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Josefino T. Larena Jr. ,CPS,MPA
THE GLOBALIZATION OF
WORLD ECONOMIC
At. The end of this lesson, you should be
able to;
1. Define economic globalization
2. Identify the actors that facilitate
economic globalization
3. Narrate a short history of global market
integration in the twentieth century
4. Articulate your stance on global
economic integration
LEARNING OUTCOMES
A historical
process
representing the
result of human
innovation and
technological
progress
ECONOMIC GLOBALIZATION
 An international organization,
headquartered in
Washington, D.C., consisting
of 189 countries working to
foster global monetary
cooperation, secure financial
stability, facilitate
international trade, promote
high employment and
sustainable economic growth,
and reduce poverty around
the world while periodically
depending on the World Bank
for its resources
INTERNATIONAL MONETARY FUND
 The oldest known
international trade route
was Silk Road- a pathways
in the ancient world that
spanned from China to
what is nOw the MIDDLE
EAST ( Western Asia) to
Europe.
 Traders used the silk road
regularly from 130BCE
when the Chinese Han
dynastry opened trade to
the West until 1453 BCE
when the Ottoman Empire
closed it.
INTERNATIONAL TRADING SYSTEM
 When the Spaniards came to the Philippines, our ancestors
were already trading A Spanish Galleonwith China, Japan,
Siam, India, Cambodia, Borneo and the Moluccas. The Spanish
government continued trade relations with these countries,
and the Manila became the center of commerce in the East.
The Spaniards closed the ports of Manila to all countries
except Mexico. Thus, the Manila–Acapulco Trade, better
known as the "Galleon Trade" was born. The Galleon Trade
was a government monopoly. Only two galleons were used:
One sailed from Acapulco to Manila with some 500,000 pesos
worth of goods, spending 120 days at sea; the other sailed
from Manila to Acapulco with some 250,000 pesos worth of
goods spending 90 days at sea.
THE GALLEON TRADE 1565–1815
 It also allowed modern, liberal ideas to enter the country,
eventually inspiring the movement for independence
from Spain. And because the Spaniards were so engrossed in
making profits from the Galleon Trade, they hardly had any
time to further exploit our natural resources.
 Basco’s Reforms
 Filipino farmers and traders finally had a taste of prosperity
when Governor General Jose Basco y Vargas instituted reforms
intended to free the economy from its dependence on Chinese
and Mexican trade. Basco implemented a
“general economic plan” aimed at making the Philippines self
sufficient. He established the “Economic Society of Friends of
the Country”, which gave incentives to farmers for planting
cotton, spices, and sugarcane;
encouraged miners to extract gold, silver, tin, and copper; and
rewarded investors for scientific discoveries they made.
ECONOMIC REFORMS IN THE
PHILIPPINES
 Tobacco Monopoly
 The tobacco industry was placed under government control
during the administration of Governor General Basco. In 1781, a
tobacco monopoly was implemented in the Cagayan Valley, Ilocos
Norte, Ilocos Sur, La Union, Isabela, Abra, Nueva Ecija, and
Marinduque. Each of these provinces planted nothing but tobacco
and sold their harvest only to the government at a pre-
designated price, leaving little for the farmers. No other province
was allowed to plant tobacco. The government exported the
tobacco to other countries and also part of it to the
cigarette factories in Manila.
 The tobacco monopoly successfully raised revenues for
the colonial government and made Philippine tobacco famous all
over Asia. Continue to Secularization of Priests During the
Spanish Period.
ECONOMIC REFORMS IN THE
PHILIPPINES
 The Bretton Woods system of monetary management
established the rules for commercial and financial relations
among the United States, Canada, Western European
countries, Australia, and Japan after the 1944 Bretton Woods
Agreement.
 The Bretton Woods system was the first example of a fully
negotiated monetary order intended to govern monetary
relations among independent states. The chief features of the
Bretton Woods system were an obligation for each country to
adopt a monetary policy that maintained its external
exchange rates within 1 percent by tying its currency to gold
and the ability of the International Monetary Fund (IMF) to
bridge temporary imbalances of payments. Also, there was a
need to address the lack of cooperation among other
countries and to prevent competitive devaluation of the
currencies as well.
THE BRETTON WOODS SYSTEM
The Bretton
Woods agreement
 was created in a 1944
conference of all of the
World War II Allied
nations. It took place
in Bretton Woods, New
Hampshire. Under the
agreement, countries
promised that their
central banks would
maintain fixed exchange
rates between their
currencies and the dollar
THE BRETTON WOODS AGREEMENT
 The Bretton Woods Institutions are the World Bank and the
International Monetary Fund (IMF). They were set up at a meeting
of 43 countries in Bretton Woods, New Hampshire, USA in July
1944. Their aims were to help rebuild the shattered postwar
economy and to promote international economic cooperation.
