Republic of the Philippines

CENTRAL MINDANAO UNIVERSITY

College of Arts and Sciences
Department of Social Sciences
Musuan, Maramag Bukidnon

GEC 13

Contemporary World

ABSTRACTION No. 02 GLOBALIZATION OF WORLD ECONOMICS

Name: Jason B. Sia Date: 03/03/2022

ABSTRACTION requires STUDENTS to make a summary of KEY

CONCEPTS of what was learned from lesson 2. Based on the discussions, kindly
state in FIVE (5) SENTENCES ONLY on what you learned from the lesson.

I learned that economic integration seeks to lower consumer and production

costs while also increasing commerce between the nations included in the
agreement. Economic integration is often known as regional integration since it
frequently happens between adjacent countries. I also learned that mercantilism
was an economic theory and practice popular in Europe from the 16th to the 18th
centuries that advocated for government control of a nation's economy in order to
strengthen the state's position at the expense of competing national powers. It was
the economic equivalent of political authoritarianism. Lastly, I learned that the
purpose of the Bretton Woods System is to establish a new set of rules, laws, and
procedures for the world's main economies to ensure their economic stability.