The Global Economy

Summary

In this session, Mr. Anthony A. Ramos discusses economic globalization and its impact on the global economy. He defines economic globalization as the interdependence of economies through the movement of goods, services, technologies, and wealth. Ramos highlights the benefits of globalization, including global reputation, cheaper labor costs, and increased local employment. He also addresses the disadvantages, such as political issues, capital flight, and social injustices. The instructor further explains different types of economic integration, like free trade agreements and economic unions, and their advantages and disadvantages.

Takeaways

• 🌐 Economic globalization refers to the interdependence of economies worldwide through the movement of goods, services, technologies, and wealth.
• 📈 Economic globalization can lead to a global reputation for companies, cheaper labor and operating costs, and increased local employment in countries where businesses expand.
• 🔄 The process of going global involves internationalization of products and services, which can result in various advantages such as global partnerships and opportunities.
• 📉 Economic globalization proponents argue it can lead to job creation and lower prices for goods due to increased competition and choices.
• 🌍 Politically, economic globalization is believed to encourage democracy by fostering interactions between nations with different political systems.
• 💸 Capital flight, where companies and wealth leave a country due to economic instability or the search for cheaper production, is a disadvantage of economic globalization.
• 🏭 Social injustices such as poor working conditions, low wages, and child labor are associated with economic globalization, as companies may move to countries with lower standards.
• 🚀 Technological innovation, development of transportation systems, and social-political reforms are key factors driving economic globalization.
• 🌟 Market globalization involves the reduction of trade barriers, leading to more open markets, while production globalization focuses on sourcing materials and services from different countries for cost advantages.
• 📜 Economic integration involves agreements between countries to allow the flow of capital, labor, goods, and services across borders, aiming to reduce costs for consumers and producers.
• 🔗 Types of economic integration include free trade agreements, free trade areas, customs unions, common markets, and economic unions, each with varying degrees of cooperation and sovereignty.

Q & A

What is economic globalization according to the transcript?

Economic globalization is defined as the economic mixing and interdependence of economies across the world through an escalation of cross-cultural movement of goods, services, technologies, and wealth.

What are the advantages of economic globalization mentioned in the transcript?

The advantages include having a global reputation, cheaper labor and operating costs, local employment opportunities, global partnerships and opportunities, and the potential to create jobs and lower prices of goods.

How does economic globalization affect political systems according to the transcript?

Economic globalization can encourage the growth of democracy, especially in impoverished nations under dictatorships, as they begin to interact with freer countries.

What are the disadvantages of economic globalization as per the transcript?

Disadvantages include political issues affecting business, capital flight, social injustices such as poor working conditions and child labor, and the exploitation of people for cheaper production.

What is meant by 'going global' in the context of the transcript?

'Going global' refers to the process of internationalizing products and services to take advantage of the benefits of economic globalization.

What are the factors that facilitate economic globalization according to the transcript?

The factors include technological innovation, development of transportation systems, and social and political reforms.

What is the difference between market globalization and production globalization as described in the transcript?

Market globalization refers to the decline in barriers to selling in countries other than the home country, while production globalization involves sourcing materials and services from other countries to gain advantage from price differences.

What are the different types of economic integration discussed in the transcript?

The types of economic integration discussed are free trade agreements, free trade areas, customs unions, common markets, and economic unions.

What are the advantages of economic integration as mentioned in the transcript?

Advantages include trade benefits, employment opportunities for different nationalities, and strengthened political cooperation.

What are the disadvantages of economic integration according to the transcript?

Disadvantages include the creation of trading blocks, trade diversion, and erosion of national sovereignty.

How does economic integration affect consumers and producers as per the transcript?

Economic integration aims to reduce costs for both consumers and producers and to create a more free market among participating countries.