The original Bretton Woods agreement also included plans for an
International Trade Organisation (ITO) but these lay dormant
until the World Trade Organisation (WTO) was created in the
early 1990s.
 The creation of the World Bank and the IMF came at the end of
the Second World War. They were based on the ideas of a trio of
key experts – US Treasury Secretary Henry Morganthau, his chief
economic advisor Harry Dexter White, and British economist John
Maynard Keynes. They wanted to establish a postwar economic
order based on notions of consensual decision-making and
cooperation in the realm of trade and economic relations. It was
felt by leaders of the Allied countries, particularly the US and
Britain, that a multilateral framework was needed to overcome
the destabilising effects of the previous global economic
depression and trade battles.
WHAT ARE THE BRETTON WOODS
INSTITUTIONS?
 Neoliberalism, promotes, above
all, total freedom of movement
for capital, goods and services.
It advocates the opening of
economies, and competition in
the world market in conditions
of absolute freedom. To achieve
this, it attempts to remove
controls on prices. Labor, in
contrast, is the only commodity
which is not considered free in
the market, due supposedly to
the need for permanent extra-
economic state regulation to
reduce its cost. This regulation
can include everything from
legal measures, to the
repression of strikes and the co-
optation of union leaders.
NEOLIBERALISM AND ITS DISCONTENTS
 Neoliberalism would eliminate the regulatory functions of the
state and promote the denationalization and privatization of
its goods and services. Instead of the state, it favors using the
market to determine distribution and stimulation. The
invisible hand of the market is to take care of the movement
of resources, the growth in productivity, the renovation of
technology, and the reinforcement of comparative
advantages. However, once the state is reduced and
weakened, the national economy's capacity to withstand
external economic pressures is diminished, because only the
state could have sufficient control over resources and
regulatory mechanisms to soften the blow. To attenuate the
negative social consequences of the model, neoliberals have
designed certain instruments and escape valves, such as the
negotiation of conflict (firm or flexible, according to the case),
the growth of the informal economy, and programs of social
assistance which are more propagandistic than effective.
 The 2008 global financial
crisis was the
consequence of
financialization or the
creation of massive
fictitious financial wealth,
and of the hegemony of a
reactionary ideology,
namely, neoliberalism,
based on the self-
regulated and efficient
markets. ... These were
the “neoliberal years of
capitalism”.
THE GLOBAL FINANCIAL CRISIS AND THE
CHALLENGE TO NEOLIBERALISM
 Economic globalization refers to the increasing interdependence
of world economies as a result of the growing scale of cross-
border trade of commodities and services, flow of international
capital and wide and rapid spread of technologies. It reflects the
continuing expansion and mutual integration of market frontiers,
and is an irreversible trend for the economic development in the
whole world at the turn of the millennium.
 The rapid growing significance of information in all types of
productive activities and marketization are the two major driving
forces for economic globalization. In other words, the fast
globalization of the world’s economies in recent years is largely
based on the rapid development of science and technologies, has
resulted from the environment in which market economic system
has been fast spreading throughout the world, and has
developed on the basis of increasing cross-border division of
labor that has been penetrating down to the level of production
chains within enterprises of different countries.
ECONOMIC GLOBALIZATION TODAY
 national attributes in the systemic
international nature followed its
effects broadly explaining
different foreign policy.
Regardless the objective to posit
how change in these in FP
direction but rather than to show
how the particular value of these
variables leads to probability
distribution over certain type of FP
choices, national attributes and
foreign policy typically relative
while considering the power of the
state, which is including elements:
natural resources, size, geography,
demography, etc.
THE ATTRIBUTES OF TODAY GLOBAL
SYSTEM
 five reliable factors within the system :
 Increase capabilities, but negotiate rather than fight
 Fight rather than fail to increase capabilities
 Stop fighting rather than eliminate an essential actor
 Oppose any coalition or single actor that tends to assume a
position of predominance within the system
 Constrain actors who subscribe to supranational
organizational principles
 Permit defeated essential actors to reenter the system as
acceptable role partners, or act to bring previously inessential
actors within an essential actor classification, treat all
essential actors as acceptable role partners.
FIVE RELIABLE FACTORS WITHIN THE
SYSTEM :
 Internationalism is a
political principle that
advocates greater
political or economic
cooperation among
states and nations. It is
associated with other
political movements and
ideologies, but can also
reflect a doctrine, belief
system, or movement in
itself
INTERNATIONALISM
Free Trade! What is it?
