David, Hanna Mae O.

TE-101

1. the 3 distinct phases of Globalization.

 The three distinct phases of globalization are; first, The early voyages of Exploration and
Colonization, the second is The age of Transnational Integration and the last one is The
modern age of Globalization. The first phase is an informal and loosely defined term for
the period in European history in which extensive overseas exploration emerged as a
powerful factor in European culture and which was the beginning of globalization. The
second phase is covers the period of intensive internationalization of transportation systems,
communications, commerce, science, and many other human activities that unfolded between
the middle of the 19th century. And the last phase, the modern age is about the new global
economic, and also the new international financial agreements and institution such as
International monetary fund and world bank.

2. two benefits of free trade

 Free trade has many benefits. The first benefits is Free trade increases access to higher-
quality, lower-priced goods. Cheaper imports, particularly from countries such as China
and Mexico, have eased inflationary pressure in the United States. Increased competition,
with more trade, domestic firms will face more competition from abroad. Therefore, there
will be more incentives to cut costs and increase efficiency. It may prevent domestic
monopolies from charging too high prices.

3. what is MNC
 A multinational corporation (MNC) or worldwide enterprise is usually a large corporation
incorporated in one country which produces or sells goods or services in various countries. It also an
enterprise or company based in one country, which operates its activities in several
countries or countries through foreign owned or controlled subsidiaries. It is focusing on
adapting their products and service to each individual local market. Multinational
corporations are engaged in foreign direct investment in the target countries, it operates
across several countries / states where it produces products or services (not only sells
them). It control one third of world trade, most of the multinational corporations is based
in industrialized countries.
4. what is TNC
 TNC stands for Transnational Corporations. A transnational corporation differs from a
traditional multinational corporation in that it does not identify itself with one national
home. While traditional multinational corporations are national companies with foreign
subsidiaries. It is a company that operates in at least two countries. It is also a
organization or a business but it enterprise a direct foreign investment.

5. Protectionism vs. Trade Liberalization

 Protectionism refers to government actions and policies that restrict or restrain
international trade, often with the intent of protecting local businesses and jobs from
foreign competition. Protectionist policies can be implemented in four main ways, tariffs,
import quotas, product standards and government subsidies. While the 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 non-tariffs, such as licensing rules and quotas. Economists often view the easing or
eradication of these restrictions as efforts to promote free trade.