The Global Economy World Health Organization (WHO) is responsible for global
researches on medicines and vaccines including the World
Global economy denotes that the economies of various Health Report and Survey.
countries are more interconnected from extraction,
production, distribution, consumption, to disposal of goods Organization for Economic Cooperation and Development
and services. (OECD) aim to stimulate economic progress and world trade
by providing a platform to compare policy experiences and
Economic integration means that separate production identify good practices in domestic and international
operations are functionally related to each other and form a economic policies and programs of its members.
unified product or service.
International Labor Organization (ILO) deals with labor
Actors that Facilitate Economic Globalization problems and international labor standards and social
protection for workers.
International Monetary Fund (IMF)
The IMF is an international organization of 183 member Food and Agriculture Organization of the United Nations
countries to promote international monetary cooperation (FAO) leads international efforts to defeat hunger, eliminate
and exchange stability; to foster economic growth and high food insecurity and malnutrition, and increase resilience of
employment; and to provide short-term financial assistance livelihoods and food.
to countries to help ease balance of payments adjustments.
UNESCO contributes to peace and security by promoting
International Financial Institutions (IFIs) international collaboration through educational, scientific,
These organizations give loans to governments for large- and cultural reforms.
scale projects, restructuring and balance of payments on
condition that they make specific changes that IFIs believe International Civil Aviation Organization (ICAO) for
will boost economic growth (Shangquan, 2000). regulations of international air transport
Transnational Corporations International Maritime Organization (IMO) shipping and
Enterprise that engages in activities which add value prevention of pollution at sea
(manufacturing, extraction, services, marketing, etc.) in
more than one country. International Telecommunication Union (ITU) developing
standards on ICT
G8 and G20
Group of nations that serve as an advisory organization that The World Intellectual Property Organization (WIPO)
discuss current economic and political problems and international intellectual property rights standards
transfer the ideas from the forum in national legislative
regulations. Globalism vs Internationalism
Global Civil Society Internationalism is defined as political, economic, and
Either composed of individuals or groups of individuals cultural cooperation between nations, while globalism is an
disadvantaged by the effects of the globalization of the ideology based on the belief that flow of people, goods, and
world economy, they protest and seek alternatives while on information should flow freely across national borders.
the other hand, global social movement constituting a basis Sargent (2008) argues that internationalism emphasizes
for an alternative to a new world order. diversity and celebrates multiculturalism, while globalism
focuses more on the economic aspect of the exchanges
What is the Modern World System? among countries and society.
According to the world-system theory, the peripherals are
mostly where production or raw materials are sourced out, Market Integration
while the semi-peripherals processed or distributed the
products to the core areas-sites of major demands for Market integration is a process by which economies are
goods and services. becoming more interdependent and interconnected in
terms of commodity flows including externalities and
The Global Interstate System spillover of impacts.
Global Interstate System - is an institutional arrangement of Two Kinds of Market Integration
governance that addresses regional or globalized issues that
go beyond the scope of a nation-state (Institutions that Horizontal integration happens when a firm gains control of
Govern Globalization other firms performing similar marketing functions at the
same level in the marketing sequence. For instance, Disney
International Organizations bought Pixar, which is also in the entertainment media, for
$7.4 billion.
International Monetary Fund (IMF) looks at the stability of
the international monetary system by monitoring global Vertical integration happens when one company owns the
economy, lends to countries, and provides policy and operations and products from one stage to the other along
technical advisory functions to members. the supply chain. For example, an iron mining company
operates the steel manufacturing firm.
World Trade Organization (WTO) regulates international
trades, ensures smooth flow of trade, and provides a forum Four Key issues with IFIs
for negotiations for trade agreements among countries and Legitimacy
regions of the world. Effectiveness
Support conditionality
Financial capacity and sustainability
Contemporary Global Governance
Global governance - collective efforts to identify,
understand, and address worldwide problems that go
beyond the problem-solving capacities of states.
Nation-State Elements
Broken territory
Sovereign territory
Monopoly both of law and coercion
Rules citizens directly
People as a source of sovereignty
Homogenous population
The United Nations
The United Nations is an IGO designed to make the
enforcement of international law, security, human rights,
economic development, and social progress easier for
countries around the world.
The UN today is divided into five branches:
1. The UN General Assembly - is the main decision-
making and representative assembly and is
responsible for upholding the principles of the UN
through its policies and recommendations. It is
composed of all member states and headed by a
president elected by the member states.
2. The UN Security Council - can authorize the
deployment of UN member states' militaries, can
mandate a cease-fire during conflicts, and can
enforce penalties on countries if they do not comply
with given mandates. It is composed of five
permanent members and 10 rotating members.
3. The International Court of Justice - can settle,
according to international law, legal disputes
between States and give opinions, mostly advisory,
on legal questions brought to it by UN organs and
agencies
4. The Economic and Social Council - assists the UN
General Assembly in promoting economic and social
development, as well as cooperation of member
states
5. The Secretariat - headed by the Secretary-General,
provides studies, information, and other dates when
needed by other UN branches for their meetings
