The Structure of Globalization

Flow and Friction in the Era of Global Convergence: A Survey of Contemporary World
Professor Mark Lino C. Decena
THE STRUCTURE OF GLOBALIZATION

THE GLOBAL MARKET
Market Not Bullet: Trade Not Aid: The Global Market Structure and The Triumph
of Free Market Trade
The Globalization of Free Market and its Dynamic
Removing protectionist policies to permit the free flow of goods and services
among countries is the foundation of free trade or market liberalization. The
consensus among advocates of free trade is that it reduces prices, raises the
standard of living for more people, makes a wider variety of products available,
and contributes to improvements in the quality of goods and services. Proponents
of free trade believed that by removing barriers to the free movement of goods
among countries, countries would be encouraged to specialize in producing
certain goods, thereby contributing to the efficient utilization of resources such as
land, labor, capital, and entrepreneurial ability which are critical inputs in the
factors of production. Should countries focused on what they do best and freely
trade their goods with each other, all of them would benefit. However, the
current wave of globalization severely jeopardized such proposition. The
phenomenal growth of Multi-National/Trans-National Corporations make
globalization more complicated and prone to social friction. The production of
goods and services is strongly influenced by costs, profitable induced
environment and government policies. Trade in the world’s market involves the
importation and exportation of goods and services. Goods and service that enter
into a country are called imports. Good and services that leave a country for sale
in another country are called exports. Economic states are classified either export
or import oriented economies. Countries with weak export industries are
normally placed in a disadvantageous position (frequently suffering from trade
deficit) whereas states with strong export industries are enjoying trade surplus.
Imported goods are usually available for consumption with an expensive tag price
due to tariff. A tariff is a tax imposed by a government on goods and services
imported from other countries that serves to increase the price and make imports
less desirable, or at least less competitive, versus domestic goods and services.
Apart from tariff, there are variety of local measures crafted to protect local
market from the possible flooding of international goods in a given country-
quotas and restrictions are among them. Good and services are not the only
things which freely cross bordered as result of trade agreements among
countries. Money and capitals via investments are also regarded as fluid
instruments of globalization. Funds from international source can be invested in a
local equity/stock market. International firms are in encouraging mood to expand
their operation and market coverage across the globe. Should Toyota Company
decide to put up a production facility in Cabuyao, Laguna such investment shall be
called Foreign Direct Investment which is more badly needed in a country where
unemployment is a constant problem. Given the supposed positive premise of
unrestricted flow of goods, services and capital, a borderless world is presumed to
foster shared prosperity among nation-states. The last 70 years have seen trade
expand faster than output by a significant margin, increasing the degree to which
national economies rely on international trade in overall activity. The decline in
transportation costs and technological innovation, in particular the Internet, have
contributed to an increase in the volume of trade, financial flows and accelerated
economic transactions by decreasing the time and methods of delivery and
payment of goods and services. Developing countries received substantial FDI
inflows in the past few years mainly attributed to cheap labor and other related
cost. The reduction in transportation costs over recent decades, has also
significantly facilitated the movement of people around the globe.
Principal Actors that Facilitate Globalization
Globalization creates both opportunities and cost and for this reason it
should not be cursed nor romanticized, neither should it be used as a scapegoat
for the major problems that are affecting the world today. There are four main
driving forces behind increased global interdependence: (a) trade and investment
liberalization; (b) technological innovation and the reduction of communication
costs; (c) entrepreneurship; and (d) global social networks. But globalization will
not be realized without the principal actors which are pushing it to the edge of
possibility
1. State actor- refers to sovereign state with a particular foreign policy of
economic weight. Government has specific mandate to make the lives of
their constituents prosperous and stable. To get into the game of
globalization, some state actors conceded their economic sovereignty to
give way to this new craze in town. They became willing marketers of their
respective countries as haven for international business. The role of the
nation-state in a global world is largely a regulatory, national governments
have played a pivotal role in allowing greater interdependence and
economic integration by embracing market-oriented policies at the
international levels. State efforts to uphold free trade and to encourage the
reduction of trade barriers have been reflected in the eight successive
negotiating rounds of the former General Agreement on Trade and Tariffs
(GATT), which culminated in 1995 with the establishment of a multilateral
trading system – the World Trade Organization (WTO). The latter has not
only led to the reduction of trade barriers but has also proceeded to
liberalize services and capital flows. Although the premises of GATT
continue to be the foundations of global trade liberalization, the WTO
differs significantly from GATT. To a much greater extent than GATT, the
WTO directly challenges fundamental aspects of national sovereignty by
diminishing both the national barriers to global trade and governments’
economic activities. For example, when China joined the WTO in 2001, it
was required to make its domestic market more accessible to foreign
competition and to privatize its state-owned industries. On the other hand,
China benefited from provisions of the Most-Favored Nation Clause, which
was a key component of GATT. Compared with GATT, the WTO is much
more powerful in terms of governing global commerce and is empowered
to settle trade disputes among countries. Agreements establishing the WTO
extended GATT rules to cover agriculture, consumer services (restaurants,
hotels, travel agencies, and so on), producer services (investment, banking,
insurance, intellectual property rights, or the control people have over their
artistic, creative, scientific, industrial, and educational inventions, and data
processing), textiles, clothing, telecommunications, labor standards, and
the environment. The 142 member countries of the WTO met in Doha,
Qatar, in 2001 to further reduce barriers to trade. The Doha Agreement,
which reflected the growing power of developing countries regarding trade
issues, relaxed patent protection for brand-name drugs by giving poor
countries the right to make inexpensive generic medicines patented by
global pharmaceutical corporations.
2. Multinational Company (MNC)- also called as Transnational Company

