pa explain kada picture (tagalog po yung explanation)

P Global-Economy [Protected View] - PowerPoint X Contoso Limited Unlimited scarce Production wants and resources needs O The economic problem is to match limited resources to unlimited wants and needs Countries trade with each other due to the lack of resources and cannot satisfy their own needs and wants. As the countries develop their resources and they trade it for IN THIS LESSON the resources they need. . it is very evident that international trade We will begin with economic plays significant role in in the development of globalization and global actors the industrialized world. Imports of goods that facilitate the economic and services happen maybe for better or cheaper quality, appealing goods or no globalization. alternatives exist. page 4 Slide 4 of 48 30 X 9:02 PM W 10/24/2022P Global-Economy [Protected View] - PowerPoint X Contoso 0 1 2 3 4 6 8 12 18 24 36 2d 3d 4d 5d 10d Travel time to major cities (in hours and days) and shipping lane density . The rapid growing significance of information in all types of productive UNITED NATIONS TO activities and marketization are the two GLOBALIZATION major driving forces for economic globalization." "Increasing interdependence of world . In economic globalization, companies seek economies as a result of the growing the greatest possibility of efficient and scale of cross-border trade of maximized profits that will involve many commodities of services, flow of regions and localities to "global production." international capital and wide and rapid spread of technologies. page 5 Slide 5 of 48 30 X W P 9:04 PM 10/24/2022P Global-Economy [Protected View] - PowerPoint X open markets IIII import tariffs import quotas import bans . Free trade will be necessary condition for the Technological change and development of production networks. deregulation/liberalization enabled the Minimizing trade barriers and ensure smooth development of financial markets (capital movement of resources, goods and services. The engine of globalization which allows the move freely) to the extent that the financial use of technological advances and markets began to dominate the global differences between regions. economy page 6 Slide 6 of 48 X W P 9:04 PM 10/24/2022P Global-Economy [Protected View] - PowerPoint X THE SILK ROAD AND Europe GALLEON TRADE Mediterranean Sea China Egypt Persia Arabia India Somalia Indian Ocean CHINA NORTH 2 EUROPE Japan AMERICA Seville 18 ATLANTIC TROPIC OF CANCER OCEAN Macay. Philippine Is. Mexico PACIFIC La Habana Veracruz AFRICA Manila OCEAN Accapuleo Portobelo "Tidore EQUATOR Panama EAST INDIES SOUTH Spice Is. . Lima TROPIC OF CAPRICORN AMERICA Slide 10 of 48 X W 9:05 PM 10/24/2022a GlobalrEconomy[Protected View] , PowerPoint - A more open trade system emerged in 1867 when, following the lead of the United Kingdom, the United States and other European Nations adopted the gold standard at an international monetary conference in Paris. Broadly, its goal was to create a common system that would allow for more efficient trade and prevent the isolationism of the mercantilist era. The countries thus established a common basis for currency prices and a fixed exchange rate system- all based on the value of gold. Slide 13 m 43 (i) (i) \" 33 $1 'T' 9:06PM a h m m @ o m Ammo tom/2022 %_- P Global-Economy [Protected View] - PowerPoint X Contoso FINE . Despite facilitating simpler trade, GOLD the gold standard was still a very restrictive system as it compelled countries to back with their NETWT currencies with fixed gold reserves. 10009 1000 . During World War I, when countries depleted their gold reserves to fund 10009 their armies, many were forced to abandon the gold standard. Since European countries had low gold reserves, they adopted floating currencies that were no longer redeemable in gold. Slide 14 of 48 19 X W 9:06 PM 10/24/2022a GlobalrEconomy[Protected View] , PowerPoint ' Returning to a pure standard became more difficult as the global economic crisis called the Great Depression started during the 1920's and extended Up to the 1930's, further emptying government coffers. This depression was the worst and longest recession ever experienced by the Western World. Slide 15 o! 43 (i) (i) \" 33 $1 'T' 9:06PM a h m m @ o m Amen tom/2022 %_- P Global-Economy [Protected View] - PowerPoint X Contoso FINE . Some economist argued that it was GOLD 900.0 largely caused by the gold standard, since it limited the amount of circulating money and, therefore, NETWT reduced demand and consumption. 