. Globalization
has a positive effect on economics because it increases the supply of goods and services worldwide, so
people can buy what they need from all over the world. However, globalization has also negative themes
which has led to economic crisis in some countries and decreased income in others such as in the
agricultural aspect of a country. We can see that in anything, there are still positive and negative
consequences that we must face. Which is why we need to have limitations to balance these pros and
cons of globalization. Since it has been a global trend to open up the opportunity for foreign countries to
invest in other countries and many international trade has been increasing exponentially, this should be a
development yet a sign to not push further towards the limit.

8. Discuss the 4 key issues of IFIs? ?(10-points)

(1) Legitimacy is the question of whether the international financial institutions are genuinely
accepted as having legitimacy. This is important because if they are not, then there is no way that the
issue will be resolved. If they are not legitimate, then their actions cannot be supported or taken seriously
by other countries or most of its citizens.

(2) Effectiveness deals with questions such as how powerful an institution is in terms of projecting its
policies to achieve desired outcomes. In addition, it also deals with the effectiveness of the agency in
doing so. If a country can be effective then they have a better chance of being respected by other
countries and its constituents.

(3) International financial institutions that do not have support from their constituent countries will be
weaker in terms of becoming legitimate. They have to have the support from their home country in order
to function better and produce valid results that will carry weight with other nations. For example, if a
society does not have people that actively support the policies of an international organization, then this
agency will have a hard time becoming accepted globally.

(4) The financial capacity deal with resources and staff. If an agency does not have sufficient funding from
its home country, then it cannot effectively accomplish what it is intended to do. The same goes for the
lack of staff members to take on the work load of the agency. If either of these areas are lacking in the
agency, then it will not succeed in establishing legitimacy.
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Activity #2: I AM UNIQUE
Direction: Create a short comic strip of what you have learned from the Global Interstate System, Market
Integration and Contemporary Global Governance.
Criteria: Content – 20% Uniqueness- 10% Creativity- 10%
( You post your work our Facebook group)

REFERENCE: REX BOOK STORE

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