Why, breaking down
the barriers that
separate nations; those
barriers behind which
nestle the feelings of
pride, revenge, hatred
and jealously, which
every now and then
burst their bounds and
deluge whole countries
with blood
FREE TRADE
INTERNATIONAL TRADE
Cosmopolitanism, the
view that all human
ethnic groups belong
to a single community
based on a shared
morality as opposed
to communitarianism,
patriotism and
nationalism
COSMOPOLITANISM
THANK YOU

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The Globalization of world economic

  • 1. Josefino T. Larena Jr. ,CPS,MPA THE GLOBALIZATION OF WORLD ECONOMIC
  • 2. At. The end of this lesson, you should be able to; 1. Define economic globalization 2. Identify the actors that facilitate economic globalization 3. Narrate a short history of global market integration in the twentieth century 4. Articulate your stance on global economic integration LEARNING OUTCOMES
  • 3.
  • 4. A historical process representing the result of human innovation and technological progress ECONOMIC GLOBALIZATION
  • 5.  An international organization, headquartered in Washington, D.C., consisting of 189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world while periodically depending on the World Bank for its resources INTERNATIONAL MONETARY FUND
  • 6.  The oldest known international trade route was Silk Road- a pathways in the ancient world that spanned from China to what is nOw the MIDDLE EAST ( Western Asia) to Europe.  Traders used the silk road regularly from 130BCE when the Chinese Han dynastry opened trade to the West until 1453 BCE when the Ottoman Empire closed it. INTERNATIONAL TRADING SYSTEM
  • 7.
  • 8.  When the Spaniards came to the Philippines, our ancestors were already trading A Spanish Galleonwith China, Japan, Siam, India, Cambodia, Borneo and the Moluccas. The Spanish government continued trade relations with these countries, and the Manila became the center of commerce in the East. The Spaniards closed the ports of Manila to all countries except Mexico. Thus, the Manila–Acapulco Trade, better known as the "Galleon Trade" was born. The Galleon Trade was a government monopoly. Only two galleons were used: One sailed from Acapulco to Manila with some 500,000 pesos worth of goods, spending 120 days at sea; the other sailed from Manila to Acapulco with some 250,000 pesos worth of goods spending 90 days at sea. THE GALLEON TRADE 1565–1815
  • 9.  It also allowed modern, liberal ideas to enter the country, eventually inspiring the movement for independence from Spain. And because the Spaniards were so engrossed in making profits from the Galleon Trade, they hardly had any time to further exploit our natural resources.
  • 10.  Basco’s Reforms  Filipino farmers and traders finally had a taste of prosperity when Governor General Jose Basco y Vargas instituted reforms intended to free the economy from its dependence on Chinese and Mexican trade. Basco implemented a “general economic plan” aimed at making the Philippines self sufficient. He established the “Economic Society of Friends of the Country”, which gave incentives to farmers for planting cotton, spices, and sugarcane; encouraged miners to extract gold, silver, tin, and copper; and rewarded investors for scientific discoveries they made. ECONOMIC REFORMS IN THE PHILIPPINES
  • 11.  Tobacco Monopoly  The tobacco industry was placed under government control during the administration of Governor General Basco. In 1781, a tobacco monopoly was implemented in the Cagayan Valley, Ilocos Norte, Ilocos Sur, La Union, Isabela, Abra, Nueva Ecija, and Marinduque. Each of these provinces planted nothing but tobacco and sold their harvest only to the government at a pre- designated price, leaving little for the farmers. No other province was allowed to plant tobacco. The government exported the tobacco to other countries and also part of it to the cigarette factories in Manila.  The tobacco monopoly successfully raised revenues for the colonial government and made Philippine tobacco famous all over Asia. Continue to Secularization of Priests During the Spanish Period. ECONOMIC REFORMS IN THE PHILIPPINES
  • 12.  The Bretton Woods system of monetary management established the rules for commercial and financial relations among the United States, Canada, Western European countries, Australia, and Japan after the 1944 Bretton Woods Agreement.  The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent states. The chief features of the Bretton Woods system were an obligation for each country to adopt a monetary policy that maintained its external exchange rates within 1 percent by tying its currency to gold and the ability of the International Monetary Fund (IMF) to bridge temporary imbalances of payments. Also, there was a need to address the lack of cooperation among other countries and to prevent competitive devaluation of the currencies as well. THE BRETTON WOODS SYSTEM
  • 13. The Bretton Woods agreement  was created in a 1944 conference of all of the World War II Allied nations. It took place in Bretton Woods, New Hampshire. Under the agreement, countries promised that their central banks would maintain fixed exchange rates between their currencies and the dollar THE BRETTON WOODS AGREEMENT
  • 14.