Outlines

00:00

🌐 Introduction to Economic Globalization

In the first paragraph, Mr. Anthony A. Ramos introduces the topic of economic globalization. He sets the learning objectives for the session, which include defining economic globalization, identifying factors that facilitate it, recognizing its advantages and disadvantages, and formulating a personal stance on global economic integration. Economic globalization is defined as the interdependence of economies worldwide through the movement of goods, services, technologies, and wealth across cultures. The instructor uses examples like laptops, cellphones, and ballpens to illustrate how items are sourced from different parts of the world, highlighting the concept of economic globalization. The paragraph also discusses the benefits of going global, such as gaining a global reputation, cheaper labor and operating costs, local employment opportunities, and the creation of global partnerships and opportunities.

05:01

📈 Advantages and Disadvantages of Economic Globalization

Paragraph 2 delves into the proponents' view of economic globalization, emphasizing job creation and reduced product prices due to increased choices. It also touches on the political impact, suggesting that globalization can foster democracy by encouraging free markets. However, the paragraph shifts to discuss the disadvantages as seen by the opponents of globalization. These include political issues affecting business, such as instability, crime rates, and war, which can deter investment. The concept of 'capital flight' is introduced, where economic instability or the pursuit of cheaper production leads to the departure of companies, assets, and wealth from a country. Additionally, social injustices like poor working conditions, low wages, and child labor are cited as negative outcomes of economic globalization.

10:01

🚀 Factors Driving Globalization and Its Effects

The third paragraph identifies the factors that drive globalization, such as technological innovation, development of transportation systems, and social and political reforms. It explains how these factors have contributed to the decline of trade barriers and the rise of market globalization. The paragraph then describes the modern world system, which includes market globalization characterized by the reduction of trade barriers and production globalization, where materials and services are sourced from different countries to take advantage of price differences. The effects of globalization include distributed operations, reduced labor and production costs, changes in location to reduce costs and take advantage of free trade zones, and increasing complexity in business management.

15:04

🌉 Types of Economic Integration and Their Impact

Paragraph 4 discusses economic integration, starting with a definition that involves agreements between countries to allow the flow of capital, labor, goods, and services across borders. It outlines the types of economic integration: free trade agreements, free trade areas, customs unions, common markets, and economic unions. The paragraph explains that these forms of integration aim to reduce costs for consumers and producers and to create a freer market. Advantages of economic integration include trade benefits, employment opportunities, and strengthened political cooperation. Disadvantages include the creation of trading blocks that may limit interaction to a smaller group and the erosion of national sovereignty as countries must align their decisions with the integration agreements.

Keywords

💡Economic Globalization

Economic globalization refers to the integration of economies across the world through the movement of goods, services, technologies, and wealth. It is a central theme of the video, as it discusses the concept and its implications. For example, Mr. Anthony Ramos explains that due to economic globalization, products like laptops or cellphones may be found in different parts of the world, reflecting the interdependence of global economies.

💡Cross-cultural Movement

Cross-cultural movement is the transfer of goods, services, and technologies from one culture or country to another. It is a key aspect of economic globalization. The script uses the example of a student's laptop or cellphone, which might be made in China, Japan, or the United States, illustrating how cross-cultural movement is a part of everyday life.

💡Internationalization

Internationalization is the process of adapting a product or service to multiple countries, which is a strategy for economic globalization. The script mentions that companies aim to internationalize their products and services to achieve a global reputation, as seen with multinational companies like McDonald's and Burger King.

💡Global Reputation

Global reputation is the widespread recognition and perception of a brand or company across different countries. The video script explains that companies that go global, such as fast-food chains, often develop a global reputation for the quality of their products, which is a positive effect of economic globalization.

💡Cheaper Labor Cost

Cheaper labor cost is one of the advantages of going global, as companies can reduce their expenses by employing workers in countries where wages are lower. The script points out that this is a motivation for companies to expand globally, although it also hints at potential social injustices related to wage disparities.

💡Local Employment

Local employment refers to the creation of jobs within a specific region or country. The script mentions that when companies like McDonald's expand globally, they hire local workers, which contributes to local employment and economic growth in the host country.

💡Global Partnerships

Global partnerships are collaborations between companies or entities from different countries. The video script discusses how going global can lead to the formation of global partnerships and opportunities, which can benefit companies by expanding their networks and access to new markets.