(TNC). It is a business organization with multiple operations around the
globe. Global companies establish global factories that produce a wide
range of goods. Most likely the labels on our clothes indicate that they
were made in Mexico, China, Malaysia, Bangladesh, Singapore, Indonesia,
or Fiji. Gillette, an American Company in Massachusetts, has razor handles
made in China and cartridges manufactured in Germany. Most consumers
are not overly concerned about where these products are made. Distance is
less of a factor in determining where factories are located. During the Age
of Territorial Expansion, business conglomerate such as the British East
India and Dutch’s East Indie became agent of imperialism as they sapped
the colonies’ rich resources and used those resources to bankroll imperial
economic industrialization. In the modern world, MNCs act as modernizers
of the global economy. This is evident through the constant promotion of
new technologies and genuine innovations across the world. The
innovations are seen not only in technological realm, but also in medicine,
education and social policies. By bringing progress to the poorest
economies, MNCs employ people and educate them. Moreover, by
minimizing the costs of the productions of many products, multinational
companies supply relatively cheap products to the developed markets .
Multinational corporations are likely to establish interconnection between
the domestic economies of some isolated countries and the world’s
greatest economies. On the other hand, MNCs are being criticized for not
taking care the well being of the country where they place their business.
Another negative facet of MNC is its ability to conceal the real profit and
avoid high taxes. It is likely that many companies use developing countries
and take advantage of them. Due to the week law enforcement and tax
legislations in developing countries, many corporations do not pay taxes
there. MNCs are also notorious for creating the conditions for unequal
distribution of wealth in society. Sometimes numerous huge foreign players
are in power to neutralize domestic players which have bad impacts on the
economy of developing countries. MNCs are closely associated with what
some scholars call Fordism (i.e., the manufacturing system that stressed
mass production of standardized products, and the centralization and
vertical integration of production processes). There are few corporations

whose economic clout is parallel to that of a nation’s economy. The largest
corporations in the world in terms of market capital are as follows:
3. International Institutions- Since their inceptions, the World Bank

(International Bank for Reconstruction and Development) and International
Monetary Fund (IMF) casted high-profile role in keeping the tide of
globalization intact despite of several setbacks. Both founded after the
Second World War, the World Bank concentrates on long-term investment
projects, institution-building, and on social, environmental, and poverty
issues. The IMF focuses on the functioning of the international monetary
system, and on promoting sound macroeconomic policies as a precondition
for sustained economic growth. They were both created to help restore and
sustain the benefits of global integration, by promoting international
economic cooperation severely interrupted by war. The IMF and World
Bank believe that globalization has great potential to contribute to the
growth that is essential to achieve a sustained reduction of global poverty.
Many developing countries have already taken advantage of the
opportunities of the global economy. More rapidly globalizing countries,

