gold standard.docx

**THE CONTEMPORARY WORLD** The succeeding lessons will introduce you to the major themes in the study of the world while providing opportunities for you to connect this knowledge with your experiences as a Filipino student. First, studying the outside world is a cure to parochialism. **Parochialis...

**THE CONTEMPORARY WORLD** The succeeding lessons will introduce you to the major themes in the study of the world while providing opportunities for you to connect this knowledge with your experiences as a Filipino student. First, studying the outside world is a cure to parochialism. **Parochialism** is an outlook that is limited to one's immediate community. A person who is concerned only with his or her family, village, or even country is parochial. The parochial person is close-minded. By teaching you about the world, this course aims to stretch the limits of your imagination and outlook. At the end of the semester, you will discover new intellectual interests that you will continue to pursue. This one's expansion of ethical horizon is the very core of what it means to be a global citizen. Secondly, it is important to study the world because it can teach you more about yourself. Knowing about other countries allows you to compare your society with others. Lastly, you need to study the world because you will be interacting with it. According to study, more and more Filipinos per day left to become OFWs, and that number increased in succeeding years. Many Filipinos are living and working abroad. For those of you who plan to work in another country after graduation, this course can serve as an orientation. Nevertheless, even those who choose to remain in the Philippines must confront the phenomenon of globalization. Central to the study of the world is a concept of globalization -- the deepening global interconnectedness of places, ideas, economies, cultures, and people. The first lesson will discuss this concept further. **CONTEMPORARY WORLD** It is a circumstances and ideas of the present age; modern world or present times. It is an ever-changing mix of social and political changes. The term contemporary means novelty, new, modern, new trend, or an idea of the present age. GLOBALIZATION Many concepts Refers to the existence of free exchange of goods and services, culture, and people between and among countries. Globalization is a term used to describe the changes in societies and the world economy that are the result of dramatically increased trade and cultural exchange. In specifically economic contexts, it refers almost exclusively to the effects of trade, particularly trade liberalization or \"free trade\". Globalization is about speed up of movements or exchanges not only with human beings. Goods and services, even capital, technologies, cultural practices all over the planet. Globalization is the process by which the world, previously isolated through physical and technological distance, becomes increasingly interconnected. It is manifested by the increase in interaction between people around the world that involves the sharing of ideas, cultures, goods, services, economic, political, cultural, ideological, investment environmental and processes aided by information technology Big factor in the globalization is the term, "humans or people." Without them, it will be very hard to carry out "globalization" -- in sharing ideas, culture, economic, and cultural factors. Globalization is the reason why there are McDonald's outlets in virtually every Philippine city. And why there are Jollibee branches, too in some big cities around the world where there are many Filipinos? Why many Filipinos prefer Hershey's over Goya (formerly a Filipino owned chocolate firm and recently acquired by a Swiss firm)? Why Philippine bananas are available in Iran and at the same time, some patis (fish sauce) brands are now imported in Thailand. What are the factors or why are these factors are the way to connect outside the country or internationally? IMPORTANT TERMS: **Free trade** is also an exchange or policy of goods and products between nations without tariff or tax. Social movement is where people and organizations advocating for positive social change through a variety of means and approaches. An effort by a large group of people to achieve a particular goal. It consists or may involve individuals, organizations, or both. **Deregulation** is the loosening or lifting of government regulations, usually to favor private corporations' flexibility of operations and profitability. Kapag mas maluwag when it comes to transactions of goods and services, napapaburan ang mga private organizations on their operations that can led them to profitability Benefits: it stimulates economic activity because it eliminates restrictions for new businesses to enter the market and it increases competitions. Since there is more competitions in the market, it improves innovation and increases market growth as business compete with each other. **Liberalization** is a process or policy of removal or reduction of restrictions or barriers on the free trade between nations. Benefits: having few barriers to trade, reduces the cost of goods sold in importing countries. When ordering online, it only takes 2-3 days to receive it... like the product is tossed from Country A to Country B. It is fast because of Deregulation and Liberalization. **Privatization** is a process or policy of subjecting an industry or service to private control and partnership. The transfer of ownership of property of business from the government to the private sector. Benefits: improve efficiency Not all individuals and organization are pro-privatization Ex. Meralco. Government → Semi → Private-owned Kapag naging private-owned ang isang entity lalo na ang nakikinabang ay majority ng mga tao at business entity sa isang bansa, meaning, namomonopolize siya. When it comes to prices na inooffer nila, minsan hindi masyadong naho-hold ni government kasi ang private sector na ang may-ari, siya na ang nasusunod sa prices. Ang role ng government ay to oversee or sabihin na 'hindi overpriced.' Kahit minsan, sobrang taas ng price. Dahil for profit, ang objective ng private sector ay to earn highest possible amount of profit. **WHEN DID GLOBALIZATION START?** International Trading System **Silk Road** (130BC) China to Middle East and Europe It was a network of ancient trade routes connecting China and the Far East with the Middle East and Europe. It was established when Han Dynasty of China officially opened trade with the West in 130 B.C. The name Silk Road derived from the popularity of Chinese Silk among tradesmen in the Roman Empire and elsewhere in Europe, the material was not the only important export from the East to the West. It is also known as economic belt that traded fruits and vegetables, livestock, grain, leather and hides, tools, religious objects, artwork, precious stones and metals and---perhaps more importantly---language, culture, religious beliefs, philosophy and science. **Galleon Trade** (1571) Manila to Acapulco Galleon Trade put up the ground for globalization by bringing about economic and cultural exchange and integration of financial markets between Asia and America. The galleon trade makes one or two round trip voyages per year between the ports of Acapulco and Manila **Gold Standard** (1867) UK and US It is a monetary system wherein the value of domestic currencies restricts to a certain amount of gold. With gold standard, countries agreed to convert paper money into a fixed amount of gold. A country that uses the gold standard sets a fixed price for gold and buys and sells gold at that price. That fixed price is used to determine the value of the currency. For example, if the U.S. sets the price of gold at \$500 an ounce, the value of the dollar would be 1/500th of an ounce of gold.