ALONZO, RUTCHELL CORDERO, HAZEL

FILIO, MICHAEL
MAGSARILI, LUIS RAMIREZ, KRISTINA ZINAMPAN, SOPHIA

Alonzo, Rutchell

 Key mechanism for moving goods, and increasing

services around the globe

Central to technology transfer Connects domestic markets to international markets

Emerged with the establishment of nation-states

 Trade has revolutionized the prospects of all industrial

sectors
Trade has been entwined with the rise of the modern

state and its fortunes

Trade Globalization suggests the emergence of

worldwide markets for traded goods and services

 Trade Globalization implies the existence of

significant levels of interregional trade

Global Trade entails a new system of regularized

exchange of good and services at an interregional level

As transregional competition evolves, demand

and supply of goods increasingly operate at a global level

 How far contemporary flows of trade are consistent

with this notion of trade globalization?

How far markets for goods and services now operate at

the global level?

 GLOBAL MARKET
Requires the existence of regularized exchange of good

and services at interregional level

The most common type of global markets are those for

some primary commodities where trade is concentrated at handful of locations

Resulted from interpenetration of national markets that

created networks of trade

 Extensity
refers to intercontinental flows and networks of trade

Regionalization (or globalization)

refers to evolution of markets for trading goods

involving geographically contiguous economies

Intensity
measure of the magnitude of global trading activity.

Estimated by the ratio of World Trade to World Output

 Impact
trade-GDP ratios provide the starting for its qualitative

assessment
Structural economic impact- must form a non-trivial

proportion of output and have developed beyond an enclave to become integral to production in the economy as a whole

 Distributional impact- it makes some groups richer

and some poorer

Institutional impact- trade relations have been

institutionalized as global legal frameworks have emerged governing the conduct and trade policy of nations and firms

 Intercontinental Trade dates back to antiquity

Early Mesopotamia, China (Via Silk Route), West Indies,

Europe, Africa and Atlantic (Slave Triangle)

World Trade System is said to have emerged around 16th

century
Trade was in metals and luxury goods

Entrepots were home to merchant communities

 Technological innovations, improved navigations and

better organization of trade lowered transport costs.

Banking Systems evolved to finance trade Merchant courts developed wherein disputes among

merchants were settled

International legal framework for trade was

institutionalized
Protectionism emerged in the 17th century because

mercantilist achieved political dominance

 Trade played a significant role in the emergence of

cities and the rise of nation state

Mercantilism grew out of belief that an economy could

increase its wealth through a trade surplus and consequent accumulation of precious metals
Trade was thus conceived as a zero-sum competition:

one states loss was another states gain

Maximize exports and minimize imports by

promoting domestic industry while limiting imports

 Trade was not significant enough by itself to

determine patterns of inequality

Trade was essential to the economic prosperity of the

major trading cities that comprised the worlds trading posts, but its impact on economic activity more generally was limited.

 The Philippines have been a colony of Spain for 333

years. The archipelago has been subjected to Spains trade rules and regulations. They also have control over the exports and imports of the country. Under the Spanish rule, the Galleon trade system replaced the ancient system of trading known as Barter trade. Products for the Philippines were shipped to Acapulco, Mexico and then it will be sold to the European Market.

 The Philippine Archipelago is a strategic trading

nation because of its topography and geographic location. It is a country rich in natural resources- land, marine resources and minerals. The Philippiness main exports are rice, sugar and coconut. Several companies have expanded their business in the Philippines due to favourable economic conditions that the country is experiencing now. The Philippines, on the other hand, imports mainly technology from western countries and Asian countries like Japan and Korea

Cordero, Hazel

 Foreign Trade

Most Favored Nation Principle (MFN)

Trade preferences granted by one state to its most

favored trading partner are applied equally to all other countries Trade volumes grew from1820-1850 & 1870

 Industrialization

The Gold Standard (1870)

Protectionist Policy
Fredrich List emerging economies needed to shelter their industries

until they developed to the levels of the leading economies

International Trade Diplomacy
International agreements

 1929 -1930s
Wide spread of Protectionism and abandoned the

MNF Principle Beggar-my-neighbor protection Tariff protection (1920) Trade fell in 1930
Decline in word trade The protectionist policies

US and Japan (new world trading powers)

 Trade
Cause or a consequence of rapid economic growth According to Morris and Adelman(1988), Trade had a

significant positive impact on developing economies depended on whether their domestic structure were sufficiently advanced to realize the gains from trade and diffuse theme throughout the national economy Impact on stimulating the development relations within an economy Role of primary exports, Demand of Goods and Revenues Impact on domestic politics

 Trade Stratification
Resources exporters countries Manufacturers (Industrializing countries)

Standard Trade Theory

Predicts that as countries became more open to trade

the returns to factors of production will converge internationally

Trade + Migration + International Capital Flows =

Global Competitive Pressures

 1870-1939
National patterns of production were influenced by

Global competition Standard Trade Theory Extensity of trade Intensity of trade

Filio, Michael Angelo T.