such as Brazil, China, Costa Rica, the Philippines, and Mexico on average
doubled their share in world trade and raised per capita incomes. Their
experience demonstrates that integration into the global economy can
bring major advantages for developing countries. Despite of their good
intentions to raise the standard of living in the poverty afflicted societies,
IMF and World are being criticized for imposing stiff and anti-poor
conditions before financial packages be released countries in need. Before
getting relief, nations must meet their criteria for economic reform and
budget austerity for years. Few can meet this goal, especially when hit by a
natural disaster or a drop in the price of commodities they export. In
addition, most qualifying nations will get so little relief that they will still
pay a crippling percentage of their budget for debt service. Some will even
owe more than before, as they are deemed able to pay a larger part of their
debt. Most of the indebted countries borrowed heavily in the 1970's when
interest rates were low and lenders, including the World Bank, were
pushing loans. Highly Indebted Poor Countries (HIPC) are developing
countries with high levels of poverty and substantial debt overhang which
made those states eligible for continuous assistance. Unfortunately, some
of the money loaned to these countries were wasted or simply stolen. Now
the debts are compounding, as many countries cannot even pay the
required interest. The problem is worsened by a drop in foreign aid, which
is at an 18-year low. Foreign Aid is defined as voluntary transfer of resource
from one country to another. Debt matters. There are 41 poor nations
considered the most highly indebted, 80 percent of them in Africa. Some
pay 60 percent of their annual budgets for debt service. That leaves little to
invest in basic education, health, rural roads and other programs that help
people escape from poverty.
The Global Supply Chain
A global supply chain is a dynamic worldwide network when a company
purchases or uses goods or services from overseas. It involves people,
information, processes and resources involved in the production, handling and
distribution of materials and finished products or providing a service to the
customer (definition by CIPS). This means that supply chain management must
have a multidimensional approach, involving people, processes and

technology. Big local and international firms are very much part of the global
supply chain as they take advantage of the lower production cost and they can
now outsource a fraction of company’s operation in order to generate
maximum profit and large-scale efficiency. Other aims include increasing the
speed by which the product reaches the customers, as well as flexibility in
dealing with customer transactions. Global supply chain management has
many benefits for a large company. Small- and medium-sized businesses
benefit as well. These smaller organizations, especially with niche technologies
or specializations, can now sell to multinational organizations or to their
suppliers. Many of these large firms have started outsourcing and offshoring
production activities that were carried out limitedly in the past. Outsourcing is
the business practice of hiring a party outside a company to perform services
and create goods that traditionally were performed in house by the company's
own employees and staff as defined by Investopedia. This practice may affect
jobs ranging from customer support to manufacturing. Example of outsourcing
is a manufacturer of personal computers might buy internal components for
its machines from other companies to save on production costs. A small
company may decide to outsource bookkeeping duties to an accounting firm,
as doing so may be cheaper than retaining an in-house accountant. Other
companies find outsourcing the functions of human resource departments,
such as payroll. Outsourcing internationally can help companies benefit from
the differences in labor and production costs among countries . Offshoring, by
contrast, is when a company takes one of its factories operating in Ohio, USA,
and moves the whole factory offshore to Guangzhou, China. Beginning in the
1980s, many investors started to say, “Well, if we can’t sell that many things to
the Chinese right now, why don’t we use China’s disciplined labor pool to
make things there and sell them abroad?” This point of view suited the
interest of Chinese leaders. China wanted to attract foreign manufacturers
and their technologies- not simply to manufacture goods for sale in China but
to use low wage Chinese labor to also sell huge volume of goods abroad. As
this business strategy sets into motion, a large number of industries- ranging
from textile, consumer electronics, furniture, eyeglass frames to auto parts-
began offshoring their manufacturing operations to China.
The Fourth Industrial Revolution

