NAME: LEO ZYDREC R. VILLAHERMOSA CRS./YR./SEC.

: BSCE 1-B
ACTIVITY 1: Read the referenced article and complete the statements that follow.
Witkowska,J. (2016). Integration process in the global economy: Current state and prospects:
The cases of the European Union, ASEAN economic community, and NAFTA. Comprehensive
Economic Research 19(4), 47-65

1. The three (3) things that I significantly learned from the readings are…..

⚫ First. What I learned from reading is that the process of integration into the world economy
is very different between different regions, such as the European Union, ASEAN Economic
Community and NAFTA. Each region has its unique challenges and opportunities.
⚫ Second. What I'm learning is that the benefits of integrating into the global economy have
the potential to generate significant benefits such as: More trade, investment and
economic growth as well as greater competitiveness on the world market.
⚫ Last. This article examines three integration groupings, namely the European Union, the
ASEAN economic community and NAFTA, institutions through which countries seek to
promote their economic development. Developed by agreeing to grant preferential trade
treatment and other matters to other member states to help countries bridge the gaps
impeding the flow of goods, services, capital, people and ideas.

2. The three (3) things that are still unclear to me….

⚫ First. What happens if the integrating countries do not meet some economic and political
preconditions before entering a phase of integration?
⚫ Second. The Impact of Protectionist Measures: Despite increasing globalization and
integration trends, there are still a number of countries that have introduced protectionist
measures such as tariffs and quotas that can restrict the free movement of goods and
services. It is not clear how this protectionist policy will affect the overall integration
process on the global economy and the specific cases of the EU, ASEAN and NAFTA.
⚫ Last. Is it the effect of technological advances? Technological advances play an increasingly
important role in the process of integration into the world economy, it is not clear how
these developments will affect the specific cases of the EU, ASEAN and NAFTA, and the
integration process in general.
NAME: LEO ZYDREC R. VILLAHERMOSA CRS./YR./SEC.: BSCE 1-B
ACTIVITY 4: Make a research on the following topics which are associated with economic
globalization. In 100-250 words, write and submit an e-copy/hard copy of your output in a short
size bond paper.
The International Trading Systems
◆ International trading systems associated with globalization have had a major impact on the
world economy in recent years. One such system is the World Trade Organization (WTO),
which promotes free trade between member countries and settles disputes between
nations. Another system is the North American Free Trade Agreement (NAFTA), which aims
to increase trade and investment between the United States, Canada and Mexico. In
addition, the European Union (EU) functions as a single market, allowing goods, services,
capital and people to move freely between member states. These international trade
systems have led to increased competition and more efficient production and distribution
of goods and services. However, globalization has also resulted in job losses and stagnant
wages for some workers, particularly in developed countries, as companies seek to take
advantage of lower wages in developing countries. Ultimately, the international trading
systems associated with globalization have both positive and negative effects. negative
impacts, but they continue to play an important role in shaping the global economy. As the
world becomes increasingly connected, it is important that these systems regulated and
administered in a manner that benefits all nations and protects the rights of workers.

The Bretton Woods Systems

◆ The Bretton Woods system was a currency agreement signed by 44 countries in 1944 to
stabilize exchange rates and promote economic growth and stability. This system was
crucial to the development of globalization as it created a stable financial environment for
international trade and investment. The US dollar became the world's reserve currency and
its value was pegged to gold, while the values of other currencies were pegged to the
dollar. Growth in International Trade and Investment. However, the Bretton Woods system
faced challenges in the 1970s, including rising inflation and the US's inability to maintain a
fixed exchange rate for the dollar. As a result, the system was eventually abandoned, but
its legacy lives on in the form of the International Monetary Fund (IMF) and World Bank,
which continue to play important roles in the global economy. The Bretton Woods system
was thus instrumental in the development of globalization and the growth of international
trade and investment. His legacy continues to shape the global financial landscape and
plays a critical role in maintaining economic growth and stability.

Neoliberalism and Its Challenges

◆ Neoliberalism is an economic philosophy that advocates free markets, limited government
intervention, and the privatization of public services. It has become widespread in recent
decades and has become the dominant economic policy in many countries. It has also faced
many challenges related to globalization. One of the biggest challenges is the growing
inequality between rich and poor. This is because free market politics has led to wealth is
concentrated in the hands of a few people, leaving the majority of the population behind.
In addition, the globalization of the economy has led to job losses in certain sectors and the
relocation of companies to countries with lower labor costs. The challenge of neoliberalism
is the environmental degradation that results from the exploitation of natural resources for
economic gain. The focus on economic growth has led to disregard for the environment
and the depletion of non-renewable resources. In addition, globalization of trade has
increased. Demand for goods and services resulting in increased greenhouse gas emissions
and environmental degradation. In short, while neoliberalism has been successful in
fostering economic growth, it has also addressed many of the challenges associated with
globalization. Rising inequality and environmental degradation have led many to question
the effectiveness of this economic philosophy.

Compare and Contrast the assumptions of the original Bretton Woods System with those of
the Washington Consensus.
◆ The Bretton Woods system and the Washington Consensus were two major economic
systems that influenced globalization in different ways. The Bretton Woods system was
founded in 1944 and was intended to stabilize the international monetary system through
fixed exchange rates and open markets. He also stressed the importance of government
intervention in the economy to promote growth and stability. On the other hand, the
Washington Consensus that emerged in the 1980s was a set of economic policies that
emphasized market liberalization, privatization, and deregulation. It promoted the idea
that government should play a limited role in the economy and that the market should
function freely. Comparing the two systems, it is clear that the Washington Consensus
represented a departure from the Bretton Woods system in terms of the role of
government. In business. The Washington Consensus saw government intervention as an
impediment to growth, while the Bretton Consensus The Woods System saw it as a
necessary component of stability. Furthermore, the Washington Consensus emphasized
free trade and open markets, while the Bretton Woods system put more emphasis on fixed
exchange rates and international cooperation in. In summary, both the Bretton Woods
system and the Washington Consensus played important roles in shaping globalization and
the international monetary system. Although they had different assumptions and
approaches, both helped facilitate the integration of economies around the world.

Capitalism
◆ Capitalism is an economic system in which the means of production and distribution of
goods and services are privately owned and exploited for profit. Capitalism has been the
world's dominant economic system for the past few centuries and has been associated
with globalization. Globalization refers to the increasing interconnectedness and
interdependence of economies, societies and cultures around the world. The growth of
globalization has facilitated the spread of capitalism and the market economy in making it
easier for companies to operate and trade globally. It increased economic growth, created
new opportunities for entrepreneurs and led to a higher standard of living in many
countries. However, globalization has also had negative consequences, including widening
the income gap between rich and poor and the exploitation of low-income workers. wage
countries. Therefore, capitalism is closely intertwined with globalization, bringing
opportunities and challenges to the world economy. While it has increased prosperity in
many countries, it has also created social and economic inequalities. It is therefore
important that governments balance the benefits of capitalism with the needs of their
citizens to ensure that the benefits of globalization are shared more equitably.