Written Report

In
SOCSCEI 122
Second Semester 2023-2024

Submitted by;
Recampo, Karen Angela
Guiadel, Esmail
1st-Year Set C

Submitted to;
Reymart B. Dela Torre, LPT
Subject Instructor

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 Table of Contents

Cover Page …………………...................................................................................... 1

Table of Contents.....................................................................................................2

Introduction.............................................................................................................. 3

Discussion................................................................................................................3

Discussion.................................................................................................................4

Summary...................................................................................................................5

References................................................................................................................5

Reporters’ Profile………………….........................................................................6-7

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 Introduction

I. Objectives: At the end of the discussions, student must be able to:

 Identify the key principles of neoliberal economics including free trade.

Deregulation, and fiscal austerity.
 Analyze the Impact of neoliberal policies on Greece’s economy sovereignty,
and social welfare programs
 Evaluate the role of international organizations such as the IMF and World
Bank in promoting neoliberal reforms In developing countries.

 Compare and contrast benefits of neoliberal economics on global economic

development and income inequality.

II. Motivational Activity: Word Scramble

Instructions:

1. The presenter will present 5 scrambled words related to global economics and
neoliberal policies. Your task is to unscramble each word to reveal the correct
term or phrase.

Discussion

GLOBAL ECONOMICS

Introduction: Defining the Global Economics

Global economics refers to the study of economic activities, interactions, and

relationships among countries and regions around the world. It encompasses the
flow of goods, services, capital, and labor across national borders, as well as the
Interconnectedness of financial markets and economic policies on a global scale.

What Is Neoliberalism?

Neoliberalism is a policy model that encompasses both politics and economics. It

favors private enterprise and seeks to transfer the control of economic factors from
the government to the private sector.

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Neoliberal Economics: Key Principles

 Free Trade
 Deregulation
 Privatization
 Fiscal Austerity

Global economic organization

•WTO facilitates trade negotiations and encourages member countries to adopt

liberal economic policies.

•IMF provides financial assistance to countries facing economic crises and imposes
conditions, including neoliberal reforms like austerity measures and deregulation.

•World Bank offers loans and assistance for development projects but also promotes
neoliberal policies such as privatization and deregulation.

Impact of neoliberal policies on Greece’s economy and sovereignty

Neoliberal policies, enforced by institutions like the IMF and EU, led to deregulation,
privatization, and austerity measures in Greece.

These policies reduced Greece’s sovereignty as economic decisions became subject

to external mandates, limiting the government’s control over fiscal policy.

Effects on Greeks Society

Increase in Inequality and Social Unrest:

Neoliberal policies widened the wealth gap between the rich and poor in Greece.
Austerity measures led to widespread protests and social unrest as citizens faced
deteriorating living standards.

Challenges Faced by Greek Citizens:

Pension struggles intensified as austerity measures reduced benefits and eligibility.

Lower tax revenues resulted from economic downturns and reduced government
spending, further straining social welfare programs.

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 Summary

The presentation talks about how global economics, driven by neoliberal economics,
forces countries to follow free-market capitalism. This can lead to problems like
reduced control over their own economies and increased inequality. Greece’s
situation shows how these policies can cause issues like high debt, struggles with
pensions, and less money coming in through taxes.

References

Kairoju, M. (2024, February 23). All about Neoliberalism.

https://www.linkedin.com/pulse/all-neoliberalism-manikrishna-kairoju-xotbc

Mankiw, N. G., & Taylor, M. P. (2017). Principles of Economics. Cengage Learning.

Manning, L. (2024, April 22). Neoliberalism: what it is, with examples and pros and
cons. Investopedia. https://www.investopedia.com/terms/n/neoliberalism.asp

McWhinney, J. (2021, October 11). IMF vs. WTO vs. World Bank: What’s the
Difference? Investopedia.
https://www.investopedia.com/articles/investing/070715/confused-how-imf-world-
bank-wto-differ.asp

Neoliberalism and economic globalization. (n.d.). Share the World’s Resources

(STWR). https://sharing.org/information-centre/articles/neoliberalism-and-economic-
globalization

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Reporter’s Profile

Name: Karen Angela Recampo

Address: Esperanza Sultan Kudarat

Email Address: recampokarenangela9@gmail.com

Personal Data

Sex: Female

Date of Birth: February 03, 2004

Mother's Name: Lany Recampo

Father's Name: Lino Recampo

Civil Status: Single

Nationality: Filipino

Last School attended: University of Mindanao

Hobbies/interest: Listening to music, watching drama’s and sketching

Goal in life: To become a teacher that do not only teach but also inspire and help her
students to become the best version of themselves.

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Reporter’s Profile

Name Esmail Kalid Guiadel

Address : Shariff Aguak Maguindanao

Email: esmailguiadel@gmail.com

Personal Data

Sex : Male

Date of birth: February 25, 2003

Mother’s name: Samra Kalid Guiadel

Father’s name: Maguid M Guiadel

Civil Status: Single

Nationality: Filipino

Last School attended: Notre Dame of Esperanza Inc

Hobbies/ interest: Reading, travel, watching movies.

Goal in life : to make myself proud and to become successful someday