Unit 2 Flashcards
(21 cards)
What characterizes the global economy?
Increasing interconnectedness of national economies through the movement of goods, services, capital, labor, and technology across borders.
Driven by human innovation and technological progress.
What are the dimensions of economic globalization?
- Trade of Goods & Services
- Financial and Capital Markets
- Technology and Communication
- Global Production
These dimensions highlight the various aspects through which globalization manifests.
What does economic globalization represent?
A qualitative transformation of economic interactions.
The processes operate unevenly in time and space.
What are examples of the Philippines’ contributions to the global economic system?
- Adoption of Global Economic Policies
- Trade Liberalization
- Economic Integration through ASEAN
- Participation in Global Value Chains
- Financial Globalization
These contributions reflect the Philippines’ commitment to economic globalization.
Define market integration.
The process by which different markets become interconnected and interdependent.
This allows for the free movement of goods, services, and capital across borders.
What are key features of market integration?
- Financial Integration
- Trade Integration
Financial integration leads to easier capital flows while trade integration involves the removal of trade barriers.
What is the Gold Standard?
A monetary system where a country’s currency is linked directly to gold.
Predominantly used in the 19th and early 20th centuries; ended in 1933.
What was the Bretton Woods System?
An international monetary system with fixed exchange rates, established in 1944.
It included the IMF and the World Bank and lasted until 1971.
What is European Monetary Integration?
The process of coordinating monetary policy across European nations, leading to the Euro’s creation.
Aimed to promote economic stability and integration within Europe.
What are the impacts of market integration?
- Economic Growth
- Competition
- Vulnerability
These impacts reflect both the benefits and risks associated with increased market interdependence.
How is the Philippines involved in the global market?
- ASEAN Economic Community (AEC) Integration
- Participation in Free Trade Agreements (FTAs)
- Expansion of Multinational Companies
Engagement in these areas strengthens the Philippines’ economic ties globally.
What is the Global Interstate System (GIS)?
The network of relationships and interactions among sovereign states governing political, economic, and social exchanges.
It is shaped by sovereignty, international law, and the need for cooperation.
What are key characteristics of the GIS?
- Sovereign States
- International Law
- Global Governance
These characteristics define how states interact and cooperate on global issues.
What are the dynamics of the GIS?
- Power Relations
- Interdependence
These dynamics illustrate how states influence each other through diplomacy and shared challenges.
What challenges does the GIS face?
- Conflicts
- Global Issues
Ongoing tensions and crises require collective action and can disrupt the system.
How does the Philippines engage in the GIS?
- Participation in the United Nations
- Mutual Defense Treaty with the U.S.
- Regional Comprehensive Economic Partnership
- ASEAN-China Code of Conduct
These engagements reflect the Philippines’ active role in global governance and security.
What is contemporary global governance?
Collaborative efforts of international institutions and actors to manage global issues and promote collective action.
It involves both state and non-state actors.
What are features of contemporary global governance?
- Norms and Standards
- Multilateral Institutions
These features guide behavior among states and manage international relations.
What areas of focus are emphasized in contemporary global governance?
- Security
- Economic Stability
- Environmental Sustainability
- Human Rights
These areas highlight the diverse challenges that require international cooperation.
What are the challenges in contemporary global governance?
- Inequality
- Sovereignty vs. Cooperation
- Global Crises
These challenges complicate effective governance and decision-making.
What principles are applied in enhancing governance and fostering sustainable development?
- Transparency and Accountability
- Rule of Law
- Participation and Inclusiveness
- Efficiency and Effectiveness
- Strategic Vision
These principles guide the implementation of governance strategies.
