Group project in CW00

ECONOMIC
GLOBALIZATION
Presented by Group 1
Hello, Good Day!
We are Group 1!
 Meet the Group

Ezcel Marjorie Mary Heinz Nicole Camille

Group Leader Secretary Reporter Reporter
 Meet the Group

Bea Joy Leilani Charise Princess Naomi Katherine

Reporter Reporter Reporter Reporter
Introduction
Economic globalization needs people who are
familiar with the international economic
situation, who understand the legal and cultural
framework of other nations, who have a good
command of foreign languages, and who can
use advanced technology. (WTO Accession
and economic development in china ,2009
 Topics Under
PROTECTIONISM Economic
Globalization
LIBERAZATION

FREE TRADE
 Topics Under
TRADE BLOC Economic
Globalization
OUTSOURCING

OTHER SIGNIFICANT
GLOBAL ACTORS
Protectionism

What does protectionism Example

mean? The Trump Administration’s tariffs on
steel and aluminum in 2018 are a recent
Comes in the form of tariffs and quota. This
example.
involves giving preferential to domestic
producers.
Liberalization

What does Liberalization Example

means?
U.S. Free Trade Agreements
Liberalization, the loosening of government
controls. It refers to reductions in restrictions
on international trade and capital.
Trade bloc

What is trade bloc? Example

• EU – The European Union
is a type of intergovernmental agreement, often part of
• EFTA – European Free Trade Association with member
a regional intergovernmental organisation, where
countries Iceland, Liechtenstein, Norway and Switzerland
regional barriers to international trade, (tariffs and non-
• NAFTA (the North American Free Trade Agreement)
tariff barriers) are reduced or eliminated among the
which covers Canada, the United States of America and
participating states, allowing them to trade with each
Mexico
other as easily as possible.
  Types of Trading Bloc
Free Trade Area
Members agree to reduce or abolish trade
barriers such as tariffs and quotas between
themselves. They maintain their own
individual tariffs and quotas with respect to
non-members.
Customs Union
Countries that belong to customs unions
agree to reduce or abolish trade barriers
between themselves and agree to establish
common tariffs and quotas with respect to
outsiders.
  Types of Trading Bloc
Common Market
This is a customs union in which the
members also agree to reduce restrictions on
the movement of factors of production –
such as people and finance – as well as
reducing barriers on the sale of goods.
Economic Union
A common market which is taken further
by agreeing to establish common economic
policies on such things as taxation and
interest rates and, even, a common
currency.
Outsourcing
What is outsourcing?
Outsourcing is a business practice in which a
company hires a third-party to perform tasks,
handle operations or provide services for the
company.
Example
Payrolls, accounting services, staff training,
technical support, customer support, call
centres, procurements, manufacturing, supply
chains, recruitment, computer programming,
research and development, data entry, human
resources and even creative design.
What are the
benefits of global
economy?
There are numerous
benefits of a global
economy, which include:
Benefits of
Global Economy
Free Trade Movement of labour
Increased migration of the labour force is
Free trade is an excellent method for countries
advantageous for the recipient country as well
to exchange goods and services. It also allows
as for the workers. If a country is going
countries to specialize in the production of
through a phase of high unemployment,
those goods in which they have a comparative
workers can look for jobs in other countries.
advantage.
This also helps in reducing geographical
inequality.
Benefits of
Global Economy
Increased economies
scale
The specialization of goods
production in most countries has led to
advantageous economic factors such
as lower average costs and lower
prices for customers.
Increased investment
Due to the presence of global
economy, it has become easier for
countries to attract short-term and
long-term investment. Investments in
developing countries go a long way in
improving their economies.
References
01 https://www.investopedia.com/terms/f/free-trade.asp

02 https://opentoexport.com/article/what-is-a-trading-bloc/

03 https://outsourced.ph/offshore-outsourcing-philippines/what-is-outsourcing-and-
what-does-this-mean-to-your-business/

04 https://simplicable.com/en/global-economy-characteristics

05 https://www.youtube.com/watch?v=Fs_OOa6Pca8&t=149s
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