💡Economic Integration

Economic integration is the process of countries working together to reduce trade barriers and allow for the freer flow of goods, services, capital, and labor across borders. The script explains that economic integration aims to reduce costs for consumers and producers and to promote freer markets.

💡Free Trade Agreement

A free trade agreement is a pact between countries to reduce or eliminate tariffs and quotas related to trade. The script uses free trade agreements as an example of economic integration, where countries agree on specific trade issues to facilitate easier commerce between them.

💡Capital Flight

Capital flight is the large-scale withdrawal of assets and wealth from a country due to economic instability or the pursuit of cheaper production opportunities. The script mentions capital flight as one of the disadvantages of economic globalization, where opponents argue that it can lead to the loss of capital from a country.

💡Social Injustices

Social injustices refer to unfair treatment of individuals or groups within society, often related to economic disparities. The video script points out that economic globalization can lead to social injustices, such as poor working conditions, low wages, and child labor, which are highlighted as negative consequences of globalization.

Highlights

Definition of economic globalization as the interdependence of economies worldwide through the movement of goods, services, technologies, and wealth.

Observation that items in our daily lives often come from different parts of the world due to economic globalization.

The concept that economic globalization leads to the internal and internationalization of products and services.

Advantages of going global include establishing a global reputation, as exemplified by multinational companies like McDonald's.

Economic benefits of globalization such as cheaper labor, operating, and supply costs.

Globalization leads to local employment opportunities in countries where multinational companies establish operations.

Global partnerships and opportunities arise as companies expand their reach across different nations.

Proponents argue that economic globalization can create jobs and lower the prices of goods.

Political impact of globalization includes the potential to encourage democracy in interacting nations.

Disadvantages of economic globalization include political issues, crime rates, and financial instability in certain countries.

Capital flight is identified as a significant cost of economic globalization, where companies move assets from countries due to instability or cheaper production opportunities.

Social injustices such as poor working conditions and low wages are highlighted as a consequence of economic globalization.

The role of technological innovation, transportation systems, and social-political reforms in driving globalization.

Market globalization is characterized by the decline in barriers to selling in countries other than the home country.

Production globalization involves sourcing materials and services from other countries to take advantage of price differences.

Primary effects of globalization include distributed operations, reduced labor and production costs, and changes in company locations.

Economic integration involves agreements between countries to allow the flow of capital, labor, goods, and services across borders.

Types of economic integration include free trade agreements, free trade areas, customs unions, common markets, and economic unions.

Advantages of economic integration include trade benefits, employment opportunities, and strengthened political cooperation.

Disadvantages of economic integration such as the creation of trading blocks and the erosion of national sovereignty.

