Unit 1

Question 1

What is globalization?

Answer 1

A complex, multi-faceted process encompassing economic, political, cultural, and technological dimensions

Globalization involves increasing interconnectedness and interdependence of nations and societies across the globe.

Question 2

How does globalization function as a process?

Answer 2

It is dynamic and ongoing, increasing interdependence among nations and societies

Globalization continuously evolves, influencing various aspects of life.

Question 3

What impact does globalization have as a condition?

Answer 3

Affects social structures, cultural exchanges, and economic practices worldwide, creating opportunities and challenges

Globalization can lead to cultural enrichment but also to dislocation.

Question 4

What does globalization represent as an ideology?

Answer 4

Gave rise to globalism, which represents a set of beliefs and values shaping political ideologies

Globalism promotes the idea of a more interconnected world.

Question 5

What historical context contributed to the start of globalization?

Answer 5

Industrial Revolution, Post-World War II Era, Technology, Economic Policies

These factors set the stage for increased global interactions.

Question 6

What is the impact of globalization on trade?

Answer 6

Increased trade openness and Foreign Direct Investments (FDI)

These factors enhance economic growth and integration.

Question 7

What legislative reforms were made to attract foreign investment in 2022?

Answer 7

• Public Services Act
• Retail Liberalization Act
• Foreign Investment Act

These reforms aimed to create a more favorable environment for foreign investors.

Question 8

What does the trade openness ratio reflect?

Answer 8

The sum of exports and imports as a percentage of GDP, indicating a country’s integration into the global market

In 2022, the trade openness ratio for the Philippines was 72.43%.

Question 9

What was a significant investment planned for digital infrastructure in 2024?

Answer 9

Digital Infrastructure Investment

This investment aims to enhance connectivity and economic activities.

Question 10

What are some merits of globalization?

Answer 10

• Prices
• Competition
• Innovation
• Pay is better
• Productivity

These factors contribute to overall economic growth and consumer benefits.

Question 11

How does globalization impact income inequality?

Answer 11

Does not uniformly affect income distribution; can lead to both positive and negative outcomes

Increased trade and FDI may enhance productivity but widen the skills gap.

Question 12

What are some ways globalization can aid poverty alleviation?

Answer 12

• Economic growth
• Education and skills development
• Social protection programs
• Financial inclusion
• Community development initiatives

These strategies help improve living standards in developing countries.

Question 13

What are some demerits of globalization?

Answer 13

• Jobs
• Poor countries
• Domestic market
• Sovereignty

These issues highlight the challenges faced by local economies and workers.