 3.4.1 The development of global free trade

3.4.2 The extensity of trade and the emergence of

global markets 3.4.3 The growing intensity of postwar trade 3.4.4 Shifting patterns of trade stratification 3.4.5 The infrastructure and institutionalization of global trade Philippine Connection

 1944 Bretton Woods Agreement not only established a

system of fixed exchange rates but also the basis for a multilateral trading order. Avoid Protectionism General Agreement on Tariffs and Trade (GATT)

 Non-discrimination ( the MFN Principle)

Reciprocity
Transparency (nature of trade measures should be

clear) Fairness, so that practices like dumping of goods at below market prices or predatory pricing by exporters were deemed unfair and countries were entitled to institute protection against them

 Not only did the GATT produce large reductions in

tariffs and thereby liberalize trade, but latterly it moved into other sectors, notably reducing barriers to trade in services. By the 1970s a largely free trade order had been established among all the OECD countries and since the 1980s this has been extended to developing countries and countries formerly closed to trade under communism, with the result that a global trading system now exists.

 The emergence of global free trade provided the basis

for open worldwide markets. Extensive as they are, trade networks still appear to be concentrated within certain geographical areas: Europe, the Americas and Asia-Pacific. Skeptics believed this development in trade is becoming regionalized rather than globalized

 Regionalization-The process of dividing an area into

smaller segments called regions. Businesses also use regionalization as a management tool and a way to make certain that needs unique to particular areas are met. Contemporary regional trading arrangements have been designed to liberlaizer trade not to build protectionist fortresses, recognizing the potential benefits from freer trade but also the relative case of reaching agreement at the regional, as opposed to global level.

 In the postwar period trade grew more rapidly than

world income. Played an important role in the rise of GDP of developed and developing countries. Classical Gold Standard Era. Data on world trade in services only became available from 1980 onwards are subject to a considerable margin of error.

 Developments are indicative of a qualitative shift

in the intensity of postwar trade as national markets became increasingly enmeshed with each other such that trade is now integral to national economic prosperity.

 Developed states have dominated postwar trade Decline or fluctuation in their share of world trade is

attributed to oil-exporting developing countries. Growth in trade shares is attributed to the rise of the East Asian Tiger economies.

 For much of the postwar period, world trade has been

concentrated among the developed countries. Increased trade between developed and developing countries. From primary products as exports to manufactures and services. Trade has played a key role in the performance of individual developing countries. Trade competition in the world economy led to diverging income levels. Polarization of economic fortunes in the global economy and new patterns of stratification.

 Intra-industry trade
Trade has expanded relative to output for most of the

postwar period not just because of decreasing tariff barriers and transport costs, but also because of the changing structure of global production. Growing trade between developed and developing countries in the 1980s also reflects a shift in the nature of production

 Improved transport and communications networks

have provided the infrastructure for a global trading system while the institutionalization of trade liberalization has contributed to the growing intensity of trade activity. GATT trading regime and its structures was crucial to postwar trade expansion

 GATTs success in developing and maintaining an open

trading system (at least for the manufactures) through trade barrier reduction negotiations. Since Barriers were eliminated, interest has shifted towards differences in the domestic regulations and laws governing competition in different countries. WTO and OECD states seek greater trade liberalization, the focus of their activity has shifted towards the harmonization of domestic competition and business rules in so far as these are perceived as the major barriers to global free trade.

 The Philippines has been a World Trade Organization

(WTO) member since 1 January 1995. Aside from the WTO, the Philippines is also a member of ASEAN and APEC

Since 1980s, the Philippines have opened their economy to foreign markets, and established a network of free trade agreements with several countries. The United States is one of the Philippines top trading partner. In 2010, according to US Department of Commerce dad, trade between the Philippines and US amounts to US$15.4 billion. US is also the Philippines largest foreign investor, with foreign direct investment close to US$6 billion at the end of 2009.