Transcripts

Hello everyone this your instructor Mr

Anthony a Ramos and for this session We

will be talking about the global

economy so for our learning objectives

for this session After this session you

must be able first to define the

economic globalization second you must

be able to identify and explain the

factors that facilitate economic

globalization third the modern world

system recognize the advantages and

disadvantages of economic integration

and of course must be able to formulate

a personal stance about global economic

integration so we will be Beginning this

session with the concept that we are

about to talk about so of course if

we're talking about global economy

Syempre no iung economic globalization

is one of the concepts that will be

tackled so first let's Define what is an

economic globalization so according to

jos in 2009 economic globalization is

the economic mixing and interdependence

of economies across the world through an

escalation of cross cultural movement of

goods services technologies and wealth

And that's the reason kung bakit

mapapansin natin Ano yung iba't sa ating

bahay sa ating mga sa ating mga

pinupuntahang mga lugar mapapansin natin

na yung mga bagay na nandoon si for

example yung sa eskwelahan yung inyong

ah inyong laptop ang inyong cellphone

ballpens even yung notebook mapapansin

ninyo that they are come from different

part of parts of the world no so

maaaaring ito ay matatagpuan or nagawa

sa China maaring tagpuan sa Japan or

maaring nagmula sa United States of

America It's Simply because we are under

with what we call as the economic

globalization so again that's AC cross

cultural movements of different things

that includes goods Services na meron po

tayo Nono and of course since they are

being transferred from one place into

another this kind of things this goods

this services this technologies and even

weth they are being termed as the

world's money Simply because this goods

Syempre no yung mga produkto na meron

tayo meron silang katumbas na halaga and

that is a economic globalization Okay so

if we are Actually to pursue economic

globalization what we want to do is of

course have an

internal internationalization of our

products and Our services So what are

the of going global so the pros or the

positive effects of going global are the

following of course it will have a

global reputation so there are a lot of

companies most especially iyung mga

multinational companies na kung saan

Iyung fast food no say for example Iyung

McDonald's and even yyung Burger King

mapapansin niyo that they have the

global reputation na masarap talaga siya

regardless Kung nasang bansa ka pag

sinabi niyo agad ng McDonald's no since

it has been internationalized alam alam

natin na Mayon itong reputation na

masarap talaga yung kanilang mga pagkain

Of course it will be one of the

advantages of going global Second Of

course all of our investors most

especially mga may-ari ng kumpanya ang

gusto nilang mangyari ay magkaroon ng

less na binabayaran Pero mas malaki ang

kanilang kita That's the reason kung

bakit some of the advantages of going

global is the cheaper labor cost cheaper

operating cost and of course the cheaper

supply cost no so mapapansin natin dito

that if we're if we're planning to Go

Global mapapansin ninyo na ung operating

cost and other cost which Uh which is

related doon sa ating ano no doon sa

ating sa ating negosyo ay mas mababa

compared po kapag ito ay nakadestino sa

isa lamang na lugar and of course if you

will be investing sa ibang bansa or

ibang lugar it will cause local

employment for the nationals doon sa

bansang iyon so Syempre Kung ikaw ay

magtatayo halimbawa ng isang fast food

chain Sino ba ang yung iha-hire of

course yung mga tao doun sa lugar na

iyon example dito sa Pilipinas yung

McDonald's yung mga empleyado Syempre ng

McDonald's Philippines are filipinos and

that is one good example and proof kung

bakit masabi natin that there will be

local employment as you go global of

course There Will Be A lot of global

partnerships and

opportunities since we are going global

at Syempre mapapansin natin that all of

those companies which intends na mag sa

iba't ibang mga bansa ay maaaring

makipagpatintero

it will create much opportunities for

for companies sa iba't ibang mga lugar

na magpartners okay and of course if you

will be establishing a business hindi

lamang sa isang lugar kundi sa maraming

lugar it will create back up income in

terms of jobs and pricing the proponents

for ung mga tagapagtaguyod ng expansion

ng economic globalization will tell you

