Module 1

Question 1

One of the reasons why Globalization is important is to avoid?

Answer 1

Parochialism

Question 2

It is the idea of staying narrow-minded and closed to more broader perspectives.

Answer 2

Parochialism.

Question 3

How many OFW workers are there?

Answer 3

2,160,000

Question 4

Globalization is studied through a variety of lenses since globalization is inherently. . .

Answer 4

inter-disciplinary

Question 5

The study of globalization can be construed from the lens of?

Answer 5

Political Science, Economics, and Culture and Communication.

Question 6

According to him, “globalization refers to the expansion and

intensification of social relations and consciousness across world-time and world-
space.”

Answer 6

Manfred Steger

Question 7

This refers to the expansion and intensification of social relations and consciousness across world-time and world-
space.

Answer 7

Globalization

Question 8

From this lens emerged Multinational and Transnational corporations
as well as global political norms.

Answer 8

Political Lens

Question 9

For a political scientist, Globalization is. . . ?

Answer 9

A challenge to the nation-state

Question 10

From the economic lens, Globalization has. . . ?

Answer 10

increased free trade,

caused High-Frequency Trading,

created Global Economic Organizations (Multinational/Transnational Corporations.),

regional economic blocks.

Question 11

Factors of Expanding Globalization and Stretching Social Relations

Answer 11

Presence of Non-Government Organizations.

Emergence of Social Media and the advancements of communication technology.

Government formed Organizations for facilitating trade and commerce.

Question 12

From the perspective of scholars of culture and communication, globalization seems to be doing what?

Answer 12

shrinking the world.

Question 13

from the cultural and communication lens, Globalization paves the way for. . . ?

Answer 13

Cultural Imperialism.

Question 14

Notes: From the aspect of expansion and stretching of social relations, globalization has also
intensified and accelerated social exchanges and activities.

Globalization has also led to the increase of social media and online interactions as well as opportunities to travel locally and internationally.

Question 15

Globalization’s influence on subjective consciousness

Answer 15

We think about the world

Associate with global trends.

A sense of responsibility.

Question 16

It is the augmented amalgamation of economies through cross-border movements of people and things for the accumulation of goods and labor export and import.

Answer 16

Economic Globalization, according to Salvatore

Question 17

This is the extension of economic activities of nation-states across borders.

Answer 17

Internationalization

Question 18

Functional integration between internationally dispersed economic activities.

Answer 18

Economic Globalization.

Question 19

Two types of economies

Answer 19

Protectionism and Trade Liberalization

Question 20

Protecting one’s countries from foreign competition by creating trade barriers.

Answer 20

Protectionism

Question 21

Reducing or removing trade barriers to make trading easier across barriers.

Answer 21

Trade Liberalization

Question 22

A process of forging
international political,
economic, religious,
and socio-cultural
interconnections.

Answer 22

Globalization

Question 23

3 types of Free Trade agreement

Answer 23

Unilateral

Bilateral

Multilateral

Question 24

Agreement made
between governments
to reduce or eliminate
trade barriers.

Answer 24

Trade Bloc

Question 25

When a company hires a third party to perform tasks, handle operations, and provide services for the company.

Answer 25

Outsourcing.

Question 26

A system of value that facilitates the exchange of goods in an economy.

Answer 26

Money

Question 27

This refers to the sets of internationally agreed rules, conventions, customs, and organizations that facilitate international payments.

Answer 27

International Monetary System

Question 28

This facilitates cross-border transactions, especially trades and investments.

Answer 28

International Monetary System.

Question 29

Stages in the IMS

Answer 29

Bimetallism; Before 1875 Classical Gold Standard; 1875 - 1914 Interwar Period; 1915-1944 Bretton Woods System: 1945 - 1972 The Flexible Exchange Rate System - 1973 - Present

Question 30

A monetary system in which a government recognizes coins composed of both gold and/or silver as legal tender.

Answer 30

Bimetallism

Question 31

1 dollar = ???

Answer 31

15 ounces of Au.

Question 32

A principle that states that "bad money drives out good“. The least valuable metal would tend to circulate.

Answer 32

Gresham's Law, named after Sir Thomas Gresham

Question 33

A monetary system in which a currency or paper money has a value directly linked to certain quantities of gold.

