Contemporary World

WEEK 7
The Global Economy
The United Nation (UN) tried to address the different problems in the world. Their effort were guided by the eight Millennium
Development Goals, which they created in the 1990s. Among these eight goals, the eradication of extreme poverty and
hunger ranked as the first. The other seven goals include: achieving universal primary education, promoting gender equality
and women empowerment, reducing child mortality, improving maternal health, combating disease like HIV/AIDS and malaria,
ensuring environmental sustainability, and having a global partnership for development (United Nations, 2015). The UN tried
to achieve them by the years 2015.

Since there are different standards of living around the world, we can expect different meaning attached to it. In the
Philippines, a person is officially living in the poverty if he makes less than 100, 534 pesos a year, around 275 pesos a day. This
is called the poverty line or poverty threshold. But we are going to focus on extreme poverty which according to the UN
(2015), is a condition characterized by severe deprivation of basic human needs including food, safe drinking water, sanitation
facilities, health, shelter, education, and information.
Most people who have been lifted out extreme poverty are still poor and being poor comes with serious problems, from
disease to lack of water. Income inequality is rampant and one on seven people is still live without electricity.
So why is extremely poverty falling?

Introduction
Economic Globalization and Global Trade

• There are two different types of economies associated with economic

globalization
1. Protectionism - Protectionism means “a policy of systematic
government intervention in foreign trade with the objective of
encouraging domestic production. This encouragement involves giving
preferential treatment to domestic producers discriminating against
the foreign competitors
2. Trade liberalization -
Free Trade and Economic
Globalization Week 8.
Prepared By: Rivera, Jonna G.
[ COLLEGE INSTRUCTRESS]