that it will create jobs and of course

it will lower the prices of the goods so

that Sabi nga nila no if if you will go

with economic globalization Mas marami

kang pagpipilian at dahil nga mas malaki

mas maraming pagpipilian mas mapapababa

ung ating prices of course Syempre

kagaya ng binanggit natin kanina if you

will also be if if There Will Be An

investment coming from external people

no Galing sa mga iba't ibang mga bansa

it will create jobs for the nationals

Okay of course in terms of political

impact naman on the other hand sabi

diyan St rather ethnocentric many in the

West argue that economic globalization

will encourage the growth of democracy

as impoverish Nations especially those

under dictatorships begin to interact

with the freer US of course if you are

dealing with globalization Ano bang

gusto natin ' ba Syempre magkaroon kayo

or magkaroon tayo ng mga produkto na

galing sa iba't ibang bansa at magkaroon

ng malayang kalakalan and with that it

will encourage the growth of democracy

in a sense na mabibigyan pagkakataon

yung mga tao na mamili kung ano ba ang

gusto nilang produkto or serbisyo na

i-take so that is the political impact

of course of economic globalization

according to the proponents if we have

the advantages We also have the

disadvantages so The following are the

Uh the disadvantages as mentioned by the

opponents of economic globalization

Syempre no una diyan ay yung political

issues Kung ikaw ay ikaw ay mag-i-invest

sa isang bansa and ito ay apektado ng

political issues such as nagkakagulo

halimbawa ang sistema ng gobyerno dahil

sa nagtatagis sa mga partido Syempre

maapektuhan ang iyong negosyo yung crime

rate and war in some countries na kung

saan magulo of course hindi mapa-prito

yung negosyo doon Mas gugustuhin mo ba

na mag-invest sa mga bansa na merong

merong gulo Syempre kung sakali

nakapag-internet

ang mga gusto mo at ikaw ay nataon sa

mas conservative na mga bansa sa tingin

mo ah kikita ba ang iyong negosyo or

serbisyo most likely hindi and of course

hindi mo gugustuhin na magkaroon ng

financial instability sa bansang iyong

pag-iinvest kasi Otherwise of course

kasama ang iyong negosyo sa babagsak

kung sakali m mangyari yo So one of the

reasons kung bakit merong mga taong umag

sa Economic globalization is what we

call as the capital flight so according

to ermes et al n 2003 opponents argued

that economic globalization has cost

capital flight So what is capital flight

so capital flight Everyone is the large

scale departure of companies assets and

weth from a country due to economic

instability or the opportunity for

cheaper production ito rin yyung reason

kung bakit kung mapapansin din ninyo non

kung kayo ang tatanungin i'm quite sure

that most of you na mga nag-aaral as at

the moment will tell me na mas gust sir

mas gusto kong mang ibang bansa bakit

Kasi yan yung sinabi sa atin ng economic

globalization Kung tutuusin and ah that

the opponents of economic globalization

is pointing this one out as well no na

kapag meron halimbawang mga kung meron k

economic globalization mapapansin nyo na

hindi napapakinabangan ng isang bansa

ang kanilang mga tao bakit mas gusto

kasi nilang umalis sa mga bansa na

mahihirap or mas mababang sahod para

makakuha ng mas mataas na sahod no so

sabi rin diyan if truth be told economic

globalization has indeed allowed for

social injustices such as poor working

conditions wages that are scandal low

and even the exploitation of children in

the form of force labor Kaya nga ' ba

kagaya ng binabanggit ko kanina Instead

na manirahan or ano no mag-stay ang mga

tao rito sa Pilipinas kagaya ninyo Mas

gugustuhin niyo Syempre na magkaroon ng

mas mataas na sahod And that's the

reason kung bakit gusto niyong umalis ng

bansa and with that being said yyung

social injustices na binabanggit natin

ay nangyayari Bakit nga ba kayo aalis

hindi ko rin lang kayo nasisisi because

of the Poor working condition at hindi

pare-pareho yung ating nararanasan sa

mga bansa dito sa Pilipinas halimbawa na

lamang lalong-lalo ung mga nagtatrabaho

sa fast food chains ' So kung tutuusin

ang kanilang sahod ay nasa minimum no

kahit na nag kahit na nagtatrabaho sila

ng ah 8 hours or kahit mga 9 hour sa

isang araw pero kung i-compare mo

halimbawa sa mga nagtatrabaho sa fast

food sa ibang bansa Maliit ang Php500 or

Php600 sa kanasi ng sahod ang Ilan nga

Hindi ba kung mapapansin ninyo dun sa

may hst ng sa may New York ang kanilang

per hour na na sweldo ay $10 Sobrang

layo Kung tutuusin no kung dito sa

Pilipinas kung ikukumpara mo yung

kanilang sahod doun sa ibang bansa eh