  • 15.  The Bretton Woods Institutions are the World Bank and the International Monetary Fund (IMF). They were set up at a meeting of 43 countries in Bretton Woods, New Hampshire, USA in July 1944. Their aims were to help rebuild the shattered postwar economy and to promote international economic cooperation. The original Bretton Woods agreement also included plans for an International Trade Organisation (ITO) but these lay dormant until the World Trade Organisation (WTO) was created in the early 1990s.  The creation of the World Bank and the IMF came at the end of the Second World War. They were based on the ideas of a trio of key experts – US Treasury Secretary Henry Morganthau, his chief economic advisor Harry Dexter White, and British economist John Maynard Keynes. They wanted to establish a postwar economic order based on notions of consensual decision-making and cooperation in the realm of trade and economic relations. It was felt by leaders of the Allied countries, particularly the US and Britain, that a multilateral framework was needed to overcome the destabilising effects of the previous global economic depression and trade battles. WHAT ARE THE BRETTON WOODS INSTITUTIONS?
  • 16.  Neoliberalism, promotes, above all, total freedom of movement for capital, goods and services. It advocates the opening of economies, and competition in the world market in conditions of absolute freedom. To achieve this, it attempts to remove controls on prices. Labor, in contrast, is the only commodity which is not considered free in the market, due supposedly to the need for permanent extra- economic state regulation to reduce its cost. This regulation can include everything from legal measures, to the repression of strikes and the co- optation of union leaders. NEOLIBERALISM AND ITS DISCONTENTS
  • 17.  Neoliberalism would eliminate the regulatory functions of the state and promote the denationalization and privatization of its goods and services. Instead of the state, it favors using the market to determine distribution and stimulation. The invisible hand of the market is to take care of the movement of resources, the growth in productivity, the renovation of technology, and the reinforcement of comparative advantages. However, once the state is reduced and weakened, the national economy's capacity to withstand external economic pressures is diminished, because only the state could have sufficient control over resources and regulatory mechanisms to soften the blow. To attenuate the negative social consequences of the model, neoliberals have designed certain instruments and escape valves, such as the negotiation of conflict (firm or flexible, according to the case), the growth of the informal economy, and programs of social assistance which are more propagandistic than effective.
  • 18.  The 2008 global financial crisis was the consequence of financialization or the creation of massive fictitious financial wealth, and of the hegemony of a reactionary ideology, namely, neoliberalism, based on the self- regulated and efficient markets. ... These were the “neoliberal years of capitalism”. THE GLOBAL FINANCIAL CRISIS AND THE CHALLENGE TO NEOLIBERALISM
  • 19.
  • 20.  Economic globalization refers to the increasing interdependence of world economies as a result of the growing scale of cross- border trade of commodities and services, flow of international capital and wide and rapid spread of technologies. It reflects the continuing expansion and mutual integration of market frontiers, and is an irreversible trend for the economic development in the whole world at the turn of the millennium.  The rapid growing significance of information in all types of productive activities and marketization are the two major driving forces for economic globalization. In other words, the fast globalization of the world’s economies in recent years is largely based on the rapid development of science and technologies, has resulted from the environment in which market economic system has been fast spreading throughout the world, and has developed on the basis of increasing cross-border division of labor that has been penetrating down to the level of production chains within enterprises of different countries. ECONOMIC GLOBALIZATION TODAY
  • 21.  national attributes in the systemic international nature followed its effects broadly explaining different foreign policy. Regardless the objective to posit how change in these in FP direction but rather than to show how the particular value of these variables leads to probability distribution over certain type of FP choices, national attributes and foreign policy typically relative while considering the power of the state, which is including elements: natural resources, size, geography, demography, etc. THE ATTRIBUTES OF TODAY GLOBAL SYSTEM
  • 22.  five reliable factors within the system :  Increase capabilities, but negotiate rather than fight  Fight rather than fail to increase capabilities  Stop fighting rather than eliminate an essential actor  Oppose any coalition or single actor that tends to assume a position of predominance within the system  Constrain actors who subscribe to supranational organizational principles  Permit defeated essential actors to reenter the system as acceptable role partners, or act to bring previously inessential actors within an essential actor classification, treat all essential actors as acceptable role partners. FIVE RELIABLE FACTORS WITHIN THE SYSTEM :
  • 23.  Internationalism is a political principle that advocates greater political or economic cooperation among states and nations. It is associated with other political movements and ideologies, but can also reflect a doctrine, belief system, or movement in itself INTERNATIONALISM
  • 24. Free Trade! What is it? Why, breaking down the barriers that separate nations; those barriers behind which nestle the feelings of pride, revenge, hatred and jealously, which every now and then burst their bounds and deluge whole countries with blood FREE TRADE
  • 26. Cosmopolitanism, the view that all human ethnic groups belong to a single community based on a shared morality as opposed to communitarianism, patriotism and nationalism COSMOPOLITANISM
  • 27.
  • 28.