This file is a module in the subject contemporary world, Lecture notes of Mathematics

Download This file is a module in the subject contemporary world and more Lecture notes Mathematics in PDF only on Docsity! DOMINICAN COLLEGE OF TARLAC Mac Arthur Highway, Poblacion (Sto.Cristo), Capas. 2315 Tarlac, Philippines Tel.No. (045) 491-7579/Telefax (045) 925-0519 E-mail: domct _2315@yahoo.com COLLEGE DEPARTMENT A.Y. 2020-2021, First Semester OBE FACULTY-DESIGNED MODULE THE CONTEMPORARY WORLD (GE3) I. Subject: GE3 - The Contemporary World II. Learning Outcomes: 1. Define and understand market integration. 2. Identify the governing bodies that are significant to market integration. 3. Appreciate the effects of market integration. III. Topic/Lesson: Market Integration IV. Days of Learning Sessions: Section Modular Online BEED 3A Wednesday Friday BEED 3B Thursday Saturday BSED E3A Saturday Saturday BSED E3B Saturday Saturday BSED M3A Thursday Saturday V. Expected Outcome: Distinguish the purpose of market integration. VI. Delivery: GE 3 – THE CONTEMPORARY WORLD – MODULE 1 Page 2 What do you see in the image below? What interpretation/s can be drawn from the image. Explain your answers briefly. _____________________________________ _____________________________________ _____________________________________ _____________________________________ _____________________________________ _____________________________________ _____________________________________ _____________________________________ _____________________________________ _____________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ In the context of international relationship among countries, do you believe in the saying that “NO MAN IS AN ISLAND”? Why or why not? Expound your answer. _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ MODULE 5 Market Integration MOTIVATION PHASE Activity 1 The Start of Working Together PRESENTATION PHASE Activity 2 Analysis GE 3 – THE CONTEMPORARY WORLD – MODULE 1 Page 5 IMF and the World Bank were designed to complement each other. The IMF's main goal was to help countries which were in trouble at that time and who could not obtain money by any means. Perhaps, their economy collapsed or their currency was threatened. IME, in this case, served as a lender or a last resort for countries which needed financial assistance. For instance, Yemen loaned 93 million dollars from IMF on April 5, 2012 to address its struggle with terrorism. The world, bank, in comparison had a more long-term approach. Its main goals revolved around the eradication of poverty and it funded specific projects that helped them reach their goals, especially in poor countries. An example of such is their investment in education since 1962 in developing nations like Bangladesh, Chad and Afghanistan. Unfortunately, the reputation of these institutions has been dwindling, mainly due to practices such as lending the corrupt governments or even dictators and imposing ineffective austerity measures to get their money back. The Organization for Economic Cooperation and Development (OECD), the Organization of Petroleum Exporting Countries (OPEC) and the European Union (EU) The most encompassing club of the richest countries in the world is the Organization for Economic Cooperation and Development (OECD) with 35 member states as of 2016, with Latvia as its latest member. It is highly influential, despite the group having little formal power. This emanates from the member countries' resources and economic power. In 1960, the Organization of Petroleum Exporting Countries (OPEC) was originally comprised of Saudi Arabia, Iraq, Kuwait, Iran and Venezuela. They are still part of the major exporters of oil in the world today. OPEC was formed because member countries wanted to increase the price of oil, which in the in the past had a relatively low price and had failed in keeping up with inflation. Today, the United Arab Emirates, Algeria, Libya, Qatar, Nigeria and Indonesia are also included as members. The European Union (EU) is made up of 28 member states. Most members in Eurozone adopted the euro as basic currency but some Western European nation's like the Great Britain, Sweden and Denmark did not. Critics argue that the euro increased the prices in Eurozone’s and resulted in depressed economic growth rates, like in Greece, Spain and Portugal. The policies of the European Central Bank are considered to be a significant contributor in these situations. GE 3 – THE CONTEMPORARY WORLD – MODULE 1 Page 6 NORTH AMERICA FREE TRADE AGREEMENT (NAFTA) The North America Free Trade Agreement (NAFTA) is a trade pact between the United States, Mexico and Canada created on January 1,1994 when Mexico joined the two other nations. It was first created in 1989 with only Canada and the United States as trading partners. NAFTA helps in developing and expanding world trade by broadening international cooperation. It also aims to increase cooperation for improving working conditions In North America by reducing barriers to trade as it expands the markets of the three countries. The creation of NAFTA has caused manufacturing jobs from developed nations (Canada or the United States) to transfer to less developed nations Order to reduce the cost of their products. In Mexico, producer prices dropped and some two million farmers were forced to leave their farms. During is time, Consumer food prices rose, causing 20 million Mexicans, about 25% of their population, to live in "food poverty. The free trade, however, gave a modest impact on US GDP. It has become $127 billion richer each year due to trade growth. One can argue that NAFIA was to blame tor job losses and wage stagnation in the United States because competition from Mexican firms had forced many U.S. firms to relocate to Mexico. This is because developing nations have less government regulations and cheaper labor. This is called outsourcing. As an example, the United States outsourced approximately 791,000 jobs to Mexico in 2010. As for Canada, 76% of Canadian exports go to the United States and about a quarter of the jobs in Canada are dependent in some way on the trade with the United States. This means that if NAFTA changes or is eradicated, it would be devastating for Canada's economy. Generally, NAFTA has its positive and negative consequences. It lowered prices by removing tariffs, opened up new opportunities for small- and medium- sized businesses to establish a name for itself, quadrupled trade between the three countries, and created five million U.S. jobs, Some of the negative effects, however, include excessive pollution, loss of more than 682,000 manufacturing jobs, exploitation of workers in Mexico, and moving Mexican farmers out of business. Given the situation where different countries around the world do not have good relationship to each other, what do you think will happen to the contemporary world? In your own words, explain the significance of the word “integration.” Answers should be short and concise. _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ Activity 3 Abstraction GE 3 – THE CONTEMPORARY WORLD – MODULE 1 Page 7 We have discussed market integration and the significant organizations responsible for it. In this modern and global age that we live in, we were able to experience the effects of market integration among countries. Hence, it is fun and sensible to look back for its practical scenarios in our daily living. Narrate at least one scenario in your life where you think “market integration” has been part of it, explain its perceived advantages/disadvantages briefly. _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ See Schoology. REFERENCE: Aldama, P. (2018). The contemporary world. Manila, Philippines: Rex Book Store. Photos: Freepik ASSESSMENT PHASE Activity 4 Application