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    Lesson 2 - Global Economy

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    The document discusses global economy and poverty. It begins by explaining differences in living standards worldwide and poverty lines in the Philippines and globally. It then discusses how the COVID-19 pandemic has impacted the global economy and the poor. Key topics covered include defining global economy, the UN's Millennium Development Goals, the largest national economies, economic globalization and actors involved like international organizations, NGOs, and multinational corporations.

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    Lesson 2 - Global Economy

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    Troi John
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    The document discusses global economy and poverty. It begins by explaining differences in living standards worldwide and poverty lines in the Philippines and globally. It then discusses how the COVID-19 pandemic has impacted the global economy and the poor. Key topics covered include defining global economy, the UN's Millennium Development Goals, the largest national economies, economic globalization and actors involved like international organizations, NGOs, and multinational corporations.

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    The document discusses global economy and poverty. It begins by explaining differences in living standards worldwide and poverty lines in the Philippines and globally. It then discusses how the COVID-19 pandemic has impacted the global economy and the poor. Key topics covered include defining global economy, the UN's Millennium Development Goals, the largest national economies, economic globalization and actors involved like international organizations, NGOs, and multinational corporations.

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    2K views7 pages

    Lesson 2 - Global Economy

    Uploaded by

    Troi John
    The document discusses global economy and poverty. It begins by explaining differences in living standards worldwide and poverty lines in the Philippines and globally. It then discusses how the COVID-19 pandemic has impacted the global economy and the poor. Key topics covered include defining global economy, the UN's Millennium Development Goals, the largest national economies, economic globalization and actors involved like international organizations, NGOs, and multinational corporations.

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    of 7

    GNED 07 – CONTEMPORARY WORLD

    LESSON 2: GLOBAL ECONOMY

    LESSON 2: GLOBAL ECONOMY

    Around the world, people are living in different standards of lives. There are people who
    are rich, average, and poor. In the Philippines, the people living in the poverty line are those
    who makes less than Php 100, 534 pesos a year or around 275 pesos per day. However, there
    are many people who are experiencing extreme poverty. According to United Nation, they are
    those who are living on less than $ 1.25 a day. Extreme poverty or absolute poverty is a
    condition, characterized by severe deprivation of the basic human needs. These necessities
    include food, shelter, health, safe drinking water, sanitation facilities, education and information.
    This 2020, the world is experiencing the effect of the Corona Virus (COVID-19)
    pandemic. Not only health and life are at risks but as well as, the economy – the companies,
    factories, businesses are being affected. We could see on television or social media or hear
    from radios how people are suffering especially the poor people who could hardly provide all
    their needs.

    What is Global Economy?


    Global Economy - is the exchange of goods and services integrated into a huge single global
    market. (encyclopedia.com)

    Please watch this video from YouTube to learn more about Global Economy :
    https://www.youtube.com/watch?v=ay1TLtdNHfU

    The United Nation (UN) tried to address the different problems in the world. Their efforts
    were guided by the eight Millennium Development Goals, which all the members agreed to
    achieve by 2015. These are the following:
    1. to eradicate extreme poverty and hunger;
    2. to achieve universal primary education;
    3. to promote gender equality and empower women;
    4. to reduce child mortality;
    5. to improve maternal health;
    6. to combat HIV/AIDS, malaria, and other diseases;
    7. to ensure environmental sustainability; and
    8. to develop a global partnership for development.
    Source: 201203 - Millennium Development Goals - Fast Facts.pdf

    The following shows the top 10 countries with the largest economies in the world:
    World’s top 10 largest economies

    1. United States of America


    2. China
    3. Japan
    4. Germany
    5. India
    6. France
    7. United Kingdom
    GNED 07 – CONTEMPORARY WORLD
    LESSON 2: GLOBAL ECONOMY

    8. Italy
    9. Brazil
    10. Canada

    Source: https://www.ig.com/us/news-and-trade-ideas/top-10-largest-economies-in-the-world-190819

    Economic Globalization

    Economic globalization is the increasing integration of economies around the world,


    particularly through the movement of people and knowledge across international borders. The
    term sometimes refers to the movement of people and knowledge across international borders.
    According to the United Nations (as cited in Shangquan 2000), “Economic globalization
    refers to the increasing interdependence of world economies as a result of the growing scale of
    cross-border trade of commodities and services, flow of international capital, and wide and rapid
    spread of technologies.”

    Two different types of economies associated with economic globalization


    1. Protectionism – a policy of systematic government intervention in foreign trade with the
    objective of encouraging domestic production.
    GNED 07 – CONTEMPORARY WORLD
    LESSON 2: GLOBAL ECONOMY

    2. Trade liberalization - Trade liberalization is the removal or reduction of restrictions or


    barriers on the free exchange of goods between nations. These barriers include tariffs,
    such as duties and surcharges, and nontariff barriers, such as licensing rules
    and quotas.

    Interconnected dimensions of economic globalization

    According to Benczes (2014), the phenomenon can does have the following
    interconnected dimensions:

    1. The globalization of trade of good and service.


    2. The globalization of financial and capital markets.
    3. The globalization of technology and communication.
    4. The globalization of production.

