TCW MIDTERMS THE GLOBAL ECONOMY

connectivity

Steger's (2014) definition of globalization as the expansion and intensification of social relations and consciousness across world time and space implies that there are various forms of ______.

International Monetary System

is one of the actors that facilitate economic globalizations

Gold standard

three global IMS:

• functions as a fixed exchange rate regime

• the only international reserve and participating countries determine the gold content of national currencies

Bretton Wood Systems

three global IMS:

• the US dollar was the only convertible currency

Globalization

______ is a multidimensional phenomenon, creating economic, political, cultural, and even technological forms of connectivity.

Economic globalization

_________ refers to the expanding interdependence of world economies.

Shangquan

______ (2000) attributes this to the growing scale of cross-border trade commodities and services, flow of international capital, and wide and rapid spread of technology.

True

In the Philippines, cross-border trading can be best illustrated by the country's trading partnerships with China, the United States, and Australia.

TRUE OR FALSE

True

the flow of international capital can be observed in foreign direct investments (FDI),

TRUE OR FALSE

foreign direct investments

a type of investment in which a company establishes a business in another country for production of goods or services and still takes part in the management of that business

International Monetary Fund

In 2008, the ________ defined economic globalization as a historical process, the result of human innovation and technological progress

Globalization

According to IMF, _______ refers to the increasing integration of economies around the world, particularly through the movement of goods, services, and capital across borders"

Economic globalization

_______ can be traced from the time when there was economic movement in Asia, Africa, and Europe through the Silk Road, a network of trade routes that connected the East, particularly China, and the West

Benczes

____ identifies four interconnected dimensions of economy, namely:

(1) globalization of trade of goods and services;

(2) globalization of financial and capital markets;

(3) globalization of technology and communication; and

(4) globalization of production

World Trade Organization

The first dimension of economic interconnectedness is demonstrated in the establishment of the ___________ that eases trade among countries.

• This is established in 1995, "ensures that trade flows as smoothly, predictably, and freely as possible"

business process outsourcing

Another good example of economic globalization of trade and services is the increasing number of __________ companies in the Philippines.

Szentes

The most fitting definition of economic globalization is that of ______ (2003):

• the process of "making the world economy an 'organic system' by extending transnational economic processes and relations to more and more countries and by deepening the economic interdependencies among them.

Boyer and Drache

______ and _____ (1996) state that the role of nation-states as manager of the national economy is being redefined by globalization.

Brodie

____ (1996) calls the government as the "midwives" of globalization.

True

The establishment of an international monetary system (IMS) is one of the actors that facilitate economic globalization.

TRUE OR FALSE

economic globalization

This affects all nations and citizens through the increasing integration of economies around the borderless world

International Bank for Reconstruction and Development

• now known as the World Bank

• responsible for post-war reconstructions

International Monetary Fund

aims to promote international financial cooperation and strengthen international trade

European Monetary System

After the collapse of Bretton Wood Systems, ____ was successful in the stabilization process of exchange rate