Activity 3

Reflection of The Structures of Globalization / The Globalization of Economic

Relations

Globalization is pervasive. Every day, we hear it on the news, read about it in the
papers, and overhear others discussing it, and the word "globalization" appears to have
a different connotation on each occasion. So, what exactly is globalization? In this
article, I shall describe globalization, as well as what I think is at its core and the key
outcomes of globalization.

Globalization is the process of denationalizing markets, politics, and legal

systems at the political and economic levels. It is the expansion of the global economy.
Numerous international organizations, governmental agencies, and academic
institutions are debating the effects of this political and economic restructuring on local
economies, human wellbeing, and the environment. That is one of the most crucial
aspects of the current global discussion. On a corporate level, globalization occurs
when a company decides to participate in the expanding global economy and establish
itself in international markets. They tailor their products or services to meet the linguistic
and cultural needs of many countries. They may then make use of the Internet
revolution to build a virtual presence on the global market. Companies are increasingly
conducting their operations online. By allowing direct worldwide access to information
and products, e-commerce has transformed traditional business methods.

Globalization has cultural and ecological implications, indicating that it is more

than a political or economic phenomenon. That means that countries all around the
world will become increasingly linked in a variety of ways. Globalization has almost
certainly touched every aspect of human activity. We listen to the same music, eat the
same foods, wear the same clothes, and make decisions about environmental, war, and
peace matters together.

Globalization, in my opinion, is fundamentally economic. In recent years, it

appears that more and more economic activity in the world is taking place between
people living in various nations. It can take various forms, including international trade,
import and export growth, overseas investments, foreign loans, and bonds, and many
more. Economic globalization has various effects on businesses all around the world
and has an impact on practically every other aspect of human existence. On the one
hand, globalization provides potential advantages, but it also has costs or hazards.
Globalization promotes economic progress and alleviates poverty. Globalization
exposes us to developments across the world.

Globalization marked the beginning of a new modern age in history. According to

the source, as an individual, you are given prosperity, stability, and predictability, and it
also helps developing countries modernize and catch up with developed countries, as
well as reduce poverty because new businesses are formed, allowing for more
employment in the country due to subsidies provided by wealthier countries.

Economic globalization has altered people's outlook on life today. Unlike in the
past, where upper-class residents had nearly everything and poor-class inhabitants
lived in difficult conditions, more low- and middle-class citizens now have access to food
and shelter. Because many individuals live a nice life, they can progress our
technologies today. For example, multinational corporations such as Facebook and
Skype provide real-time online chats, which is incredible in comparison to the past,
when it may have taken days or even weeks to connect with the other person when they
were someplace else. Since the Great Depression, our economy has struggled with
economic stability.

Globalization has advanced the way we live and think. Before globalization, you could
only share your thoughts inside your own country, but today you can do it globally.
When more people work, more individuals might feel wealthy and generate new events
in Earth's history. Perhaps one day our technology will advance to the point where we
can detect extraterrestrial life. For the time being, globalization is only the beginning of
what you believe is impossible to attain. Everyone on the planet is contributing to its
history, and you should embrace it regardless of whether the consequence is positive or
disastrous, but also to the point where the government should still interfere.