The word “revolution” denotes abrupt and radical change. Revolutions have
occurred throughout history when new technologies and novel ways of
perceiving the world trigger a profound change in economic systems and social
structures. The first profound shift in our way of living—the transition from
foraging to farming—happened around 10,000 years ago and was made
possible by the domestication of animals. The Agrarian Revolution combined
the efforts of animals with those of humans for the purpose of production,
transportation and communication. The agrarian revolution was followed by a
series of industrial revolutions that began in the second half of the 18th
century. These marked the transition from muscle power to mechanical
power. The First Industrial Revolution spanned from about 1760 to around
1840. Triggered by the construction of railroads and the invention of the steam
engine, it ushered in mechanical production. The Second Industrial
Revolution, which started in the late 19th century and into the early 20th
century, made mass production possible, fostered by the advent of electricity
and the assembly line. The Third Industrial Revolution began in the 1960s. It is
usually called the computer or digital revolution because it was catalyzed by
the development of semiconductors, mainframe computing (1960s), personal
computing (1970s and ’80s) and the internet (1990s).
At this juncture, we are at the beginning of a new revolution- the Fourth
Industrial Revolution that is fundamentally changing the way we live, work,
and relate to one another. This is unlike anything that humankind has
experienced before. Consider the unlimited possibilities of having billions of
people connected by mobile devices, and more devices than total number of
human beings, toilets, and toothbrushes combined shall be connected to
internet in the near future, giving rise to unprecedented processing power,
storage capabilities and knowledge access. Or think about the staggering
confluence of emerging technology breakthroughs, covering wide-ranging
fields such as artificial intelligence (AI), robotics, the internet of things (IoT),
autonomous vehicles, 3D printing, nanotechnology, biotechnology, materials
science, energy storage and quantum computing, to name a few. Many of
these innovations are in their infancy, but they are already reaching an
inflection point in their development as they build on and amplify each other
in a fusion of technologies across the physical, digital and biological worlds.
We are witnessing profound shifts across all industries, marked by the
emergence of new business models, the disruption of incumbents and the
reshaping of production, consumption, transportation and delivery systems.
The Fourth Industrial Revolution is distinct from the previous First, Second,
and Third Industrial Revolutions as we consider three important factors:
Velocity: Contrary to the previous industrial revolutions, this one is evolving at
an exponential rather than linear pace. This is the result of the multifaceted,
deeply interconnected world we live in and the fact that new technology
begets newer and ever more capable technology.
Breadth and Depth: It builds on the digital revolution and combines multiple
technologies that are leading to unprecedented paradigm shifts in the
economy, business, society, and individually. It is not only changing the “what”
and the “how” of doing things but also “who” we are.
Systems Impact: It involves the transformation of entire systems, across (and
within) countries, companies, industries and society as a whole.
United States of America: Principal Architect of Modern-Day Globalization

Since the end of WW2 and the disintegration of USSR, USA continuous to
shape and influence the global economy. Emerged as victorious over an
ideological battle with Marxism, history ended in favor of USA as she perceived
the world a better place for mankind with her interest at stake. USA immediately
enticed nations previously under state run economy to embrace the open and
free market economy. Without much ado, a lot of them joined the bandwagon.
Inspired by American economic exceptionalism, Asian countries such as Japan,
South Korea, and Taiwan followed the pathway pursued by US by opening up
their markets to the world and loosening up their political systems. America has
been a consistent preacher of Economic and Political Liberalism of which one
cannot be separated from the other. When World War II drew to a close,
delegation from USA and UK sit down in New Hampshire to set up the new Global
Economic Order. Two international lending institutions, the International

