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The document discusses economic globalization and its driving forces. It provides examples of how the Philippines has become significantly globalized through access to technology, popular culture, and imported goods. It then outlines the key attributes of economic globalization, including international trade, foreign direct investment, capital market flows, migration and movement of labor, and diffusion of technology. The document also discusses the historical development of economic globalization and the role of nation-states in regulating economic globalization within their borders.

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Hannah Pauleen G. Labasa
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29 views

Notes

The document discusses economic globalization and its driving forces. It provides examples of how the Philippines has become significantly globalized through access to technology, popular culture, and imported goods. It then outlines the key attributes of economic globalization, including international trade, foreign direct investment, capital market flows, migration and movement of labor, and diffusion of technology. The document also discusses the historical development of economic globalization and the role of nation-states in regulating economic globalization within their borders.

Uploaded by

Hannah Pauleen G. Labasa
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Utilize the materials that I have uploaded.

(you may use other references if you like to do the activity


for today. Here are the Study Guide Questions :

1. Define economic globalization. Why is it considered as one of the major driving forces of
globalization.

Economic globalization is one of the three types of globalization. It refers to the global
interdependence of each country due to free-trade and cross-border exchange, international capital
and spread of technology world wide. It is considered as one of the major driving forces of
globalization because it improves partnership among countries. It also encourages innovation and
development through global trade of commodities. Economic globalization helps improve the
quality of life, healthcare, education and employment opportunities as it opens a trade agreements
and widens the market

2. Can you consider the Philippines as significantly globalized? Give some examples based on your
observation and explain.

I can consider the Philippines as significantly globalized. It is evident through the access to
technology on par with other countries. We were also known as the biggest consumers of Korean
products, evident with most teens being a fan of at least one kpop-group while adults can name at
least one Korean drama. We also have access to goods sold internationally, as groceries have special
aisles for “imported goods”.

3. Identify and explain the attributes of economic globalization.

The attributes of economic globalization includes:


 International Trade – is the purchase, distribution and consumption of goods and services
from country to country.
 Foreign Direct Investment – it is the investment of a country to a corporation or a business in
another country with the aim to establish an interest or to acquire shares and earn equity
from it.
 Capital Market Flows – it refers to the movement of money, inflow and outflow, for the
purpose of investment, trade or to satisfy the needs of a day to day business operation.
 Migration/ Movement of Labor – it is the initiative that aims to provide workers better
working conditions, appropriate wages and adequate working hours. It is the movement that
provides laborers with the equal and fair treatment.
 Diffusion of technology – it is the spread of technology that is adapted by a country. It also
refers to progressive enhancement of technology that better the lives of people.

4. When did economic globalization start? Outline and explain the historical development of
economic globalization.

Many have claimed that globalization began with Columbus’ exploration in 1492. It is then followed
by the silk road from China, Central Asia, and Mediterranean that serves as a trade route between 50
BCE to 250 CE. As the European exploration became rampant, the Age of Exploration accelerated the
trade between nations. It is then that the globalization spread rapidly, enabling the goods be
transported from country to country. It had made religion influence people, and through
globalization we have become smarter due to an access to shared knowledge.

5. Explain the role of nation-state in economic globalization.

The role of nation-state in economic globalization lies with its authority. It has the power to establish
policies, rules and regulations, and laws that govern the spread of globalization. Nation-states also
decide on how they will enable economic globalization, whether to only allow specified goods and
services, or to ban it. A good example is how North Korea and the world have different goods and
services, and how the former experience scarcity and delayed economic growth compared to the
latter.

6. What is Outsourcing? What is its role in economic globalization?

Outsourcing the is the act of hiring a third party to be responsible in handling an activity inside or
outside a company. Outsourcing allows countries to increase their growth by having access to a
market of varied candidates that are more suitable and more cheaper to do a task. It allows
investments internationally and encourages competitive market.

7. Identify and explain the positive and negative effects of economic globalization.

The positive effects of economic globalization is that it gives us consumers a variety of choices to
goods and services. It also allows us to find better paying jobs domestically and internationally. We
also get technology that better our lives. The downside of this is that it increases crime such as
smuggling of illegal items, trafficking and more. It also sparks issues such as racism due to migration
of workers, economic inequality, unfair trade practices, and colonial mentality.

8. Why do you think countries have created international political organizations like League of
Nations and The United Nations?

Countries have created international political organizations to establish a government that will serve
as an authority among the union of countries. It serves to allow countries to create a teamwork that
have the similar objective of eradicating world issues. Countries create and follow their agreed laws
that will protect peace. It also enables them to work as one in creating better lives for everyone.

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