paano pa yung working condition Syempre

kung kasama diyan yung yung ating mga

benefits na na nakukuha dito sa

Pilipinas versus doon sa ibang bansa

Okay So bakit nga ba nangyayari muna ang

globalization so tatlo yung may

kadahilanan niyan of course yung patuloy

na pag-unlad ng ating mga teknolohiya no

or yung tinatawag natin na technological

innovation from time to time inevitable

na yung pagbabago ng ating technologies

at yan is sa drivers ng globalization

second the development of transportation

systems will also yield pve away para sa

atin para makapunta at even yung mga

products natin sa mga iba't ibang lugar

kung kaya't nagiging driver ito ng

globalization and of course ung social

and political reform ay isa siyang

factor kasi yung mga dating mga diktador

ng mga bansa or diktador ang mga bansa

ay nag nagiging liberal na kung saan ang

kanilang priority ay hindi yung gusto

lang ng kanilang leader kundi yung

priority ng mga tao Okay so if you are

to characterize on the other hand yyung

modern world system natin meron tayong

dalawa na si Una diyan ay natawag natin

na market globalization In which we are

pertaining to the decline in the buyers

to selling in countries other than the

home country kasi nung mga sinaunang

panahon pinoprotektahan kasi ng mga home

countries yung kanilang mga produkto in

a manner na kung saan nag lagyan sila ng

trade barrier para nga naman hindi

i-prioritize ng kanilang mamimili yung

mga imported goods instead Syempre kung

meron kang barus barus diyan kagaya

halimbawa ng pagtataas ng presyo doon sa

sa mga produkto ng ibang bansa mas

pipiliin mo Yung mas ano no yung mas

mura so yan yung nasa local however kaya

binanggit ko kanina in the modern world

system We also we already have market

globalization na kung saan tinatanggal

na halos yung mga trade barriers na

binabanggit natin kanina and of course

we have the production globalization in

which the sourcing of materials and

services from other countries to Gain

advantage from price differences in

different Nations so simply put if we're

talking about production globalization

you are getting the best possible

quality but with the best possible price

ibig sabihin niyan mas maganda pero mas

mura so example nian sa paggawa

halimbawa ng sasakyan ano hindi mo

kukunin yung parte halimbawa ng gulong

at ng ano no ng bumper ng magkapareho

kung sakali meron silang pinagkaiba sa

sa presyo for example kung mas mababa

ang presyo Pero mas maganda halimbawa

ang gulong sa Germany bumili ka sa

Germany kung mas mamura halimbawa ang

presyo Pero mas maganda halimbawa ang

manibela halimbawa sa may Pilipinas kuha

ka sa Pilipinas hanggang mabuo mo yung

produkto that is production

globalization Again I'm pointing out

that you will be getting the best

possible quality with the best possible

price that is your modern world system

as i mentioned earlier since we're

dealing with the globalization this are

the primary effects of it so of course

if you will be internationalizing your

business or your products There Will Be

distributed operations wherein yyung

companies po natin may be able to be

located doon sa mga iba't ibang mga

lugar at mga bansa it will also further

cause Iyung reduce labor or production

cost and of course Iyung reduce

distribution cost because Again the main

goal of globalization even

internationalizing your business is mas

mababa yung binabayaran ng ating mga

negosyante

second there will also be changes in

location wherein the companies may

locate their firms in New places both to

reduce Labor and production cost and of

course to Take advantage of free trade

zones para makamura sila ng kanila pong

binabayaran so that is your changes in

loc and of course Increasing complexity

of course if you're expanding your

business if you're business is say for

example lumalaki siya no mapapansin nyo

na nagiging Komplikado rin yung mga

bagay-bagay kasi mas marami kayong

kinakausap in your management so with

that being said Again the primary

effects of globalization are again

that's distributing operations changes

in location and of course Increasing

complexity so now balikan natin economic

integration so according to 12s in 1994

it involves agreements between countries

to permit to buy degrees the flow of

capital the labor the goods and even the

services across the respective

international borders ito ung dahilan

kung bakit uulitin ko umaabot sa atin

ung mga produkto ng isang bansa Papunta

pa sa mga iba't ibang mga bansa because

Again the aim of economic integration is

to reduce the cost for both consumers