10009 1000 . If governments could only spend money that was equivalent to gold, 10009 its capacity to print money and increase the money supply was severely curtailed. Slide 16 of 48 19 9:07 PM X W P 10/24/2022P Global-Economy [Protected View] - PowerPoint X UNIT AMER OTE IS LEGAL TENDER BTS. PUBLIC AND PRIVAT K 7239 WASHING 245 AN Economic historian Barry Eichengreen argues that the recovery of the United States really began when, having abandoned the gold standard, the US government was able to free up money to spend on reviving the economy. . At the height of World War II, other major industrialized countries followed suit. Slide 17 of 48 9:07 PM X W P 10/24/2022P Global-Economy [Protected View] - PowerPoint - X 19J OOOS Contoso 20882 HAAS 100 50 696554 50) 167 20 20 $1 7 . Today, the world economy operates 16848633 based on what are called fiat 10 8961613 NOT 2 4 1864296 currencies-currencies that are not 1088 NAS 5 OF INDIA AMERIC G 5676 0463843 2004 backed by precious metals and 6 OING DONG whose value is determined by their cost relative to other currencies. This system allows government to freely and actively manage their economies by increasing or decreasing the amount of money in circulation as they see fit. Slide 18 of 48 19 X W 9:07 PM 10/24/2022P Global-Economy [Protected View] - PowerPoint - X 19J OOOS Contoso 20882 HAAS 100 50 696554 50) 167 20 20 $1 7 . Today, the world economy operates 16848633 based on what are called fiat 10 8961613 NOTE 1864296 currencies-currencies that are not 1088 NAS 5 OF INDIA AMERIC G 5676 0463843 2004 backed by precious metals and 6 OING DONG whose value is determined by their cost relative to other currencies. This system allows government to freely and actively manage their economies by increasing or decreasing the amount of money in circulation as they see fit. Slide 18 of 48 19 X W 9:08 PM 10/24/2022Global-Economy [Protected View] - PowerPoint X The stock markets crashed in 1973- 1974 after the United States stopped linking the dollar to gold, effectively ending the Bretton Woods system. . The result was phenomenon that Keynesian economics could not have predicted- a Phenomenon called stagflation, in which a decline in economic growth and employment (stagnation) takes place alongside a sharp increase in prices (inflation). Slide 19 of 48 m X W P 9:08 PM 10/24/2022P Global-Economy [Protected View] - PowerPoint X Contoso . Around this time, a new form of economic thinking was beginning to challenge the Keynesian orthodoxy. 8 5948996 4X . Economist such as Friedrich Hayek and Milton Friedman argued that the governments practiced of UNITED pouring money into their economist UNITEDSTATES OFAM had caused inflation by increasing OFAMERICA MUTED STATE demand for goods without OFAMERICA AB 9501 necessarily increasing supply. HD 200 More profoundly, they argued that government intervention in economies distort the proper functioning of the market. Slide 20 of 48 19 9:08 PM X W 10/24/2022Lecture 4 - Substantive Test for Ir X Global-Economy.pdf X G Global economy, world economy x Homework Help - Q&A from Onl X + V X - > C @ File | C:/Users/Myla/Desktop/4TH%20YEAR/Global-Economy.pdf Q 2 * 0 4 Global-Economy.pdf 3 / 22 1 - 75% + THE GLOBAL ECONOMY Countries trade with each other due to the lack of resources Limited and cannot satisfy their own scarce Production Unlimited wants and needs and wants. As the resources needs countries develop their resources The economic problem is to match limited and they trade it for the resources resources to unlimited wants and needs they need. Many years ago, when the other countries travelled a distance to trade, as it is very evident that international trade plays significant role in in the development of the industrialized world. Imports of goods and services happen maybe for better or cheaper quality, appealing goods or no alternatives exist. In this lesson, we will begin with economic globalization and global actors that facilitate the economic globalization. United Nations defines Economic globalization as "increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities of services, flow of international capital and wide and rapid spread of technologies. It reflects the continuing expansion and mutual integration of market frontiers, and is an irreversible trend for the economic development in the whole world at the turn of the millennium. The rapid growing significance of information in all types of productive activities and marketization are the two major driving forces for economic globalization." In economic globalization, companies seek the greatest possibility of efficient and maximized profits that will involve many regions and localities to "global production." Many believe that the new technology