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Instructional Module in the Contemporary World
Preliminaries
I. Module Number 2
II. Module Title The Structures of Globalization
III. Brief Introduction

IV. Module Upon completion of this module, the students should be able to:
Outcomes Identify the actors that facilitate economic globalization
Define the modern world system
Articulate a stance on global economic integration
Lesson Number 2
Lesson Title 1. The Global Economy
1.1. International Trading Systems
1.2. The Bretton Woods System
1.3. Neoliberalism and Its Discontents
1.4. The Global Financial Crisis and the Challenge to Neoliberalism
Brief Introduction of In this lesson the existence of economic globalization will be traced.
the Lesson Moreover, the systems of global economy including the International
Trading Systems, The Bretton Woods System, Neoliberalism and the Global
Financial System will be discussed.

Lesson Objectives At the end of the lesson, the students are expected to:
 Define economic globalization
 Identify the actors that facilitate economic globalization
 Outline the trajectory of the development of the current global
economy, specifically in the context of major historic developments
Lesson Proper
I. Getting Started
II. Introduction Introduction
/Discussion of The world economy or the global economy is the economy of all
Content (Including humans of the world, referring to the global economic system which includes
processing of all economic activities which are conducted both within and between
content & suggested nations, including production, consumption, economic management, work in
activities) general, exchange of financial values and trade of goods and services.[1][2]
In some contexts, the two terms are distinct "international" or "global
economy" being measured separately and distinguished from national
economies while the "world economy" is simply an aggregate of the
separate countries' measurements.

What is Economic Globalization?

The International Monetary Fund (IMF) defines economic globalization as
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a historical process representing the result of human innovation and
technological process. It is characterized by the increasing integration of
economies around the world through the movement of goods, services, and
capital across the borders.
The Unitarian Universalist Association defines Economic globalization, as
the growing global integration not only of markets but also of systems of
finance, commerce, communication, technology, and law that bypass
traditional national, cultural, ethnic, and social boundaries.
Proponents of economic globalization argue that it leads to more
efficient division of labor, greater specialization, increased productivity,
higher standards of living and wealth, and ultimately the end of poverty.
Proponents also argue that recent economic growth has greatly contributed
to the high standard of living enjoyed by many within the developed world
and raised living standards of many people formerly living in abject poverty.
Many others have not made such gains.
Opponents argue that economic globalization detaches markets from
essential regulations meant to protect national sovereignty, the democratic
process, human rights, labor rights, and the environment. Opponents also
argue that the policies and practices of industrialized countries and
transnational corporations drive the market forces of economic
globalization. There is no effective global regulatory system controlling
economic globalization.
According to Shangquan, G. (2000) economic globalization refers to the
increasing interdependence of world economies as a result of the growing
scale of cross-border trade of commodities and 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.

Trajectory of the development of the current global economy in the context of

major historic developments

 International Trading System. International trade is the exchange of

goods and services between countries.
1. Silk Road. The oldest known international trade route. A
network of pathways in the ancient world that spanned
from China to Middle East and Europe
 Bretton Woods System. 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". The Bretton Woods
System effectively came to an end in the early 1970s when President
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Richard M. Nixon announced that the U.S. would no longer exchange
gold for U.S. currency.
 Neoliberalism is a policy model that encompasses both politics and
economics and seeks to transfer the control of economic factors
from the public sector to the private sector. Many neoliberalism
policies enhance the workings of free market capitalism and attempt
to place limits on government spending, government regulation, and
public ownership.

Other Key points in economic globalization

 The theory of globalization necessitates geographic regions merging and

melding together to form more efficient systems of industry and
capitalistic growth.
 Analyzing the unification of Europe (EU), the emergence of BRIC and the
rapid growth of North America (specifically the United States) is useful in
approaching this new global environment.
 United States per capita GDP levels in 2010 were equivalent to nearly
500% of those in 1929. In many ways, this international competitive
advantage in industry led the US to become the largest worldwide
economy.
 The union of the EU’s 27 member states has provided strong evidence to
the concept of international inter-dependency, particularly post-2008
when various countries needed bailouts to offset the downturn.
 BRIC countries (Brazil, Russia, India, and China) are likely to be the four of
the five largest economies by 2050.
 Globalization criticisms like cultural dilution, environmental damage,
human rights and political implications are important considerations.

