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ESSAY WRITING - Contemp World

The document contains two essay questions asking the student to discuss the meaning of the phrase "When the American economy sneezes, the rest of the world catches cold" and to analyze market integration in relation to the Philippine market and determine the best economic system for Philippine development. For the first question, the student explains that the American economy has a huge influence on the global economy due to America's role as a developed nation, donor, and participant in international organizations. Issues in America's economy or politics can therefore affect other countries. For the second question, the student notes that the Philippine economy uses a mixed economic system with private enterprise and some government regulation and planning. A mixed system combines the advantages of free markets and

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Unalyn Ungria
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447 views

ESSAY WRITING - Contemp World

The document contains two essay questions asking the student to discuss the meaning of the phrase "When the American economy sneezes, the rest of the world catches cold" and to analyze market integration in relation to the Philippine market and determine the best economic system for Philippine development. For the first question, the student explains that the American economy has a huge influence on the global economy due to America's role as a developed nation, donor, and participant in international organizations. Issues in America's economy or politics can therefore affect other countries. For the second question, the student notes that the Philippine economy uses a mixed economic system with private enterprise and some government regulation and planning. A mixed system combines the advantages of free markets and

Uploaded by

Unalyn Ungria
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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UNGRIA, UNALYN D.

                        BEED 1-A                          November 13, 2020

ESSAY WRITING

Discuss the following item for 15 points each. Submit your response to our Google Classroom on
a specified due date. Scoring will be based on our set rubric.

 Q.1 What do you mean by the phrase “When the American economy sneezes, the rest of
the world catches cold.”

         - We all know that the America/United States of America is one of the most influential
developed country in terms of technology, culture, media, political, goods and products, etc.
They are one of the countries globally with high economy. They are the one who fight for
democracy that made them a leader of this free world and lead us in different international
organizations like World Health Organization (WHO), United Nations (UN), Food and
Agriculture Organization of the United Nations (FAO), United Nations Economic and Social
Commission for Asia and the Pacific (UNESCAP), United Nations International Children’s
Emergency Fund (UNICEF), and many others. According to cfr.org, US was the largest donor to
the United Nations, contributing roughly $10 billion in 2018, slightly less than one-fifth of the
body’s collective budget and according to unicef.org, “Our top three resource partners in 2019
(by contributions received2) were the Governments of the United States of America (US$743
million), the United Kingdom (US$494 million) and Germany (US$464 million)”. In other
words, United States of America plays a huge role in world’s economic system.   So in this
quotation, “When the American economy sneezes, the rest of the world catches cold.” It simply
means that if the economy of the United States gets affected, the world’s economy will be
affected, too, and if what issues happen in America, other countries are concerned because as I
have stated above, America plays a huge role in the world's economy. For example, in this
pandemic called COVID-19, US government helped every country to get through in this
pandemic although they are also suffering. They donated so much medical products in different
countries. According to the IMF, After the U.S. government committed roughly $3 trillion to
support the economy through a round of restrictions on activity imposed to curb the virus in
April and May, the disease is surging in the United States to record levels just as those support
programs are due to expire. Another example, the issue of WW3 threats between America and
China this 2020, almost all of the countries, both developed and developing are concerned and
got affected in this issue. Next contemporary issue example is the death of George Floyd in
Minneapolis. George Floyd, a 46-year-old African-American man, died on May 25, 2020 after
being handcuffed and pinned to the ground by a white police officer’s knee in an encounter that
was captured on video and incited large protests against police brutality and systemic racism in
Minneapolis and in more than 150 American cities in the weeks and months that followed. Not
only Americans got affected in this issue but most of the countries worldwide and created the
saying “Black Lives Matter”. We can’t deny the fact that we Filipinos are more concerned about
the issues happening in America than in our own. Therefore I conclude, America has a
tremendous influence on all of us in various aspects of our lives.

Q.2 Analyze the Market Integration in relation with the Philippine market. Which of these
economic systems would be best suited for the Philippine economic development?

- The Philippines is a country in Southeast Asia in the western Pacific Ocean. According to
wikipedia.org, the economy of the Philippines is the world's 31st largest economy by nominal
GDP according to the International Monetary Fund 2020 and the 13th largest economy in Asia.
The Philippines is one of the emerging markets and the 3rd highest in Southeast Asia by GDP
nominal after Thailand and Indonesia. In other words, we are able to compete in other countries
because we have different businesses or market companies that can import and export its
products. The Philippines has a mixed economic system which includes a variety of private
freedom, combined with centralized economic planning and government regulation. Although
we are in a free-market system, still we need a government that should control and strictly
regulate us. A mixed system combines the best features of market and command systems. Many
western countries followed this kind of economic system. However, practically speaking, mixed
economies face the challenge of finding the right balance between free markets and government
control. Governments tend to exert much more control than is necessary. But, it is the role of our
government, to govern and prioritize its people and its economy. Therefore I conclude that a
mixed system would be the best for the Philippine economic development. 

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