NAME: BULIAG, HONEY MAE B.

GRADE/SECTION: BTLE-IA 2A

Discuss the following questions/statements BRIEFLY AND CONCISELY.

1. What is your own understanding about Economic Globalization? Explain it in one

paragraph only.
ANSWER:
For me, economic globalization refers to increasing interdependence of world
economies as a result of increased cross-border commodity and service trade,
international money flows, and the widespread and rapid dissemination of
technologies. It encompasses a wide range process, opportunities, and issues
relating to the expansion of economic activities between countries.
2. Do you think the Philippines is harmed as other countries transfer their activities to
us through outsourcing? Justify your answer in one paragraph only.
ANSWER:
No. indeed, it is beneficial to the Philippines. When a corporation in another
country engages in outsourcing, it usually does more harm in the local community
than it does in other countries. Given the presence of outsourcing companies in the
Philippines, this means that outsourcing companies create opportunities for Filipinos
to work. As a result, it helps the Philippines.

3. How do economic forces facilitate the deepening of Globalization? Explain it in one

paragraph only.
ANSWER:
Economic forces helping towards a more deepening of globalization:
The term “globalization” refers to a growing interdependence between different
countries economic issue, cultures, and people all across the world. There are a
variety of causes that have contributed to the growing trend of globalization overtime.
• Technological advancement
• Changes in consumer behavior
• Increasing efficiency, and
• Tariffs and quotas are being phased out.
4. Compare and contrast the assumptions of the Bretton Wood System with those of
the Washington consensus. Answer it in 1-2 paragraphs.
ANSWER:
The Bretton Woods System is a set of norms, rules, and understanding put in
the place to combat the economic instability that followed World War II (depression,
unemployment, protectionism and eventually fascism). The system entire purpose is
to prevent a repeat of the 1930’s economic instability.
The Washington Consensus describes all of the policies pursued by
international institutions based in Washington, such as the IMF and the World bank.