and producers at magkaroon ng mas

malayang kalakalan yung mga iba't ibang

mga bansa gamit yung mga agreement na

meron po tayo again if we're dealing

with economic integration the focus will

be the consumers and even The Producers

Okay so now since we we were to tackle

about economic integration there are

different types of integration here so

the first one will be the free trade

agreement So it has been defined as the

agreements entered into between

countries regarding specific trade

issues so it's whether reduction or

tarif again when you say tarif or tarifa

in Tagalog This is your type of tax na

kung saan inilalapat mo sa mga imported

and exported goods and services so pera

ang pinag-uusapan natin in tar on the

other hand if we're dealing with cotas

This is non tarif or hindi naman ito

pera no ang ginagawa po natin dito si

for example kung Nagbebenta ka ng itlog

kung tarif yan lalagyan mo or papatawa

mo ng tax or mas mas mabigat na ano na

na presyo pero if you dealing with cota

you will have to limit the number of

imports ag sinabing 100,000 lang ang

pwede mong ibenta hanggang 100,000 lang

Okay the free trade agreement will enter

or an agreement Again in which merong

specific qui trade issue Ano ba ito

issue ba to halimbawa ng tarif or issue

ba to halimbawa ng kota that is your

free trade agreement free trade area on

the other hand eliminates barriers to

trade among the members such as tariffs

and quota so in a specific orung

pinagkasunduan halimbawa nila na lugar

kung saan mawawalan halimbawa ng tarif

at saka kota dalawa po yun hindi nila

kailangang mamili no Wala rito yung Wal

wala silang Wala talagang tarif or kota

malaya free trade area nga e so sa

example pag sinabi limbawan ang Metro

Manila free trade area wala pong taripa

at wala pong kota doon sa lugar na iyon

okay so next will be customs Union these

are being formed by countries that not

only eliminate trade barriers between

the members but they have Ito po yyung

pinaka-unique noo unified trade policy

with countries outside of the union so

just take note of the word unified trade

policy Okay the common market has all of

the characteristics ng customs Union na

binanggit natin kanina however kasama na

rito ung Ah yung elimination ng barriers

natin So that magkaroon po ng malayang

pag-move yung ating capital Labor and

even yyung technology po natin okay and

yung last ay yung tinatawag natin na

economic Union which require yung mga

member po natin mga member states na

mag-give up ng significant amount of

their independent Sovereignty kung

kaya't naaapektuhan yung kanilang mga

desisyon so that's economic union so

again if we're dealing with econ Union

Meron pong significant amount ng

kanilang independent Sovereignty or

pagkamalay may decide on their own na

naapektuhan yung kanila pong pagdesisyon

so hinahayaan po nila ito once that they

will be entering the economic unit so

Again the types of integration are free

trade agreements free trade area customs

Union common market and the economic

union

so since we were able already to discuss

the the types of economic integration

the following are the advantages of it

so of course There Will Be trade

benefits Hindi mo na kailangang Hindi mo

na kailangang malimitahan kag halimbawa

Nagkaroon ka ng economic integration mas

malaya mo ng maipo-post ang iyong

produkto at ang iyong serbisyo it will

further cause employment for for

different people ng mga nationalities or

mga mga Nations na magiging part ng

economic integration and of course the

political cooperation will also Be ano

po no will also be strengthen kasi nga

Sino bang mas sinasamahan ng mga bansa

Ito ung mga bansa halimbawa na meron po

silang napapakinabangan

economically so those are your

advantages of economic integration on

the other hand the disadvantages of

economic integration are the following

the creation of Trading blocks So kung

saan sila-sila na lamang yung nag-uusap

of course no so Instead na

makipagkalakalan sa mas malaking lugar

mas pinipili na lang na lamang nila na

magkaroon ng ah ng Trading block no sa

kanila kanila poong yung mga reo trade

diversion nangyayari siya Instead na

Meron siyang kausap before no mdt doun

sa kanilang mga Trading blocks and of

course the erosion of National

Sovereignty may also be noticed dito sa

atin pong ano no economic

integration and this will be the end of

our discussion about global economy let

me just give the opportunity to thank

everyone for attending our session and I

hope to see you all on our succeeding

one again this is your professor Mr anon

Ramos see you

oning