NAME: RUSTOM S.

FERNANDEZ Program: BPED-2

Subject: G-WORLD Schedule: 11:00-12:00 pm

WEEK 2 
REFLECTIVE JOURNAL  
I. Make a reflective journal of the things you’ve learned in lesson 1. Your journal must
have at least 15 sentences as a minimum. Be guided with the rubric in writing your
reflective journal. (50 pts.) 

Last meeting we discuss about the Global Economy, in which at the end of the lesson the
students will be able to define the economic globalization; can identify the factors that facilitate the
economic globalization; and the student can present the evolution of international monetary system.
Aside from that, the teacher shows to us a different picture and we will guess what the pictures mean.
In this topic I learned about the economic globalization. Economic globalization is the global
movement of goods, services, technology, money, and knowledge. Production, financing, economies,
technology, governments, companies, and labour are all part of it. This would boost the economic
convergence of global, provincial, and local economies. Furthermore, economic globalization involves
connectivity, shipping, and the exchange of goods and services. It truly includes socialization to other
countries through the transportation of goods, technologies, information, and services.
Aside from that, the world economy faces its own global problems that can have an impact on
the method of transporting goods and services globally, regionally, and locally.  The world economy
has its problem with the international terrorism. Some claim that the world's economy is moving to a
digital knowledge economy. Also, the world's population is increasing. And when the overpopulation
and as the population arises the poverty will occurs. Poverty exists when many people are poor or
jobless, and some do not have a place to rent. They just live beside the street or under bridges, and
they don't even have food. One of the problems is the growth of India and China, which is putting a
pressure on commodity prices. The costs of the goods increase even more. It also has an effect on
the increased productivity of each country's workplace.
We talk also about the International Financial Institution (IFI). Global financial institutions have
played an important part in the global economy's transition. It has significantly aided the advancement
of globalization, implying that international exchange and private investments now play a larger part in
economic growth than previously. The WEF and WTO have been charged with handling the global
economy in order to boost the condition of global industry and economic development. It also
encourages fair trade with other countries by upgrading its capabilities. I also discovered that the
Bretton Woods Agreement was the first example of a completely agreed monetary order intended to
regulate monetary relations among independent states. I've also found that the Bretton Woods
agreement created a mechanism that fixed currency exchange rates that could be used in
establishing a global currency using gold, but the fixed currency exchange rate has collapsed.
However, it aids in ensuring equilibrium throughout the development process. In 1971, President
Richard Nixon declared that the right to exchange dollars to gold would be temporarily suspended,
which was the last straw for the Bretton Woods scheme. Aside from that, we discussed the printing of
money in each nation. It is because buyers will demand more goods, causing price increases and
possibly inflation. When a large amount of money is printed, inflation will occur, and the currency's
value may depreciate.