LOREN MAE DETALO THE CONTEMPORARY WORLD

BSEM 2

MODULE 2:
TOPIC 2: MARKET INTEGRATION

Learn about it!

Economic Development During and After World War II
Share to the class your insights:

1. In your previous history subjects, what were the faces or marks of the World War II?

 The significant reasons for World War II were various. They incorporate the
effect of the Treaty of Versailles following WWI, the overall financial downturn,
disappointment of conciliation, the ascent of militarism in Germany and Japan,
and the disappointment of the League of Nations. They do battle for an assortment
of reasons. All the more explicitly, some have contended that wars are battled
principally for financial, strict, and political reasons. Others have guaranteed that
most conflicts today are battled for philosophical reasons.

2. Who or which nations do you think became the most powerful or otherwise, the weakest
during and after the World War II?

 Japan was out due to being bombed by the US and because after the war, the US
reshaped their economy and government. Add to that the fact that the US had the
bomb, and the US was the most powerful country.

3. Can you describe what you think was the way and quality of life during and after world
war II? What real-life experiences of your elders or grandparents can you share
pertaining to this?'

 For me, life during world war II was miserably scary, because you have to fight
not just for your life but also for your country. Well, the life after I might say it’s
a relive that finally the war is gone and you can do whatever you want freely no
fear for life.

4. What do you think were the actions of the local and world governments in response to the
effects of the most devastating historical event of the 20th century?
  Defending our Nation against its enemies is the first and fundamental
commitment of the Federal Government. They do everything to free and defend
our country.

5. Do you still feel or sense the remnants of World War II? If yes, what are these and how?

 Even though I wasn’t there during the world war II, I might say I can compare the
fear that we feel now because we are having a new war a different war and that is
to fight the virus, who is currently attacking the whole world.

Activity 1: ROUND TABLE DISCUSSION

 Market Integration - Market integration happens when costs among various areas or
related merchandise follow comparative examples throughout an extensive stretch of
time. Gatherings of merchandise regularly move relatively to one another and when this
connection is extremely clear among various business sectors it is said that the business
sectors are coordinated.
 World Trade Organization (WTO) - The World Trade Organization is an
intergovernmental association that directs and works with global exchange between
countries. States utilize the association to set up, update, and authorize the guidelines that
oversee worldwide exchange.
 International Monetary Fund (IMF) - The International Monetary Fund, or IMF,
advances global monetary soundness and financial collaboration. It likewise works with
worldwide exchange, advances business and supportable financial development, and
assists with decreasing worldwide neediness. The IMF is represented by and responsible
to its 190 part nations.
 Bretton Woods and the System - The Bretton Woods System is a bunch of bound
together standards and approaches that gave the structure important to make fixed
worldwide money trade rates. Basically, the arrangement required the recently made IMF
to decide the proper pace of trade for monetary forms all over the planet.
 World Bank (WB) - The World Bank is a global monetary foundation that gives
advances and awards to the state run administrations of low-and center pay nations for
the motivation behind seeking after capital ventures.
 General Agreement on Tariffs and Trade (GATT) - The General Agreement on
Tariffs and Trade (GATT), endorsed on October 30, 1947, by 23 nations, was a
legitimate understanding limiting hindrances to worldwide exchange by dispensing with
or decreasing portions, taxes, and appropriations while saving huge guidelines.

GUIDE QUESTIONS:

1. What is MARKET INTEGRATION and what is its relevance to the present local and
international economies?
  Market integration provides a number of social benefits, including broadening the
range of financial services and investment opportunities available to consumers
and increasing competition in the provision of those services.

2. What is the relevance of Bretton Wood Institutions such as the IMF and the World Bank
in today’s globalized world?

 The Bretton Woods Institutions—the IMF and World Bank—have an important

role to play in making globalization work better. They were created in 1944 to
help restore and sustain the benefits of global integration, by promoting
international economic cooperation.

3. What does the history of the Bretton Woods tell us? How far shall we trust its institution
given the criticism and blunders provided by the Stiglitz?

 Bretton Woods established a system of payments based on the dollar, which

defined all currencies in relation to the dollar, itself convertible into gold, and
above all, "as good as gold" for trade. U.S. currency was now effectively the
world currency, the standard to which every other currency was pegged.

Activity 3: The MARK-et

PART I:
Scenario A: In your local town, one of the main sources of employment for three generations
has been agriculture. The government has recently decided to develop the farmlands into real
estate and exclusive subdivisions in order to attract foreign investors to the country.

Your answer and justifications: Land is one of three central point of creation in old style
financial aspects (alongside work and capital) and a fundamental contribution for lodging and
food creation. Along these lines, land use is the foundation of agrarian economies and it gives
considerable monetary and social advantages. Land use change is vital and fundamental for
monetary turn of events and social advancement.

Scenario B: The shoes that you really like are much cheaper via an online shop in America.

Your answer and justifications: Online shopping has perpetually changed our general public and
things are dislike they used to be. I most definitely love internet shopping and believe it's
astonishing. Others like to visit an actual store for all that they buy and there's nothing off about
that by the same token.

Scenario C: The Philippine Government is being pressured by the current economic crisis to
import rice from Taiwan and other nearby countries in the region.
Your answer and justifications: The Philippine government is being constrained by the current
financial emergency to import rice from Taiwan and other close by nations in the district on
account of the COVID-19 emergency.

Scenario D: The company that your father works for has recently been taken over by a
transnational corporation with job opportunities in many parts of the world if he is prepared to
movie/ relocate.

Your answer and justifications: It depends, because some of us do not want to be far from
family, but because of the crisis they have to sacrifice for a great opportunity ahead.

Scenario E: Your mother’s investment funds have been affected by the Global Financial Crisis
and she is worried that she won’t have enough money when she retires.

Your answer and justifications: As we have notice, since the infectious sickness has begun, our
worldwide economy is contracting because of the relentless multiplication of tainted individuals
from one side of the planet to the other. As we have seen on TV news, every nation is frantically
battling the infection and is attempting to do some essential moves to recuperate what has been
lost, uniquely funds, organizations, and different kinds of revenue. Our present circumstance is
strange, every human action is impacted, even the flow of cash in the commercial center is
additionally impacted because of a wide lock down executed to each place. Individuals begin
crying and requesting monetary help for their everyday needs like food and medication.

PART II:

1. How do you analyze the “global” nature of multinational corporations?

- A Multinational Corporation (MNC) has offices and different resources in
somewhere around one country other than its nation of origin. A worldwide
organization by and large has workplaces and additionally plants in various
nations and a brought together administrative center where they facilitate
worldwide administration.
2. Examine the role of regional coalitions in the global economic system.
- A communitarian organization of medical care associations and their separate
public and private area reaction accomplices that fill in as a multiagency planning
gathering to help with readiness, reaction, recuperation, and relief exercises
identified with medical services association fiasco tasks.
3. What do you think would be the role of the nation-state with respect to the changes in the
world economic system?
- The role of the nation-state in a global world is largely a regulatory one as the
chief factor in global interdependence. While the domestic role of the nation-state
remains largely unchanged, states that were previously isolated are now forced to
engage with one another to set international commerce policies.

Let us Reflect
 What have I LEARNED this week that has helped me do all aspect of this better?

- I learned to managed my time in everything.

 What have I DONE this week that has made me better at doing all aspects of this?
- Managing time and do my assigned task on time.
 How can I IMPROVE at doing all aspects of this?

- Be more responsible and manageable.