NAME: John Aries V.

Mirano
SECTION: BSA 2-1
What is Globalization?
Globalization is a diverse phenomenon that represents the growing
interconnections and interdependencies, between nations, economies, cultures
and people. Has broken down barriers to enable the exchange of goods, services,
information and ideas across different parts of the world. This has resulted in an
increase in trade that fosters economic growth, specialization and efficiency.
Additionally, debates have emerged regarding the erosion of diversity due to the
spread of Western culture often associated with globalization. The increased
movement of goods and services across long distances has escalated carbon
emissions and resource consumption. As a result, debates have arisen about the
sustainability of current consumption patterns and the need for international
cooperation to address global environmental challenges. In essence, globalization
is a multifaceted phenomenon with far- reaching impacts on economies, cultures,
societies, and the environment. While it has generated unprecedented
opportunities for economic growth, cultural exchange, and technological
advancement, it has also introduced challenges related to inequality, cultural
identity, labor markets, and environmental sustainability. According to Fredrik
Erixon, Globalization has lead in various positive benefits for economies and
societies. Through increased trade and investment, countries can specialize in
generating what they do best and access a wider variety of goods and services.
This specialization drives economic growth and can carry millions out of poverty,
especially in developing countries. This exchange of cultural values, traditions, and
experiences promotes tolerance and a broader global awareness. Additionally,
increased international collaboration has allowed countries to collectively tackle
issues like climate change and pandemics. Economic inequality has widened in lots
of places, as global markets frequently benefit large corporations and rich
individuals more than disadvantaged populations. Environmental degradation is
yet another task, as increased trade and production contribute to resource
depletion, pollution, and carbon emissions. In summary, globalization has brought
about numerous positive outcomes, which include economic growth, cultural
exchange, and technological development. However, it has also caused economic
inequality, cultural homogenization, and environmental issues.
Trade War 2018
The trade war that spread out in 2018 became a significant economic and
geopolitical event characterized by escalating trade tensions between the world`s
largest economies, the United States and China. The roots of the conflict lay in
longstanding issues which includes intellectual property theft, market access, and
trade imbalances. China responded with retaliatory tariffs on American goods, and
the situation quickly escalated into a back-and-forth exchange of tariffs, impacting
various sectors which include manufacturing, agriculture, and technology. Financial
markets experienced volatility as investors worried about the potential impact of
the trade dispute on global economic growth. This agreement included provisions
related to intellectual property, technology transfer, and agricultural purchases.
The trade war of 2018 highlighted the interconnectedness of global trade and the
far-reaching impact that trade disputes between major economies can have on the
world economy and international relations.
Immigration Issues
Immigration issues were a topic of huge debate and concern internationally,
regularly touching upon social, economic, and political dimensions. Regular
migration includes people moving to another country legally, often for work, family
reunification, or study purposes. However, concerns about immigrants taking jobs
from local workers or straining social welfare systems have fueled debates. Putting
a balance between providing opportunities for immigrants and addressing
domestic economic concerns is a complicated challenge for policymakers. Global
migration patterns are influenced through a range of factors, including economic
disparities, conflict, environmental challenges, and family ties. As the world turns
into more interconnected, addressing immigration issues requires international
collaboration and a comprehensive approach that considers the economic, social,
and humanitarian dimensions of migration. In the Philippines, immigration issues
were shaped by a combination of domestic and international factors. Overseas
Filipino workers (OFWs) make up a massive portion of the population, with millions
looking for employment opportunities abroad because of limited job prospects and
economic challenges at home. The Philippines also faces Issues related to irregular
migration and human trafficking. The government has made efforts to combat
human trafficking and protect the rights of overseas workers, but these challenges
persist because of the size and complexity of the issue. In summary, immigration
issues inside the Philippines encompass a variety of complexities, from the
opportunities and challenges faced by OFWs to concerns related to irregular
migration and human trafficking. Addressing these issues requires a multi-pronged
approach that involves government cooperation, international diplomacy, and
efforts to offer economic stability and opportunities domestically.
Brit’s Exit
The “Brexit” process, referring to the United Kingdom`s decision to exit the
European Union (EU), was a historic and complicated event that unfolded over
several years. The process of negotiating the terms of the UK`s exit from the EU
becomes challenging and contentious. Key problems included trade, immigration,
and the future relationship between the United Kingdom and the EU. This marked
the start of a new chapter for both the United Kingdom and the EU, with changes
in trade, border procedures, and regulations. The trade deal that outlined new
arrangements for various sectors, though challenges including border delays and
regulatory adjustments have emerged. In conclusion, the UK`s exit from the EU,
commonly known as Brexit, became a complex and historic event that came after a
divisive referendum and years of negotiations.
Chinese Yuan Issues
In response to international pressure and to transport in the direction of a more
market- driven exchange rate, China applied reforms to permit the yuan`s value to
be encouraged by means of market forces to a greater extent. The people`s bank of
China (PBOC) brought a “managed float” mechanism that aimed to keep the
yuan`s value stable even as allowing it to reflect market dynamics. China has been
actively working to internationalize the yuan and increase its use as a global
reserve currency. Additionally, the yuan`s volatility and the Chinese government`s
interventions in financial markets have raised questions on its stability and
attractiveness as an international reserve currency. In conclusion, problems
surrounding the Chinese yuan encompass its exchange rate policy,
internationalization efforts, and its role within the global financial system. China`s
ongoing reforms and initiatives aimed toward addressing those issues reflect its
aspirations to have the yuan play a more prominent role inside the international
economic landscape.
How Globalization started?
The past due 20th century witnessed a fast acceleration of globalization, In large
part due to improvements in communication technology. International businesses
just like the world trade organization (WTO) performed a role in setting up policies
for worldwide alternate and lowering change boundaries. Those factors collectively
set the stage for the current generation of globalization, shaping the world into an
incredibly interconnected and interdependent international community.
Globalization`s origins can be traced back to the ancient Silk Road and different
historic trade routes that associated unique areas for the alternate of goods,
thoughts, and cultures. However, the concept of modern globalization started to
take form in the late 20th century with the large advancements in generation,
communication, and transportation. The period following World War II noticed the
establishment of worldwide organizations just like the United international
locations and the global financial Fund, which laid the foundation for increased
global cooperation and trade. The 1980s and 1990s marked an excellent
acceleration of globalization, driven with the aid of the liberalization of change
guidelines, improvements in digital communication, and the spread of
establishment companies. This period of globalization has continued to evolve,
impacting economies, cultures, and societies around the world.
References
https://www.weforum.org/agenda/2019/01/how-globalization-4-0-fits-into-the-
history-of-globalization/
https://education.nationalgeographic.org/resource/globalization/
https://ecipe.org/publications/the-economic-benefits-of-globalization-for-
business-and-consumers/
https://www.investopedia.com/terms/t/trade-war.asp
https://www.imf.org/en/Blogs/Articles/2015/11/11/migration-a-global-issue-in-
need-of-a-global-solution
https://www.ilo.org/wcmsp5/groups/public/---ed_dialogue/---sector/documents/
publication/wcms_161163.pdf
https://link.springer.com/article/10.1057/s41311-023-00472-6
https://www.brookings.edu/articles/the-renminbi-the-political-economy-of-a-
currency/
https://americandeposits.com/brief-history-globalization/amp/