Globalization and Trade Liberalization Quiz

Study Notes

Formation of a Global Village enables closer contact among diverse populations.
Liberalization promotes freedom for entrepreneurs to establish businesses domestically and abroad.
Free Trade encourages the unrestricted flow of goods among nations, with states granting Most Favored Nation (MFN) status to minimize regulations and barriers.
Economic Globalization merges domestic economies with global markets, fostering both local and international trade relationships.

Economic activities are influenced by both domestic and global markets, enhancing integration.
Liberalization of the import-export system involves removing restrictions to facilitate the free movement of goods.
Privatization reduces state ownership, promoting free enterprise and the flow of industrial and trade activities across borders.
Increased collaborations among entrepreneurs boost modernization and technological advancement.

Significant growth in international trade, which is advancing faster than the global economy itself.
Rise in international capital flow, including foreign direct investments (FDI).
Greater trans-border data flow is facilitated by advancements in technology such as the internet and telecommunications.
International cultural exchange has become prominent, highlighted by the global export of media, notably films from Hollywood and Bollywood.
Globalization of terrorism connects terrorist activities across multiple regions.

Spreading multiculturalism increases cultural diversity, although it may lead to assimilation and Westernization.
Erosion of national sovereignty occurs through international agreements and organizations like WTO and OPEC, promoting a more integrated world economy.
Increased international travel and tourism have made cross-border access easier.
Immigration, both legal and illegal, contributes to the growing interconnectedness of societies.

Global telecommunications infrastructure enhances communication, promoting greater financial integration.
The rise of multinational corporations increases labor opportunities and global economic influence, exemplified by both Filipino and foreign workers.