NAME: Jerson D.

Benez
CONTROL N: 5005 TIME: 1-3PM DATE: 06-27-20

ASSIGNMENT #2

Answer the following questions:

1. How do economic forces facilitate the deepening of globalization?

 Since all economic activity take place in a market for scarce goods. The
scarcity can never be eliminated, only ameliorated. So does it mean that the
supply rises, to swamp the demand. In other word when the price falls some
supplier get suffered due to the price out in the market so the supply will be
restricted. But generally, the larger the market, the better. So if the country
has extensive globalization and has unforced extension of the market it will be
having a net improvement.

2. How is the Philippines central to the history of economic globalization?

 We all know that most economists and scholars of globalization think that free
trade emerged during the industrial revolution, a period roughly from 1870 to
1914. During this time, European colonies in Asia and Africa supplied raw
materials to European manufactures and were markets of European goods.
Free trade zones, or the unhampered movement of goods capital, ideas and
people, were essential to a globalized economy.

3. Compare and contrast the assumptions of the original Bretton woods

system with those of the Washington Consensus?

 The Bretton wood system is a system that created a framework of norms,

rules and understanding to counter world war II economic instability, the main
point of the system is to avoid returning to the economic instability in 1930s.
while the Washington consensus is describes all the policies that the
international institutions based in international monetary fund and world bank.