Actors that facilitate economic globalization

Economic actors are grouped into three categories, namely

individuals/households, firms, and the state. Among these actors only
monetized transactions are considered. The ultimate goal of the economy is
defined as maximization of individual income or financial wealth. A global
actor refers to any social structure which is able to act and influence and
engage in the global or international system.
 International Economic & Financial Organizations. Provide the
structure and funding for many unilateral and multilateral
development projects. Such organizations deal with the major
economic and political issues facing domestic societies and the
international community as a whole. Their activities promote
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sustainable private and public sector development primarily by:
financing private sector projects located in the developing world;
helping private companies in the developing world mobilize financing
in international financial markets; and providing advice and technical
assistance to businesses and governments
1. The International Monetary Fund (IMF)
2. Organization for Economic Co-Operation and Development
(OECD)
3. Organization of Petroleum Exporting Countries (OPEC)
4. Bank for International Settlements (BIS)
 International Government Organizations. IGOs have international
membership, scope and presence. Their primary members consist of
sovereign states. These organizations bring member states together
to cooperate on a particular theme or issues that have global impacts
and implications such as human rights, trade, development, poverty,
gender or migration.
1. World Trade Organizations (WTO)
2. North Atlantic Treaty Organization (NATO)
3. International Organization for Migration (IOM)
 Media. The media sector refers primarily to television, radio,
newspapers, and information and communication technology
(including the Internet and mobile telephony). Media development
activities refer to internally- or externally-funded activities that
contribute to the development of private, community, public and/or
state media that are both independent and pluralistic.
 Multilateral Development Banks are international financial
institutions owned by countries. These institutions provide loans,
grants, guarantee, private equity and technical assistance to public
and private sector projects in developing countries. In addition to the
World Bank Group, there are four regional multilateral development
banks:
1. Inter-American Development Bank (IDB)
2. African Development Bank
3. Asian Development Bank
4. European Bank for Reconstruction and Development.
 Nation-states refer to a certain form of state that derives its political
legitimacy from serving as a sovereign entity for a nation within its
sovereign territorial space. The state is a political and geopolitical
entity while the nation is a cultural and/or ethnic entity the term
"nation-state" implies that the two geographically coincide, and this
distinguishes the nation state from the other types of state, which
historically preceded it. It includes UN List of Sovereign Nation and
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States
 Non-governmental organization (NGO) refers to a legally constituted
organization created with no participation or representation of any
government and driven. These organizations are task-oriented
perform a variety of service and humanitarian functions. Some are
organized around specific issues such as human rights, environment,
gender, or health. In many jurisdictions these types of organization
are defined as "civil society organizations."
 Transnational Corporations exert a great deal of power in the
globalized world economy. Many corporations are richer and more
powerful than the states that seek to regulate them. Through
mergers and acquisitions corporations have been growing very
rapidly and some of the largest TNCs now have annual profits
exceeding the GDPs of many low and medium income countries. It is
important to explore how TNCs dominate the global economy and
exert their influence over global policy making."
 United Nations (UN) System

III. Application

Activity 1. Based on the figure, choose one aspect of globalization and make
a synthesis paper. See attached template for your synthesis paper.

Activity 2. For students under the Modular Distance Learning, choose one
from the given topics below and make a slide presentation (PowerPoint) with
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conclusion on the last slide.
1. International Trading System
2. Bretton Wood System
3. Neoliberalism
4. Global Financial Crisis
5. Market Integration

Activity 3. Think of some global issues existing nowadays then make a

research proposal out of the topic that you have chosen. Submission of your
proposal will be on or before your preliminary exam subject for checking and
approval.

IV. Assessment & Assessment

Reflection

Reflection!

Students will write their personal insights about the lesson on their journal
notebook using the following prompts:

Today I learned …
Today I felt …
Today I realized that...

VI. Enrichment Open the link below and read the articles about world economy. Study the
GDP status of the different countries.
https://en.wikipedia.org/wiki/World_economy

VII. References https://libguides.lub.lu.se/c.php?g=489859&p=3368635

https://courses.lumenlearning.com/boundless-
management/chapter/historical-developments-in-the-global-economy/

Prepared by: Reviewed by:

GERALDINE M. CONSTANTINO, PhD JOHN MARC R. MENDOZA, MAEd, MLIS

Part Time Teacher Program Head, School of Teacher Education

Validated by: Approved by:

JUAN DELA CRUZ, Ph.D. JESS JAY M. SAJISE, DBA

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Internal Validator, Mathematics Vice President of Academic Affairs External

What is a synthesis paper?

Synthesis means putting ideas from many sources together in one essay or presentation. After
reading several books, watching movies and participating in a variety of class activities, your task
is to organize some of the information around a theme or a question, make generalizations, and
then present information (statistics, quotes, examples) in a logical way to support your
argument. Remind yourself that a synthesis is NOT a summary, a comparison or a review. Rather
a synthesis is a result of an integration of what you heard/read and your ability to use this
learning to develop and support a key thesis or argument. Learning to write a synthesis paper is
a critical skill, crucial to organizing and presenting information is academic and non-academic
settings.

How to write a synthesis paper?

Content
 Pick a topic from the list we put together or choose another topic that lends itself to
synthesis
 Develop a thesis. If you posed a question, present a tentative answer. Begin your paper
with the thesis, clearly outlining the ideas you will develop
 Identify at least three texts, which we read in this class and address the theme and/or
question you chose to focus on. Ideally you can find references, which support your
thesis.
 Read each of your sources carefully and summarize main ideas
 Analyze your sources to identify the similarities and differences or group similar ideas
together; generalize from these similar ideas
 Assemble the various generalizations in a logical and coherent way
 Focus on the ideas, not the authors of those ideas (your essay should not sound like a list
of unrelated ideas by unrelated people)
 It is highly recommended that you use direct quotes when referring to texts, but make
sure you situate your quotes and integrate them into the paper both in terms of content
and writing
 If your thesis/question lends itself to this, you can present and refute arguments, which
challenge it
 Whenever possible, make an effort to pepper your paper with real-world examples,
which support your overall argument
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 In conclusion you should summarize your main thesis and outline questions, which
remain open or issues that ought to be further explored

Format

1. The length of your paper should be 5-7 typed double-spaced pages with reasonable
margins. This does not include your bibliography (or works cited).
2. Be consistent in your use of bibliographic references; include page numbers for quotes.
List all works you cited at the end of your paper
3. As you use quotations to support your ideas, make sure you do not produce a paper of
lengthy quotes strung together. If you quote three lines or fewer, the quote should not
be set off or indented but integrated into the text of your paper.
4. Do not use first person.
5. Connect ideas using linking devices and transitions.
6. Spend time outlining, organizing and editing your paper. Ideally, you can find someone
else to proof-read your paper.
7. When you are done editing, think of a title, which best captures your thesis.