Economic Globalization Quiz: Test Your Knowledge

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Questions and Answers

What does economic globalization refer to?

Free movement of goods, capital, services, technology, and information (correct)

Strict regulations on international trade

Isolationism in national economies

Movement of people across borders

Before the colonial era, which groups were already in contact with native Filipinos?

Indians and Australians

Europeans and Africans

South Americans and Russians

Chinese and Arabs (correct)

What intensified the transfer of goods from one country to another in the Philippines?

The opening of the Panama Canal

The Silk Road

The Galleon trade by the Spaniards (correct)

The Industrial Revolution

What motivated countries to search for islands rich in natural resources?

Mercantilism Signup and view all the answers

Which event paved the way for European people to trade with Asians?

Opening of the Suez Canal Signup and view all the answers

What is the main focus of globalization according to the text?

Profits and interests Signup and view all the answers

What is the main purpose of global economic integration according to Kahn (2000)?

Promoting technology transfer Signup and view all the answers

Which factor is NOT mentioned as a contributor to the growth of economic globalization?

Military expansion Signup and view all the answers

What is an example of regional integration provided in the text?

North American Free Trade Agreement Signup and view all the answers

What does trade liberalization mainly focus on?

Removing trade barriers like tariffs and taxes Signup and view all the answers

When does foreign direct investment (FDI) occur?

When a foreign entity establishes business operations in another country Signup and view all the answers

What does privatization involve?

Encouraging competition by allowing private companies to operate in industries Signup and view all the answers

What does the theory of Neo-liberalism emphasize?

Privatization and liberalization of the economy Signup and view all the answers

What does deregulation involve?

Allowing more competition by removing regulatory barriers Signup and view all the answers

What is the role of states in the context of the text?

To provide an enabling environment for businesses to thrive Signup and view all the answers

Which institutions are mentioned as instruments of exploitation in the text?

International Monetary Fund, World Bank, and World Trade Organization Signup and view all the answers

What was Joseph Stieglitz's opinion on economic globalization as per the text?

It is aimed at exploiting citizens of developing countries Signup and view all the answers

What is one of the main criticisms mentioned about the effects of globalization in the text?

Exposure of injustices and exploitation by powerful institutions Signup and view all the answers

Study Notes

Globalization

Refers to the free movement of goods, capital, services, technology, and information, resulting in economic integration and interdependence of national, regional, and local economies around the world.

Neo-Liberalism

Emphasizes liberalization and privatization of the economy with the reduction of trade barriers for economic development, benefiting all humans.
Believes that states should only provide an enabling environment for businesses to thrive.

Criticisms of Globalization

According to Joseph Stieglitz (2002), economic globalization was never aimed to help citizens of the developing world.
The International Monetary Fund, World Bank, and World Trade Organization are instruments of exploitation in the hands of elite states of the advanced developed countries.

Historical Background of Trade in the Philippines

Before the colonial era, native Filipinos were already trading with the Chinese and Arabs, exchanging goods such as gold and spices for porcelains, silk, and perfumes.
The opening of the Suez Canal in 1869 paved the way for European people to trade with Asians.
The Galleon trade implemented by the Spaniards in the Philippines from 1565 to 1815 intensified the transfer of goods from one country to another.

Mercantilism

A principle that motivates countries to search for islands rich with natural resources, particularly gold.
Believes that the more gold a country has, the more powerful it is.

Key Players/Actors in Globalization

Forces involved in the process of interconnecting the world politically, culturally, and economically, focused on profits and interests.

Factors Promoting Globalization

Regional integration, such as the North American Free Trade Agreement (NAFTA) signed among Canada, Mexico, and the United States.
Trade liberalization, which emphasizes the removal of trade barriers such as tariffs and taxes on goods and services.
Foreign direct investment (FDI), which takes place when a foreign firm or individual establishes business operations or acquires business assets in another country.
Privatization, which allows private companies to compete in industries and enterprises.

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Description

Explore the concept of economic globalization and its impacts on national, regional, and local economies around the world. Learn about the free movement of goods, capital, services, technology, and information as discussed by Mohan (2009). Dive into the history of exchanging goods and services in the Philippines before the colonial era.