The document provides an overview of economic globalization, its historical context, defining characteristics, and the role of international financial institutions. It discusses various perspectives on when globalization began, highlighting contributions from notable scholars like John Hobson and Karl Marx. Additionally, it outlines the evolution of commodity markets and international monetary systems, emphasizing their significance in facilitating global trade and economic interdependence.

1. ECONOMIC
GLOBALIZATION

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LEARNING OUTCOMES
A
-To define economic globalization
-To identify the actors that facilitate economic
globalization
-To explain the role of international financial
institutions In the creation of a global economy
- To narrate a short history of global market; and
- To identify the attributes of global corporation

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GLOBAL ECONOMY
Explain this quote!!!!
The proverb of the three blind men examining an elephant as a
metaphor for the global economy. Each man touching a different part of
the elephant, leg, trunk, and tail, has a very different impression of what
is an elephant.
Explanation: Yes, the same is true about the global economy. Countries
and regions are economically different from each other. Its defining
characteristic is the wide disparities in economic achievement and
consequent standards of living..

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ECONOMIC GLOBALIZATION
It is a historical process, the result of human innovation and
technological progress.. Explanation: This refers to the
increasing integration of economies around the world,
particularly through the movement of goods, services, and
capital across borders. The term sometimes also refers to the
movement of people(labor) and knowledge (technology) across
international borders.

5. It is a functional integration between internationally
dispersed activities.Explanation means that it is a
qualitative transformation rather than a
quantitative change. Quali trans. Meaning
mas madami yung transformative changes
towards the development and exchange of
services on the other hand quanti change
something about the money that they can get
on it.

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In economic terms, globalization is nothing but a process
making the world economy an organic system by extending
transnational economic processes and economic relations to
more and more countries and by deepening the economic
interdependence among them. (Szentes, 2003)

7. HISTORY OF
ECONOMIC
GLOBALIZATION

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The beginning of globalization is still debatable among
scholars. Historians and non- historians hold varying views as
to when globalization really started. These varying thoughts
are individually discussed by Peer Vries in his study.

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According to John Hobson, globalization existed as early as the
6th
century as significantly flows of goods, resources,
currencies, capital, institutions, ideas, technologies, and
people, flowed across regions to such as extent that they
impacted upon, and led to the transformation of societies
across much the globe.

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According to Samuel Adshead, it is a continuous world history
began with the creation of the largest contiguous land empire
in history, the Mongolian Empire that existed during the 13th
and 14th
centuries.

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According to Karl Marx, it is a world trade and world market
date from 16th
century, and from then on the modern history of
capital starts to unfold.

12. THE CONCEPT OF
DIVERGENCE AND
CONVERGENCE

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Aside from tracing the origins of economic globalization, the
ideas of Wallerstein, Frank, and O’Rourke and Williamson
introduces the concept of a fully integrated world economy
which consequently established the roots of divergence and
convergence.

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According to Immanuel Wallerstein a European capital;ist
world economy, the modern world system, came into existence
during the late 15th
and early 16 century.

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This world economy was distinctly modern and capitalist.
EXPLANATION!!!! Which menas it thrived on ceaseless
accumulation of capital. It is a world- system not because it
encompasses the whole world but because it is larger than any
juridically- defines political unit and a system because it is
largely seld- contained and the dynamics of its development
are largely internal.

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According to Andre Gunder Frank, believed that a global
economy encompassing the entire globe and functioning as a
fully integrated, autonomous system, with a logic of its own,
predated the early modern era (1450’s- 1850’s)

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According to Kevin H. O’Rourke and jeffret G. Williamson, both
economist define globalization as the integration of
international commodity markets. They believe that the
absence of transport costs, trade barriers, an dinternational
commodity markets would be perfectly integrated into prices
would be the same at home and abroad. WHAT IS
COMMODITY PRICE CONVERGENCE????

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From this idea of commodity price convergence, O’Rourke and Williamson
outlined three distinct eras of commodity exchange and specialization.
1. Pre 18th
Century- They described long distance trade in this
period to be limited to non- competing goods.
2. Early 19th
Century- it is the beginning of the trade in basic
competing goods.
3. Present Er- This period is characterized by trade in both basic
and highly differentiated manufactured commodities.

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INTERNATIONAL MONETARY SYSTEMS
As transnational transactions intensified in the 19th
century, there
was also a need to set norms to ease trade processes among
nation-states. This propelled the promulgation of international
monetary system or regime (IMS). IMS refers to the rules,
customs, instruments, facilities, and organizations effecting
international payments.
SEARCH SEARCH SEARCH

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An international monetary system is a set of internationally agreed rules,
conventions and supporting institutions that facilitate international trade, cross
border investment and generally the reallocation of capital between states that
have different currencies.
What is the primary purpose of the international monetary system?
The International Monetary Fund (IMF) works to achieve sustainable growth and
prosperity for all of its 190 member countries. It does so by supporting economic
policies that promote financial stability and monetary cooperation, which are
essential to increase productivity, job creation, and economic well-being.

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The Gold Standard
The early 19th
century is not only the Big Bang of Globalization
as claimed by O’Rourke and Williamson but also the beginning
of the first modern day international monetary system/
regime. This century also witnessed the dominance of the
british government and the worldwide advance of british
companies.

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The Bretton Woods System
The results of World War 1 coupled with consequences of
universal suffrage (laborers manage to influence domestic
politics) made the Governments reluctant to defend a pegging
system at any cost.

23. THANK YOU.