 Primary exports - commodities: semiconductors

and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits Primary exports partners: US (17.6 percent of total exports), Japan (16.2 percent), Netherlands (9.8 percent), Hong Kong (8.6 percent), China (7.7 percent), Germany (6.5 percent), Singapore (6.2 percent), South Korea (4.8 percent)

 Primary imports - commodities: electronic

products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic Primary imports partners: Japan (12.5 percent of total imports), US (12 percent), China (8.8 percent), Singapore (8.7 percent), South Korea (7.9 percent), Taiwan (7.1 percent), Thailand (5.7 percent)

The Transformation of Global Trade

 Gold was a primary means of exchange in the Roman

Empire, gold mining was an important motive for Roman invasion of Britain.

 a monetary system in which the standard economic

unit of account is based on a fixed quantity of gold.

In the 1850s, the industrial revolution was taking place

in England.
In the United States, the Civil War (1861-1865) was just

over.

 In Japan, the military rule of Tokugawa shogunate

(1603-1867) was just over, some ports were opened to trade with European countries, and Emperor Meiji was instituting a major change in Japan.
Admiral Perry of the United States came to Uraga,

Japan and forced Japan to open up to trade, causing the fall of shogunate and triggering the Meiji Restoration.
The second Opium War (1856-1860) was just over and

imports of opium was legalized in China.

 The gold standard has no precise date of origin. It gradually

emerged around 1870-1880 when most of the industrial nations of Europe adopted the gold standard. (Great Britain adopted the gold standard in 1821, Australia in 1852, Canada in 1853, France in 1878, Germany in 1871, the US in 1879)
this period, most of the industrial nations linked their currencies to gold and inflation rates were about 0.1 percent.

It lasted until 1914, before the outbreak of World War I. During

When these nations were on the gold standard, there were no

formal agreements with other nations. No treaty was signed. Each nation defended its currency in terms of gold. Its treasury or central bank was required by law to buy and sell gold without limit at the stated price. The public had complete confidence in the convertibility of its currency into gold.

 The gold standard is deflationary.

In an open economy, a balance of payments deficit is

followed by a gold outflow. Transmission of monetary shocks. For the world as a whole, the growth of money supply is regulated by the flow of newly produced gold.

INTERWAR PERIOD, 1918-1940

During World War I the international gold standard

ceased to function.
European economies had been interlocked closely, but

they were suddenly cut loose from the connective mechanism by war.
Countries diverged and developed in different

directions during the war.

 After the war in 1918, US immediately announced that

it would maintain the dollar price of gold at its prewar level.

Britain resorted to a deflationary policy (1920-1925) French Franc dropped from $0.18 in 1918 to $0.0392 in

1926, which stopped gold outflow from France. After the depreciation, France returned to the gold standard in 1928.

 The United States and Great Britain were to hold only gold as

reserve asset.
Key reserve currencies, dollar and pound. Nonreserve countries

were asked to hold dollar or pound (rather than gold) as reserve asset (Hence, gold exchange standard.) Other currencies are convertible into reserve currencies at fixed parities.
Dollar and pound were freely convertible into gold between

central banks, but not for the general public.

Most countries that were on the silver standard also pegged silver

to the dollar, except China and Hong Kong.

 Deflationary policy stifles growth.

 Countries tried to manage or stabilize the flexible

exchange rates - by raising interest rate, but it did not prevent capital outflow. Some countries devalued their currencies, but many countries already did this without success. Others imposed exchange control when faced with capital flight.

 In April 1933, President Roosevelt suspended the gold

standard.
Gold Reserve Act of 1934
It prohibited gold coinage.
It allowed the President to change the gold content of

dollar.
France devalued Franc in 1936.

 The Bretton Woods system of monetary management

established the rules for commercial and financial relations among the world's major industrial states in the mid-20th century.
First example of a fully negotiated monetary order

intended to govern monetary relations among independent nation-states.

1. The Flows of Globalization In a global economy, no nation is self-sufficient. Each is involved at different levels in trade to sell what it produces, to acquire what it lacks and also to produce more efficiently in some economic sectors than its trade partners.

2. The Setting of the Contemporary Global Trade System International trade, both in terms of value and tonnage, has been a growing trend in the global economy. The emergence of the current structure of global trade can mainly be articulated within three major phases:

First phase (immobile factors of production) Second phase (mobility of factors of production)

Third phase (global production networks)

3. Trade Facilitation
The facilitation of trade involves how the procedures

regulating the international movements of goods can be improved. It depends on the reduction of the general costs of trade, which considers transaction, tariff, transport and time costs, often labeled as the "Four Ts" of international trade.

 Distribution-based Regulation-based

Transaction-based

4. Global Trade Flows

The nature of what can be considered international

trade has changed, particularly with the emergence of global value chains and the trade of intermediary goods they involve.