Answer 33

Classical Gold Standard

Question 34

3 Rules of Classical Gold Standard?

Answer 34

1. Only gold to be used for international payments. 2. Two-way convertibility between gold and currency at a fixed rate. 3. Free export/import of gold.

Question 35

The CGS was shattered by the outbreak of WW1. As soon as the fighting began in Europe, private trade and financial transactions were suspended. Gold exports were banned. As international linkage disappeared, each country started to issue bonds and print money to finance the war effort. They began to have different inflation rates.

Answer 35

The Interwar Period

Question 36

As soon as fighting began in europe. . . ?

Answer 36

private trade and financial transactions were suspended. Gold exports were banned.

Question 37

Cause of the collapse of the Interwar Period?

Answer 37

Recessions and banking crises (exception: the US economy was booming until 1929). 2. Leadership vacuum in the international regime. The UK, the old leader, was losing power and incapable of handling the situation. The US, the new leader, would not assume the responsibility yet. 3. Absence of policy cooperation. Each country became selfish. Protectionism and beggar-thy-neighbor policies escalated.

Question 38

An agreement under which gold was the basis for the US dollar and other currencies were pegged to the US dollar’s value.

Answer 38

Bretton Woods System

Question 39

In an attempt to preserve the Bretton Woods System, this agreement was formed. This agreement raised the price of gold from 35 to 38 USD per ounce, each country revalued their currency against the USD by 10%. The band for the movement in exchange rate was raisaed from 1% to2.25%

Answer 39

Smithsonian Agreement

Question 40

Make up World Bank (along with IDA) - Responsible for post-war reconstruction - Provides financing, policy advice, and technical assistance to governments of developing countries.

Answer 40

International Bank for Reconstruction and Development

Question 41

Promote international financial cooperation and bolster international trade. - Monitors and manages exchange rates between currencies. - Also lend funds to countries.

Answer 41

International Monetary Fund

Question 42

The ability of an economy to produce a product more efficiently than its peers.

Answer 42

Comparative Advantage

Question 43

Grounded on the belief that any negotiated reciprocal tariff reductions between two parties should be extended to all other trading partners.

Answer 43

Most Favored Nations, An MFN clause requires a country to provide any concessions, privileges, or immunities granted to one nation in a trade agreement to all other World Trade Organization member countries. Denotes the equal treatment of all countries.

Question 44

GATT

Answer 44

General Agreement on Trade and Tarriff

Question 45

How many countries signed GATT? How many countries signed WTO?

Answer 45

23 countries signed GATT 164 countries signed WTO

Question 46

what were GATT members called? what were WTO members called?

Answer 46

GATT members were called Contracting Parties, WTO members were called member nations?

Question 47

What year the Philippines join WTO?

Answer 47

1995

Question 48

This is a system of widely shared ideas, patterned beliefs, guiding norms and values, and ideals that are accepted as truths by a certain group of people.

Answer 48

Ideology

Question 49

claims to select, privilege, and constrict social meanings related to the exercise of power in society

Answer 49

Political Ideology

Question 50

refers to deep-seated modes of understanding that provide the most general parameters within which people imagine their communal existence.

Answer 50

Social Imaginary

Question 51

According to the french philosopher Paul Ricoeur, ideology does what? (3)

Answer 51

distort, legitimize, and integrate

Question 52

An ideology or worldview that supports the concept of an interconnected and interdependent global community. Belief in and advocacy for global cooperation, unity, and shared governance on issues that affect the entire planet, such as climate change, peace, and economic development.

Answer 52

Globalism

Question 53

It is designed to preserve established power structures that are geared towards neoliberalism.

Answer 53

Market Globalism

Question 54

They popularized the neo-liberal framework of globalization

Answer 54

Global Social Elites

Question 55

The neo liberal framework of globalization

Answer 55

1. deregulation of markets 2. liberalization of trade 3. privatization of state-owned enterprises 4. global war on terror

Question 56

Five core claims of market globalism

Answer 56

Globalization is about the liberalization and global integration of markets Globalization is inevitable and irreversible. Nobody is in charge of globalization. Globalization benefits everyone in the long run. Globalization furthers the spread of democracy in the world.

Question 57

Three regions of the world in the era of globalization

Answer 57

Core Non-integrating Gaps Seam States