Monetary Fund (IMF) and the International Bank for Reconstruction and
Development (known as World Bank) were created of which USA has substantial
influence and say as to which developing country is qualified for a financial aid
package with stringent conditions attached upon its approval. In addition to it, US
dollar became the most widely accepted currency in the whole world. To contain
the expansionist ambition of USSR, her main rival during the Cold War Era, of
which the growing menace of communism was engulfing the entire Europe, USA
launched an ambitious AID Package of $20 billion in value to rebuild much of the
Western Europe from severe devastation brought by WW2. This came to known
as the Marshall Plan. Fortunately, the two Superpowers of that era did not reach
full blast confrontational level, but for several bouts their conflicts were taken
root merely through representations- Korea, Cuba, Vietnam, Afghanistan. The end
of Cold War in 1989 meant that only the rules of Western Capitalism were left
standing after less than a half of century of ideological clash with Marxism. This
put the USA at the top level of Global Power Pyramid Chain with no parallel rival
close to her. America pioneered the Information Technological Revolution cradled
in Silicon Valley, the birthplace of modern-day Industrial Revolution version 4.
With Cyber Era came into being, the powerful drive towards globalization further
accelerated. In the middle of American Unilateralism in the World Stage, USA was
struck by terror attack at World Trade Center, New York on September 11, 2001
of which no one can imagine that such infamy would take place at the financial
heart of the most powerful country in the world. The whole international
community was in sympathy with USA, and without much ado, the Globo Cop of
the world took a decisive step by ejecting the Taliban Regime in Afghanistan
which hosted the man behind the terror of New York named Osama Bin Laden.
But US military response to 9/11 attack did not stop at Afghanistan. US President
George W. Bush accused Iraq of stockpiling Weapons of Mass Destruction, a clear
and present danger to American security and interest across the globe. In lieu of
the above, US and her most trusted allies deployed a pre-emptive invasion of Iraq
and consequently removed the cruel tyrant of Baghdad, Saddam Hussein. Such
action of US drew flak and intense condemnation coming from both sideways, its
old friends and fiercest rivals. Due to exchange of acrimonious words in UN after
the Iraq Debacle, the world had been viewed as deeply polarized and put an end
to what had been called as Era of American Hegemony. Adding insult to an injury,
5 years after, the Americans plagued by another round of tough crisis, its
economy went into doldrum due to corporate malpractice placing much of the
globe into state of economic recession. Tons of blames were casted against
American Way of Capitalism. As revealed from the investigation, so much
corporate greed fueled the US market into the abyss and dragged other
economies to which many believed as worst since the Great Depression of 1929.
Despite of the substantial waning of American clout and influence in the
global forum, she still commands both the soft and hard power as we consider the
following below;
1. USA spent an annual military expenditure bigger than the next seven
highest-spending countries combined.
2. The United States has the largest economy in the world at $20.4 trillion,
according to data from the International Monetary Fund (IMF), which
shows the US economy increased from around $19.4 trillion last year.
3. One in five potential migrants named USA as their preferred destination.
4. Of the ten most valuable brands in the world, 8 of them are American
based including Amazon, Google, Facebook, Microsoft, Walmart, and AT&T.
5. US is home to the top four best universities in the world namely MIT,
Stanford, Harvard, and CALTECH
When China Shakes and Rules the World

Napoleon Bonaparte, the French emperor, once said, "China is a sleeping lion.
Let her sleep, for when she wakes, she will shake the world." China was ruled by
an emperor for over 2000 years which brought her into successive civil wars and
internal chaos. The seat of power was transferred from one ruling family to
another known as dynasty. When the European great powers casted their eyes
toward China, she got humiliated and subjected to the caprice of the west.
Galvanized by the powerful forces of nationalism and sense of history, Chinese
leaders from the intellectual side revoked the mandate of heaven entrusted to
the emperor and seized the seat of power. China was liberated from the dynastic
era and the Republic was born. Unfortunately, its newly found freedom was
shortly interrupted by Japanese savagery during WWII. A united resistance led by
Chiang Kai Shek and Mao Tse Tung greeted the Japanese invading forces. After
the Japanese unconditional surrender in 1945, China was again besieged by

