Short Quiz in GE 319 (The Contemporary World)

Name: Gabriel O. Gabuya

Course & Year: BSEE 3rd year
Answer the following questions as succinctly as possible:
1. How does Steger explain globalization? Please elucidate
➢ Steger explained globalization as a process, condition, and ideology. He
explained that globalization as a process is about the compression of time
and space brought about the changes in technology and political, cultural,
and economic aspects of human existence. For the globalization as
condition, he explained that it is characterized by thick economic,
political and cultural interconnections and global flows that render
political and economic barriers irrelevant. As you look closely globalization
as a process and condition are having a cause and effect relationship.
Which means globalization (the process) leads to more globalization (the
condition), but this statement does not allow meaningful distinctions
between cause and effect, but rather he used the term globality to signify
a future social condition. Lastly for the globalization as an ideology, he
explained that globalization is a political belief system that benefits a
certain class. He argues that globalization as an ideology is defined by six
(6) core claims.
• Globalization is about the liberation and global integration of
markets.
• Globalization is inevitable and irreversible.
• Nobody is in charge of globalization.
• Globalization benefits everyone.
• Globalization furthers the spread of democracy in the world.
• Globalization requires a global war on terror.
2. There are six (6) core claims of globalization. Cite three (3) and explain
each claim significantly.
➢ Globalization is inevitable and irreversible.
• It is because we cannot stop the natural order of evolution in which
we, humans, being integral part and one of the species in nature are
obligated to adapt to this global integration.
➢ Nobody is in charge of globalization.
• Markets are self-regulating and is better not to mess with them.
• Nobody is in charge of the economies of the world. Most countries
are very possessive of their own economy.
 •There is a transcendental force that decides what happens in the
world
➢ Globalization benefits everyone.
• Defines globalization as intrinsically good.
• This will be a paradise when everyone is touched by economic
growth.
3. One of the drivers (factors) of globalization is technology. In the case of
the Philippines, what measure it has adopted to transform globalization
promoting a “borderless” world that allows the effortless entry and exit of
goods? How?
➢ In the Philippines, globalization is important in how it works in the
economy and the development of technology. Globalization helps each
country to have cooperated to help each other and be united. Globalization
is formed to process goods, services, and people around the world. It works
for every people to move and work in a different country as well as the
goods of each country can also be imported and exported to a different
country and destination. It helps every nation to develop a global economy
and increase the income of each country. Also, globalization can be mean
to liberalize each country their rule and regulation to follow, people can
enter a different country as long they follow the rules and law of the
country they when to or work to. Globalization works for each country
through the World Trade Organization and the United Nation because
international law is created and enforced. Globalization helps developing
countries to their industrial, manufacturing, improvements, and economic
expansion of living. It is also the interaction of all economies of the world
in terms of financial transaction, political, educational, trade, and
manufacturing production. However, Globalization can have a
disadvantage and also an advantage to each country.
4. Structuralism is a dominant perspective in the study of globalization
focusing on how different social classes are shaped by the dominant
economic structure. What policy tools are used so that state can control
the economy or set the prices of their products?
➢ Monetary policy - is the macroeconomic policy laid down by the central
bank. It involves management of money supply and interest rate and is
the demand side economic policy used by the government of a country to
achieve macroeconomic objectives like inflation, consumption, growth and
liquidity.
➢ Fiscal policy - is an estimate of taxation and government spending that
impacts the economy. Types of fiscal policy. There are two types of fiscal
 policy: Expansionary fiscal policy: This policy is designed to boost the
economy. It is mostly used in times of high unemployment and recession.
➢ Fair trade - is an arrangement designed to help producers in growing
countries achieve sustainable and equitable trade relationships. It
promotes sustainable development by offering better trading conditions to,
and securing the rights of, marginalized producers and workers in
developing countries.
5. Neoliberalism is a political and economic ideology that attempts to
improve human well-being by promoting individual self-interest. What does
it advocate and strive for?
➢ Neoliberalism is related to laissez-faire economics, a school of thought that
prescribes a minimal amount of government interference into the economic
issues of individuals and society. Laissez-faire economics proposes that
continued economic growth will lead to technological innovation, expansion
of the free market, and limited state interference. Neoliberalism is sometimes
confused with libertarianism. However, neoliberals typically advocate for
more government intervention into the economy and society than
libertarianism. For example, while neoliberals usually favor progressive
taxation, libertarians often eschew this stance in favor of schemes like a flat
tax rate for all taxpayers. In addition, neoliberals often do not oppose
measures such as bailouts of major industries, which are anathema to
libertarians.