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LESSON 8 - CONWORLD
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- 1ECONOMYComprises the wealth and resources of a country or region in terms of the production and consumption of goods and services.
- 2ECONOMIC GLOBALIZATIONWidespread international movement of goods, capital, services, technology and information.
- 3Sam Kim (2020), Bloomberg News Reporter- Covid-19 pandemic shaken economies of the world.
- Asian stocks declined, virus spread increases.
- Death surpassed 500,000. US and Japan economies still suffer recession. - 4Political GlobalizationIntensify inter-dependence of national, regional, and local economies across the world through cross border movement of goods, services, technologies and capital.
- 5GLOBAL ECONOMYOne giant economic system where all of the economies of the world work together.
- 6John 10:10"The thief cometh not, but for to steal, and to kill, and to destroy: I come that you might have life, and you will have it more abundantly."
- 7Globalization and Inequalityare closely related
- 8GLOBAL ECONOMIC INEQUALITYThe world is not a fair playing field. Especially, In terms of human rights, opportunities, and standard of living. Some countries have greater money and resources than others.
- 9Ritzer (2015)"At the global level, whites are disproportionately in the dominant North, while blacks are primarily in the South; although this is changing with South to North migration."
- 10Free College EducationThe only ladder which could help a lot to emancipate their families in the bondage of poverty.
- 11RICH COUNTRIESCanada, United States, Western Europe, developed parts of Asia.
- 12POOR COUNTRIESCaribbean, Latin America, South America, Africa, and other parts of Asia which include the Philippines.
- 13TWO TYPES OF GLOBAL INEQUALITY1. Wealth Inequality - the net worth of the country, about distribution of assets.
2. Income Inequality - the new earning that are constantly being added to the pile of a country’s wealth. - 14GDP (GROSS DOMESTIC PRODUCT)- Where economics usually look at income.
- Measures the total outputs of the country. - 15The government has allocated billions of pesos to various programs:Pantawid Pamilya, Pantawid Pasada etc.
- 16Two Types of Different Economies Associated with Economic Globalization1. Trade Protectionism - protecting one’s economy from foreign competition by creating trade barriers.
2. Trade Liberalization/Free Trade - agreements and technological advances in transportation and communication. - 17TariffsRequired fees on imported goods and services or resources as well as exports.
- 18International/Global TradeCreated new opportunities for people to sell their products and labors in a global market place.
- 19(Downie, 2007)Fair trade is the concern for social, economic, and environmental well-being of marginalized small producer.
- 20International Fair Trade AssociationProducts like coffee, bananas, cotton, wine, tea, and chocolate have been exchange in light of “fair trade”.
- 21Legacy of Colonialism1. Colonialism - foreign power maintains political, social, economic, and cultural domination for an extended period. Filipinos almost allowed themselves to be dominated for three times.
2. Neocolonialism - continued dependence on more industrialized nations for managerial & technical expertise by former colonies. - 22Fall of BataanBoth countries which caused that war, that is, United States and Japan were represented.
- 23American Sociologist Immanuel Wallerstein Model: Capitalistic World Economy"The world economic system is divided into a hierarchy of three types of countries."
1. The Core
2. The Semi-peripheral
3. Peripheral - 241. The Core- countries which are dominantly capitalist. EXPLOIT both semi-peripheral and peripheral countries
- high levels of industrialization,
urbanization, capital intensive, high wages & high technology production.
Ex. United States, Japan and Germany. - 252. The Semi-peripheral- less developed than core nations but more developed than peripheral nations. They are the BUFFER between the core and peripheral countries.
Ex. Mexico, Brazil, India,
Nigeria and South Africa - 263. Peripheral- low income countries, less industrialized, low literacy rates
- dependent on core countries
- lack consistent internet access
- generally PROVIDE labor and materials to core countries. - 27Non-tariff BarriersMethod of limiting imports without charging a tax on goods coming into a country.
- 28Preferential Trade AgreementWhen a group of countries deals to reduce tariff, give preferential access to certain products from the participating country.
- 29Economic & Monetary UnionCommon market that uses a common or single currency.
- 30LeapfroggingIdea that countries can skip straight to more efficient and cost-effective technologies that were not available in the past.
- 31Gross National ProductTotal value of the goods and services during a specified year. It includes the money earned by the OFWs.
- 32Per Capita IncomeAverage income earned per person.
FORMULA: total income/total population = PER CAPITA INCOME - 33SanctionsOccurs when a country bans all trade activities from another country.
- 34Ad Valorem- tariff that depends on the original price of the product.
- usually it is 10% of the original
price of the product that is being imported. - 35StagflationLow GDP with a high inflation
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- Fichas sobre LESSON 8 - CONWORLD, creado por Manabat Jensel Marie H. el 18/11/2021.
- Creado por
- Manabat Jensel Marie H.
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