will allow the intense movement of information, goods, services and people can create an environment of "new economy"-increasing the networks in global production, free trade and capital. The interconnections of various component of production, where the stages in production takes place in different location m X W 9:09 PM 10/24/2022Lecture 4 - Substantive Test for Ir X Global-Economy.pdf X G Global economy, world economy * * Homework Help - Q&A from Onl x + V X - > C @ File | C:/Users/Myla/Desktop/4TH%20YEAR/Global-Economy.pdf Q 2 * 0 4 Global-Economy.pdf 4 / 22 67% + 1 depends on the favorable conditions such as cheap labor, raw material, skilled labor and market consumer. Free trade will be necessary condition for the development of production networks. Minimizing trade barriers and ensure smooth movement resources, goods and services. The engine of globalization which allows the use of technological advances and differences between regions. Technology that can bring innovations for economic development and growth. Technological change and deregulation/liberalization enabled the development of financial markets (capital move freely) to the extent that the financial markets began to dominate the global economy (the majority share of the volume of past transactions comprises the speculative investment) (Mendoza, et al., 2019). INTERNATIONAL TRADING SYSTEM The Silk Road and Galleon Trade International trading systems are not new. The oldest known international trade route was the Silk Road-a network of pathways in the ancient world that spanned from China to what is now the Middle East and to Europe it was called as such because one of the most profitable products traded through this network was silk, which was highly priced especially in the area that is now the Middle East as well as in the West (today's Europe). Traders used the Silk Road regularly from 130 BCE when the Chinese Han dynasty opened trade to the west until 1453 BCE when the Ottoman Empire closed it (Claudio & Abinales, 2018). Video links: Silk Road 1 (https://www.youtube.com/watch?v=vn3837VWcOk) Silk Road 2 (https://www.youtube.com/watch?v=cHSgkZsCqtw) However, while the Silk Road was international, it was not truly "Global" because it had no ocean routes that could reach American continent. So when did full economic globalization begin? According to historians Dennis O. Flynn and Arturo Giraldez, the age of globalization began when "all important populated continents began to exchange products continuously-both with each other directly and indirectly via other continents- and in values sufficient to generate crucial impacts on all trading partners." Flynn and m X W 9:10 PM 10/24/2022Lecture 4 - Substantive Test for Ir X Global-Economy.pdf X G Global economy, world economy x Homework Help - Q&A from Onl X + V X - > C @ File | C:/Users/Myla/Desktop/4TH%20YEAR/Global-Economy.pdf Q 2 * 0 4 Global-Economy.pdf 5 / 22 67% + Giraldez trace this back to 1571 with the establishment of the gallon trade that connected Manila in the Philippines and Acapulco in Mexico. This was the first time that the Americas were directly connected to Asian trading routes. For Filipino, it is crucial to note that economic globalization began on the country's shores. The Gallon trade was part of the age of mercantilism. From the 16" century to the 18th century, countries, primarily in Europe, competed with one another to sell more goods as means to boost their country's income (called monetary reserves later on). To defend their products from competitors who sold goods more cheaply, this regime (mainly monarchies) imposed high tariffs, forbade colonies to trade with other nations, restricted trade routes, and subsidized its exports. Mercantilism was thus also a system of global trade with multiple restrictions. Video Link: Mercantilism (https:/www.youtube.com/watch?v=Bouw3MvmrYM) A more open trade system emerged in 1867 when, following the lead of the United Kingdom, the United States and other European IN best THE UNITED STATES OF AME Nations adopted the gold standard at an WE THINS international monetary conference in Paris. 