    Global Actors in Economic Globalization

    1. International Governmental Organizations. It refers to an entity created by treaty, involving


    two or more nations, to work in good faith, on issues of common interest. The International
    Governmental Organizations (IGO’s) strive for peace, security and deal with economic and
    social questions. Examples include: The United Nations, the World Bank and on a regional level
    are North Atlantic Treaty Organization (NATO) and Association of South East Asian Nations
    (ASEAN) where the Philippines also belong.

    2. International Non-Governmental Organizations. The Non-Governmental Organizations


    (NGO’s) work towards solutions that can benefit undeveloped countries that face the backlash
    of economic globalization. Classified as any non-profit, voluntary citizens’ group which is
    organized on a local, national, or international level. Examples are Red Cross, Greenpeace and
    Amnesty International.

    3. Multinational Corporations. Multinational corporations (MNCs) are corporations which have


    overseas branches. One of the many changes they have brought to developing countries is
    increase in automation. Automation means the use of various control systems for operating
    equipment such as machinery with minimal or reduced human intervention. Examples of MNCs
    which are also present in the Philippines are Ford Motor Corporation, Fujitsu, General Electric,
    GlaxoSmithKline and Adidas.

    REFERENCES:

    Aldama, Prince Kennex R. 2018. The Contemporary World. First Edition. Rex Printing
    Company, Inc.
    Claudio, Lisandro E. and Abinales, Patricio N. 2018. The Contemporary World. C & E
    Publishing, Inc.
    GNED 07 – CONTEMPORARY WORLD
    LESSON 2: GLOBAL ECONOMY

    Saluba, Dennis J. et. al. 2018. The Contemporary World. Panday-Lahi Publishing House, Inc.
    https://www.who.int/topics/millennium_development_goals/about/en/
    https://www.encyclopedia.com/social-sciences-and-law/economics-business-and-
    labor/economics-terms-and-concepts/global-economy
    https://www.youtube.com/watch?v=0cGLrSpaf4o .

    ACTIVITY 3

    Global Economic Institutions

    Research about an international company (e.g. Honda, McDonalds, etc.) and


    accomplish the following tasks:
    1. Research on the origin and history of the company/ institution that you have chosen.
    Paste the photo/ symbol of the company/ institution.
    2. Map the international connections it has created.
    3. Locate the Philippines in this map of connections.
    4. Answer the following:
    a. How does this institution influence global economic activity?
    b. How does it affect economies in the Philippines?
    GNED 07 – CONTEMPORARY WORLD
    LESSON 2: GLOBAL ECONOMY

    LEARNING GUIDE

    Week 3

    September 21 & 23

    1. Study Lesson 2 The Global Economy


    2. Answer Activity 3.
    3. Please submit your answer to Activity 3 anytime on September 23rd or earlier if you can.

    September 25

    1. Answer Quiz # 2.
    2. The quiz will be sent and answered on the scheduled date.

    God bless you all!


    GNED 07 – CONTEMPORARY WORLD
    LESSON 2: GLOBAL ECONOMY

    A. Reflection:
    1. How does this institution influence global economic activity?
    This Institution influences global economic activity on countries
    economic and financial policies that promote stability, reduce vulnerability to
    crises, and encourage sustained growth and high living standards. It also
    monitors global economic trends and developments that affect the health of
    the international and financial system and promotes dialogue among
    member countries on the regional and global consequences of their
    policies. In addition to these surveillance activities, the IMF provides
    technical assistance to help strengthen members’ institutional capacity and
    makes resources available to them to facilitate adjustment in the event of a
    balance of payments crisis.

    2. How does it affect economies in the Philippines?


    Build so many buildings everywhere in the Philippines and its one the
    successful bank company here in the Philippines. It affects the economy of
    our country because banks play an important role in the financial system and
    the economy. As a key component of the financial system, banks allocate
    funds from savers to borrowers in an efficient manner. These financial
    services help to make the overall economy more efficient. They can loan or
    invest if they can’t do cash. The financial system plays a vital role in the
    economic development of a country. It encourages both savings and
    investment and also creates links between savers and investors and also
    facilitates the expansion of financial markets and aids in financial deepening
    and broadening. Banks play an important role too; they keep money of the
    people in its safe custody. They give interest on the deposited money to the
    people. They mediate between those who have surplus money and those
    who are in need of money.
    GNED 07 – CONTEMPORARY WORLD
    LESSON 2: GLOBAL ECONOMY
    Name: Troi John A. Panganiban Date: September 21, 2020
    Course: __BSBM 1B____ Score: ____________

    Global Economic Institutions

    Multinational Corporation: Banco De Oro Unibank

    A. Origin/ History
    BDO was formed in 1963 by five separate and independent firms which were from
    UK, Germany, the Netherlands, United States and Canada. They created the Binder
    Seidman International Group and in 1973 three of the firms Binder Hamlyn (UK) Dijker & Co
    (Holland) Otte & Co (Germany) adopted a common name BDO.

    B. Map of International Connections

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