HISTORY OF GLOBAL MARKET INTEGRATION
Many poor women and children worked in
Contemporary World
DEFINITION OF TERMS
Market
Refers to an institutional structure that
permits people and organizations to
exchange good, services, and labor.
Global Market
Refers to all the people in all areas of the
world who buy or might want to buy
something. (Cambridge Dictionary)
It is not limited to specific geographic
locations but rather involves the exchange of
good, services, and labor anywhere in the
world.
Integrate
The act of combining two or more things to
make something more effective. (Cambridge
Dictionary)
Global Market Integration
Refers to the price differences between
countries are eliminated as all markets
become one.
HISTORY OF GLOBAL MARKET INTEGRATION
1. Agricultural Revolution
 Refers to the period where the first
big economic change happened,
where there was an unprecedented
increase in agricultural production.
 People learned how to domesticate
plants and animals, and realized that
it was much more productive than
hunter-gatherer societies.
 This revolution led to major
developments like permanent
settlements, trade networks, and
population growth.
2. Industrial Revolution
 The second major economic
revolution that transformed largely
rural, agrarian societies into
industrialized and urban ones.
 Where factories popped up and
changed how work functioned.
 People began working as wage
laborers and then becoming more
specialized in their skills.
 This period led the people have
access to a wider variety of goods
due to mass production.
3. Information Revolution
 Refers to the period of change where
technology has reduced the role of
human labor and shifted it from a
manufacturing-based economy.
 Computers and other technologies
are beginning to replace many jobs
because of automation or
outsourcing jobs offshore.
ECONOMIC CASUALTIES DURING INDUSTRIAL
REVOLUTION
1.
dangerous conditions at the factories for low
wages.
However, labor unions was formed in
the late 19th Century in order to
improve wages and working
conditions through collective action,
strikes, and negotiations.
Labour unions gave way for minimum
wage laws, reasonable working
hours, and regulations to protect the
safety of the workers.
TWO ECONOMIC MODELS ARISED DURING
INDUSTRIAL REVOLUTION
These models sprung up during this period as
economic capital became more and more important
to the production of goods.
1. Capitalism
Refers to a system in which all natural
resources and means of production
are privately owned.
Emphasizes profit maximization and
competition as the main drivers of
efficiency.
2. Socialism
Refers to a system in which the
means of production are under
collective ownership. It rejects
capitalism’s private property.
In this system, the property is owned
by the government and allocated to
all citizens, not only those with the
money to afford it.
This system emphasizes collective
goals.
TWO CLASSIFICATIONS OF LABOR MARKET
JOBS
1. Primary Labor Market
Refers to the jobs that provide many
benefits to workers, like high
incomes, job security, health
insurance, and retirement packages.
2. Secondary Labor Market
Refers to the jobs that provide fewer
benefits and include lower-skilled
jobs and lower-lever service sector
jobs.
These jobs tend to pay less, have
more unpredictable schedules, and
typically do not offer benefits like
health insurance.