99 Broadly, its goal was to create a common system that would allow for more efficient trade and NITED FS. IN GOD prevent the isolationism of the mercantilist era. The countries thus established a common basis for currency prices and a fixed exchange rate system- all based on the value of gold. Despite facilitating simpler trade, the gold standard was still a very restrictive system as it compelled countries to back with their currencies with fixed gold reserves. During World War I, when countries depleted their gold reserves to fund their armies, many were forced to abandon the gold standard. Since European countries had low gold reserves, they adopted floating currencies that were no longer redeemable in gold. Video Links: World War I (https://www.youtube.com/watch?v=SLi5r2nZHBB) World War II (https://www.youtube.com/watch?v=AUXluYHFqBE m X W 9:10 PM 10/24/2022Lecture 4 - Substantive Test for Ir X Global-Economy.pdf X G Global economy, world economy * * Homework Help - Q&A from Onl X + V X -> C @ File | C:/Users/Myla/Desktop/4TH%20YEAR/Global-Economy.pdf Q 2 * 0 4 Global-Economy.pdf 6 / 22 67% + Returning to a pure standard became more difficult as the global economic crisis called the Great Depression started during the 1920's and extended up to the 1930's, further emptying government coffers. This depression was the worst and longest recession ever experienced by the Western World. Some economist argued that it was largely caused by the gold standard, since it limited the amount of circulating money and, therefore, reduced demand and consumption. If governments could only spend money that was equivalent to gold, its capacity to print money and increase the money supply was severely curtailed. Video Link: Great Depression (https://www.youtube.com/watch?v=62DxELjuRec) Economic historian Barry Eichengreen argues that the recovery of the United States really began when, having abandoned the gold standard, the US government was able to free up money to spend on reviving the economy. At the height of World War II, other major industrialized countries followed suit. Though more indirect versions of the gold standard were used until as late as the 1970', the world never returned to the gold standard of the early 20th century. Today, the world economy operates based on what are called fiat currencies-currencies that are not backed by precious metals and whose value is determined by their cost relative to other currencies. This system allows government to freely and actively manage their economies by increasing or decreasing the amount of money in circulation as they see fit. Video Links: How is money created? (https://www.youtube.com/watch?v=mzoX7zEZ6h4) How Philippine banknotes printed? (https://www.youtube.com/watch?v=nBsDglzxbe0&(=8s) The stock markets crashed in 1973-1974 after the United States stopped linking the dollar to gold, effectively ending the Bretton Woods system. The result was phenomenon that Keynesian economics could not have predicted- a Phenomenon called stagflation, in which a decline in economic growth and employment (stagnation) takes place alongside a sharp increase in prices (inflation). Video Link: Recession, Hyperinflation, and Stagflation (https://www.youtube.com/watch?v=BHw4NSIQsTB) m X W 9:10 PM 10/24/20222 Lecture 4 - Substantive Test for Ir X 5 Global-Economy.pdf X G Global economy, world economy * * Homework Help - Q&A from Onl x + V X C @ File | C:/Users/Myla/Desktop/4TH%20YEAR/Global-Economy.pdf Q 2 * 0 4 E Economy.pdf 7 / 22 67% + Video Links: How is money created? (https://www.youtube.com/watch?v=mzoX7zEZ6h4) How Philippine banknotes printed? https://www.youtube.com/watch?v=nBsDglzxbe0&(=8s) The stock markets crashed in 1973-1974 after the United States stopped linking the dollar to gold, effectively ending the Bretton Woods system. The result was phenomenon that Keynesian economics could not have predicted- a Phenomenon called stagflation, in which a decline in economic growth and employment (stagnation) takes place alongside a sharp increase in prices (inflation). Video Link: Recession, Hyperinflation, and Stagflation (https://www.youtube.com/watch?v=BHw4NSIQsTB) Around this time, a new form of economic thinking was beginning to challenge the Keynesian orthodoxy. Economist such as Friedrich Hayek and Milton Friedman argued that the governments' practiced of pouring money into their economist had caused inflation by increasing demand for goods without necessarily increasing supply. More profoundly, they argued that government intervention in economies distort the proper functioning of the market. Economists like Friedman used the economic turmoil to challenge the consensus around Keynes's ideas. What emerged was a new form of economic thinking that critics labeled neoliberalism. From the 1980's onward, neo liberalism became the codified strategy of the United States Treasury Department. The World Bank, the IMF, and eventually the World Trade Organization (WTO) - a new organization founded in 1995 to continue the tariff reduction under the GATT. The policies they forwarded came to be called the Washington Consensus (Claudio & Abinales, 2018) m X W 9:11 PM 10/24/2022