New Era University

College of Engineering and Architecture

Civil Engineering Department

ASSIGNMENT (MODULE 2)

GECTCW

THE CONTEMPORARY WORLD

NAME: BELTRAN, JIMWELLE A. INSTRUCTOR: MA’AM OPERARIO, MARISSA

SECTION: 1BSIT-6 DATE OF SUBMISSION: OCT. 11, 2022
 New Era University
College of Engineering and Architecture
Civil Engineering Department

Economic Globalization is Irreversible

Multiple overseas markets expanding in several nations are nothing new in
today's generation. Due to the way that economic globalization operates,
multinational firms continue to control the worldwide market by introducing a
variety of goods for customers to enjoy and be satisfied. The main objective is to
make everyone extremely dependent on other nations, and it is one of the main
elements affecting countries' economies. It is clear that economic globalization never
ends, continues to function, and will do so in the future.
Economic globalization results from the global economy's development. It
widens the range of career opportunities that most individuals need while also
expanding the market horizon, workforce, and productivity. Economic globalization
is actually irreversible because it is one of society's requirements. It seeks the best,
not the worst, so people don't get rid of the concept and go back to the way things
were, but rather rewrite and update the idea for growth. In addition, Peter Thiel
asserts that "Globalization without new technology is unsustainable in a world of
few resources." that is accurate. Without technology, people are unable to see a
location. There is technology everywhere. Technology innovation is crucial for
everyone to gain from globalization because it is one of its main drivers.
Globalization of the economy and technology are related since they hav key
interconnected roles. Multinational corporations that want to export their goods
abroad require a lot of technology. A nation that desires new technology must first
have a strong economy in order to have the funds to develop it. Economic and
technical globalization cannot be stopped because they are necessary for advancing
humankind as a whole.
I must acknowledge that I concur that both technical and economic change are
irreversible. The work has been finished. It innovates and grows, but it never turns
back or halts. People fluctuate, as we all know, in response to various circumstances,
which has an impact on their needs. People simply cannot survive without it since it
offers so many opportunities. Their circumstances improve, and they lead more
fulfilling lives than they did before. So why would they go back in time to a time
before globalization existed?
 New Era University
College of Engineering and Architecture
Civil Engineering Department

References:
https://www.sciencedirect.com/topics/economics-econometrics-and-
finance/economic-globalization
“In a world of scarce resources, globalization without new technology is
unsustainable.” – Peter Thiel
https://quotefancy.com/quote/1583784/Peter-Thiel-In-a-world-of-scarce-resources-
globalization-without-new-technology-is