5. International Transportation
The growth of the amount of freight being traded as well as

a great variety of origins and destinations promotes the importance of international transportation as a fundamental element supporting the global economy.
Economic development in Pacific Asia and in China in

particular has been the dominant factor behind the growth of international transportation in recent years.

 France

Germany
Japan Sweden

United Kingdom
United States of America

Sophia Zinampan

 Impact of international conditions on national

economies intensified
Domestic economic activity affect transmission of

economic fluctuations

 Protectionism vs. Free Trade

Transformation of trade towards intra-industry trade

 Demand for labour influence global competition

Technological advantage in production

Falling wages = rising unemployment

 Specialization among countries Pressure to reallocate resources Technological inferiority significantly differ in

productivity As productivity rises in manufacturing, progressively fewer and fewer workers are needed to produce a given level of output

 Effects of Trade Liberalization on Agriculture in the

Philippines: Institutional and Structural Aspects (1998) by Minda C. Mangabat

The Philippines in the ASEAN Free Trade Area (2002)

by Rodolfo C. Severino

Ramirez, Kristina

 grown in unprecedented levels

intergral to postwar growth among OECD countries

(1980s and 1990s and Post-war period) intensified competition across national boundaries.

Domestic economic activity distribution of gains are uneven

 There are clear winners and losers from

trade.
Economic globalization has brought with it an

increasingly unified world for elites Developing countries are being re-ordered divided nations and communities as the global workforce is segmented Multiplicity of trade relationships remain open to competition from the rest of the world renegotiationWestphalian notion of state sovereignity

 new global division of labour in the production of goods

is emerging

increasingly consume goods from abroad their own production processes significantly dependent on components produced overseas.

 IMPACT:
economic activity

in any one country is strongly affected (through trade networks) by economic activity in other countries.
The distinction

between domestic economic activity and worldwide economic activity, as the range of products in any superstore will confirm, is becoming increasingly difficult to sustain.

 play an important role in ameliorating the impact of

structural change arising from trade

Nation state used trade protection to: Raise revenues Manage difficulty in balance of payments Promote domestic industry

 Late 20th century Institutional Constraints

& Economic Cost

Limited scope for national protectionism

Subjected to growing international scrutiny: Tariffs Quota restrictions Policies support domestic industry Domestic laws w/ respect to:
Business competition Safety standards

 Historical experience:
economic development through protection diminished

policy option (East Asian Crisis of 1997)

Enthusiasm human capital policieseducation &

trainingreflects:
Academic & political interest potential of measures to

ameliorate consequences of global free trade Foreclosing of other policy options

Trade globalization is only one strand in overall story of emergence of todays global economy

 Transformed state autonomy and induced shifts in

state policy

Contemporary financial globalization is a

market, rather than a state, driven phenomenon.

Financial liberalization poses serious questions about the nature of state power

and economic sovereignty

 Operations of multinational corporations integrate

national and local economies into global and regional production networks.
national economies No longer function as autonomous systems of wealth creation distinction between domestic economic activity and

worldwide economic activity

becoming difficult to sustain.

 Central to the organization of this new global

capitalist order Today transnational production considerably exceeds the level of global exports
Account for at least 20% of world production and 70% of

world trade

increasingly important sites through which

economic globalization is contested, by weaker states and by the agencies of transnational civil society.

 Political dynamics of multilateral institutions

tend to mediate great power control consensual modes of decision making,
such that they are never merely tools of dominant states

and particular social groupings.

 exceeds the regulatory reach of national governments

existing multilateral institutions of global economic

governance have limited authority

States refuse to cede these institutions substantial power global markets may effectively escape political

regulation

Economic globalization has been accompanied by a significant internationalization of political authority associated with a corresponding globalization of political activity.

 MANILA The Philippines is NOT immune to a

financial crisis elsewhere in Asia

if a BOP crisis breaks out elsewhere, the Philippines

wont be spared the contagion, and no economy in Asia ex-Japan would," -Tim Condon-

ING chief economist in Asia

 "The Philippines is less vulnerable to contagion than

its South East Asian neighbors because it has a stronger external payments position," Condon said.

 Spanish trading galleons regularly sailed across the Pacific Ocean between Manila and Acapulco, trading spices and silk from India and China for silver from the vast mines in Mexico and Peru. The ties between what was known as the East Indies and the West Indies were deep, and profitable.
Today, we are witnessing an intensification of those historic East-

West ties and Asia and Latin America are two vital engines of growth on which the rest of the world's economies increasingly depend. .

