EAP 5 ASSIGNMENT COVER SHEET

Name: Pham Bao Viet I.D. 22003118

Class:EAP5-1222-11

Assignment: (please circle) Res. Report

Assignment Question: (write out in full) Globalization benefits developed nations at the expense of
developing nations. Do you agree?
Due date: 2/21/2023 Date submitted: 2/20/2023

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TITLE PAGE
Globalization

Pham Bao Viet

EAP5-1222-11

2/21/2023
Economic "globalization" is a historical process that is the outcome of human ingenuity and
technical advancement. It refers to the rising globalization of economies, notably through trade
and financial movements. Globalization has sparked intense discussion over the last decade
concerning its potential advantages and drawbacks, particularly for the most vulnerable
communities.. My essay will set out 2 areas of development through the globalization strategy
are economy and culture. The benefits of globalization in the economy are products, capital,
services, technology, and information is referred to as economic globalization. For instance,
The US has the world's single largest economy, accounting for almost a quarter of global GDP
by utilizing the materials of developing countries. In addition, culture has been affected; the
Internet, popular culture media, and overseas travel have all led to wider consumption.
Currently, social media platforms are extending everyone's travel requirements and trends. In
my perspective, it is accurate that globalization benefits rich countries at the expense of
developing ones.

To begin, globalization has an impact on the global economy.. The advancement of science
has greatly reduced the cost of transportation and communication, making economic
globalization possible. Therefore, Innovation in science has substantially decreased the cost of
international commerce and investment, allowing for the organization and coordination of
global industry. Moreover, the second influence was believed to be technology improvement.
This lowers the cost of international transportation and communication, facilitating global
sourcing of raw materials and other inputs. Customers may also purchase a greater range of
things. Globalisation is defined by economists as the integration and connectivity of the global
economy (Neuland en Hough, 1999, p. 1). Gill (2000) defines globalisation as the decrease of
the transaction costs of transboundary capital and goods movements, and therefore of factors
of production and products. Because of these factors, industrialized countries have dominated
the economic globalization process. America possesses the world's greatest economy and is
the world's largest trader. A car made in the United States, for example, may have components
from Japan, Germany, or Korea. When the United States must pay for specific parts from
around the world, wait for them to arrive, and then resume localized manufacturing, it opens
up a whole new trade channel.

The second point demonstrates how globalization might benefit culture.The convergence of
traditions is cultural exchange for the cultural values of countries. Globalization has made it
simpler than ever to gain access to different cultures, including food, film, music, and art. In
recent years, Western fast-food outlets, such as McDonald's, Starbucks, dominate the
foodservice sector in nations all over the world. People in other nations are quite receptive to
these products and use them on a daily basis; people's eating habits are changing as they have
access to various culinary traditions. Consumers unites individuals all around the world via
their love of Korean pop music while also teaching them about cultural diversity.For instance,
The popularity of Korean actors Jang Dong-gun and Kim Nam-ju in Vietnam persuaded the
South Korean authorities to invite them to an official dinner hosted by visiting Vietnamese
President Tran Duc Luong. Because many nations throughout the world are continually linked,
information and technological improvements spread swiftly. Scientific breakthroughs in the
United States are the most powerful, and Asians can work there. Besides these benefits, the
fundamental argument against cultural globalization is that it may result in cultural identity
loss. Some people claim that as a result of globalization, many long-established local shops
will be displaced in favor of restaurants and coffee shops with extensive networks spread over
the nation and the globe. In my opinion, I suppose that idea is amazing since people are always
learning and improving. Civilization will grow when more civilizations integrate. As a
consequence, the existing global economy benefits industrialized countries at the expense of
developing ones.
In conclusion, globalization has had a significant influence on the global economy and culture.
Globalization is the foundation upon which our global economy has evolved. Globalization is
not perfect, and it has both benefits and drawbacks. Globalization has the ability to enhance
development through boosting cross-border economic engagement and rising incomes and
living standards. Nevertheless, because of globalization, the advantages of this connectedness
will not be distributed fairly. Throughout time, richer nations have garnered greater
advantages from their engagement, resulting in a development gap between developed and
developing countries. These difficulties, however, are tied to free trade agreements and free
labor. Also, if developing nations embrace the risks and invest in emerging countries,
globalization could be fully stabilized. Globalization, in my opinion, is a tremendous
opportunity for countries who know how to take use of it. Because those impoverished
countries do not comprehend how to deal with it, they might need support from other countries
to get up with.

References
Jason D. Chen
Neuland en Hough, 1999, p. 1). Gill (2000)