BS INFORMATION TECHNOLOGY
COURSE TITLE:
A.Y. AND SEM:
THE CONTEMPORARY WORLD
SY 2022-2023, 2ND SEMESTER
NAME: Mark Renzo Tañedo
COURSE/SECTION: 1ST YEAR BSIT - A
OUTPUT NO. 1
Directions: Click the link provided and WATCH and UNDERSTAND the video.
https://youtu.be/lMOQ7l3R2ME. After doing so, kindly answer the following questions.
1. Based on the video you watched, define ECONOMIC GLOBALIZATION in your own words.
2. Differentiate PROTECTIONISM from TRADE LIBERALIZATION.
3. State the role/functions of these two organizations:


International Monetary Fund (IMF)
World Trade Organization (WTO)
ANSWERS :
1. Based on the video presented, Economic Globalization is the
expansion of trade, transportation and communication system. It refers
to the worldwide movement of goods, information, service and
technology. So basically if we are talking economic globalization the
term economy will not be go away from the discussion. As the video
presented, there are two different types of economy, protectionism and
trade liberalization.
2. The job of protectionism in economy is to protect and create trade
barrier from other foreign countries. However, the trade liberalization is
the act of lessen trade barriers. So it allows the country to import and
export their goods easily without fees. Tariffs is the barrier in the
trading of goods and technology because it requires fees in every of
their imports and exports products.
3. International Monetary Fund (IMF) gives short term loans to the
countries when emergency occurs.
World Trade Organization (WTO) focusing in solving trade disputes
among countries in a peaceful way. However it only focusing on the
developed country.