another bout of catastrophe- A bloody confrontation between Mao and Chiang
was in the making. Mao’s socialism won the battle and Chiang established a
newly Chinese Democratic Republic based in Taiwan. Mao’s regime in mainland
China was remembered by two regrettable tragedy- The Great Leap Forward
resulting to mass scale famine killing millions of Chinese lives and The Cultural
Revolution of which large number of Chinese individuals were purged in the name
of ideological purification. With those events, Mao placed China in an isolated
mode- no possible contact can be made with the rest of the world which made
China economically backward. The demise of Chairman Mao paved the way for a
reformist leader Deng Xiaoping who opened China’s door to western capitalism
and eventually embraced it with a Chinese character. The Four Modernization
Programs - modernization in Agriculture, National Industries, Military and Science
and Technology. Deng set the tone for China’s Rapid Industrialization as
investments and capitals flocked to China with double digit GDP Growth for two
successive decades. China’s rise can be measured in many ways, but the most
impressive number is the 700 million people that state-led reform has lifted from
poverty over the past four decades. In 1986, China’s per capita GDP was $282. In
2016, it climbed above $8,100. The country’s middle class represented 4 percent
of the population in 2002 and 31 percent in 2013. As China’s economy expanded,
its military capability is likewise accelerated. China is now regarded as the second
largest country in terms of military expenditures next to USA.
Will China eventually replace USA as the next Global Superpower as we consider
the following trends:
1. China is now the world’s biggest consumer of Petroleum Resources
2. China is widely regarded as the Manufacturing Hub of the World
3. The Chinese government has launched “Made in China 2025”, a state-
led industrial policy that seeks to make China dominant in global high-
tech manufacturing.
4. More engineers and scientists are produced by China than USA
5. China is putting sizeable investment in Alternative Energies compared to
USA
6. China is now the world’s staunch advocate of free market economy and
globalization
7. China’s soft power is enhanced as she cast her eyes to places across the
globe usually neglected by the West such as Africa and Latin America.
8. China is challenging the Western established International Financial
Institutions such as IMF and World Bank by putting its own version- Asian
Infrastructure Investment Bank (AIIB) loaning money to the developing
nations without any political or economic stipulations (Washington
Consensus vs Beijing Consensus)
Despite of China’s Miraculous Growth, it has potential handicaps in the future
which may affect China’s standing in the world.
1. China is fast becoming an ageing society
2. Gender Imbalance- due to One Child Policy and its cultural preference to
male babies- China has an oversupply of male populace.
3. China’s economic performance has been lowered to single digit growth
from 20 years of double-digit GDP growth.
4. Will China also suffer Japan’s economic stagnation after long years of
boom?
Name: ____________________________ Professor:______________

Yr/Sec:____________________________
Exercise: Answer the following questions in essay type

1. What could be the factor(s) why the Philippines failed to create a strong
export industry?
___________________________________________________________
___________________________________________________________
___________________________________________________________
___________________________________________________________
___________________________________________________________
___________________________________________________________
___________________________________________________________
___________________________________________________________
2. Cite at least two reasons why the Philippines is becoming hub for BPO in
the world. Justify your answers.
___________________________________________________________
___________________________________________________________
___________________________________________________________
___________________________________________________________
___________________________________________________________
___________________________________________________________
___________________________________________________________
Exercise B. Read the statement carefully and write the letter of the
correct answer on the space before each number.
_____ 1. In the 1970s, China’s economy was almost identical to that of

a. Somalia b. Switzerland c. Canada d. Australia
_____ 2. Which South East Asian country became a model for China’s Capitalism
and her embarkation to Industrialization?
a. Malaysia b. Vietnam c. Singapore d. Indonesia
_____ 3. Which of the following roles is not performed by USA as a global actor?
a. Exporter of democracy c. Sells nuclear warheads

b. The Global Cop of the World d. Give AID/Grants/Soft Loans
_____ 4. What could be the primary reason as to why the Philippines is attractive
to call center companies and consequently recognized it as the call center capital
of the world?
a. English proficiency and lower cost of labor
b. Political stability and economic vibrancy
c. Give importance to environmental protection
d. Democratic system of government
____ 5. Tariff and Quota are considered which type of economic measures?
a. Liberalist b. Protectionist c. Imperialist d. Hawkist
Debate: Pair the students into eight groups and have them debate the following
propositions
1. That economic nationalism as an economic policy is better than
internationalism.
2. That inviting foreign investors to come in our country is much sustainable
than developing our own industry.
3. That the Philippine government should stop allocating its national budget
for debt service.
4. That we should stop sending our local talents abroad to prevent further
brain drain in our country.
5. That the influx of foreign goods to our country brought so much advantages
for Filipino consumers

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Flow and Friction in the Era of Global Convergence: A Survey of Contemporary World

Professor Mark Lino C. Decena

THE STRUCTURE OF GLOBALIZATION

2. Multinational Company (MNC)- also called as Transnational Company

vertical integration of production processes). There are few corporations

3. International Institutions- Since their inceptions, the World Bank

opportunities of the global economy. More rapidly globalizing countries,

have a multidimensional approach, involving people, processes and

The Fourth Industrial Revolution

United States of America: Principal Architect of Modern-Day Globalization

Economic Order. Two international lending institutions, the International

When China Shakes and Rules the World

the Japanese unconditional surrender in 1945, China was again besieged by

Name: ______________ Professor:

Exercise: Answer the following questions in essay type

_____ 1. In the 1970s, China’s economy was almost identical to that of

a. Exporter of democracy c. Sells nuclear warheads

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