 There is no single, all-encompassing definition of globalization. Instead, it has become a broad heading for a multitude of global

interactions, ranging from the expansion of cultural influences across borders to the enlargement of economic and business relations throughout the world. The protectionism which emerged in international trade after the WW II gave way to gradual liberalization, comprising both unilateral liberalization and rules-based multilateral liberalization spearheaded by GATT. From a multidisciplinary angle, globalization may be treated as a phenomenon, a philosophy and a process which affect human beings as profoundly as any previous event. Several factors have been responsible for this phenomenon and confines its attention to four growth-enhancing facets of globalization that have been among its key drivers, namely, trade, finance, communications and transport.

 Developing country like the Philippines , is one of the countries in Asia where

the country has been effected by globalization. The country is taking part in the process of globalization ever since the country signed agreements with WTO (World Trade Organization) in 1995. Since then, the nation had hope for WTO to bring developments within the nations poor economy and also to have a role within the global economy and trade. Now, globalization is very effective in the Philippines, it has allowed major changes in the nation like more labor, and more Filipino and foreign companies has emerged in the nation in order to help the countrys developing economy. Generally, the Philippines is one of the developing countries that is rapidly dealing with globalization ever since the influence of the US during the World War II.

 Asian and Pacific states have developed numerous

multilateral trade agreements, particularly among Pacific Rim states. A region with some of the highest economic growth rates in the world, the Pacific Rim has seen trade agreements flourish as countries have begun working together to lower trade barriers and encourage economic growth. The trade agreements listed here is not complete by any means, but should cover all of the major, multilateral agreements.

Asean Free Trade Area (AFTA)- AFTA is a part of the larger ASEAN trade agreement, and works to lower tariff barriers between member countries. The ASEAN free trade area (AFTA)is to be phased in over the next 15 years, and aims to increase trade among ASEAN members; it may also lead to free trade arrangements with other countries. Members (7): Brunei , Indonesia, Malaysia, the Philippines, Singapore, Thailand, Vietnam
Asia-Pacific Economic Cooperation Forum (APEC)- Founded in 1989 to provide

a discussion forum for countries to discuss a wide range of economic issues, promote multi-lateral cooperation amoung market-oriented economies throughout the Pacific Rim. APECs 18 member countries hope to achieve free and open trade and investment throughout the region by the year 2020. Members (18): Australia , Brunei, Canada, Chile, China, Taiwan, Hong Kong, Indonesia, Japan, Mexico, New Zealand, North Korea, Papua New Guinea, the Philippines, Singapore, South Korea, Thailand, United States
South Pacific Regional Trade & Economic Cooperation Agreement

(SPARECA)- Trade agreement between Australia and New Zealand to encourage economic growth between the two countries and around the Pacific Rim.

 Rising incomes will propel millions of Asians into the

middle class, affecting not only intra-regional trade between rapid growth markets, but global trade as well.
expected trade growth in the region. Through vertical specialization, the contributions of these economies are increasingly complementary, enabling every country in the region to thrive. East and Africa (MENA) will grow faster than trade to the Eurozone. Meanwhile, India will be the fastest-growing trade route for almost every economy in the region.

Rapid growth markets in Asia-Pacific can benefit from

For most Asia-Pacific economies, trade with the Middle

 In the Philippines, the most evident effects or trends with

reference to globalization both on firm and industry levels are, trends toward labor flexibilization, trends toward the informalization of labor, trend toward an HRD strategy. poses threat on job security which could increase the countrys unemployment and underemployment conditions, restriction on legislation matters, base reduction for union organizing and difficulty in collective bargaining.3 Such effects create greater instability in the Philippine Industrial Relations System as it already is. The outcome illustrates the weakening power and influence of the labor sector which could result in the ineffectiveness of the country to deal with such crisis.

 Globalization to a certain extent pushes workers in the formal sector to

the other end. These include economic restructuring, market-driven policies, technological change, the degree of government intervention in labor markets and industrial relations, flexibility in the way work is organized and growing diversity of work, and the increasing dichotomy in terms of employment and income opportunities between workers from both formal and informal sectors.
Globalization has taken its socio-economic toll in the exploitation of

the labor sector, primarily those located in third world countries such as the Philippines. The old model of the international division of labor has been replaced by a more exploitative paradigm having direct effect on those that belongs in the working class and its trade unions.

 Addressing the economic needs by adapting to the

changing conditions brought about by globalization is essential for the countrys survival. However, interests of workers in the formal labor sector should also be taken into consideration to fully capitalize on the changing trend in the economy.

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