James Inocencio GED105

Globalization is the connection of different parts of the world. In economics, it can

be defined as the process in which businesses, organizations, and countries begin

operating on an international scale. Globalization is most often used in an economic

context, but it also affects and is affected by politics and culture. In general,

globalization has been shown to increase the standard of living in developing countries,

but some analysts warn that globalization can have a negative effect on local or

emerging economies and individual workers.

From the reading, the three things that I significantly learned from the reading is

first, the definition of Globalization. We all know that the meaning of it may vary from

different people with different professions like from an economic expert which believes

that globalization is the fast speed of trade. From the viewpoint of a political science

expert it is a challenge to the nation-state. And from a cultural expert who believes that

globalization is adoption of other cultures. None of them are wrong, but based from the

reading globalization is very much complex meaning it can differ from numerous

indicators like economics, social, and political. Another thing is countries becoming

inter-dependent, due to the global production and the increase of foreign direct

investments, which is essential to maintain economic growth, in both the recipient

country, and the country making the investment.

The three things which are unclear to me is the process of globalization, what

kind of actions or approaches a country must do to help with their development. Another
is the trends in globalization, the article did not much provide any details about the

changing character of globalization. But according to United Nations, it identified three

mega-trends related to it specifically climate change, the rapid advancement of

technology, and the shifts in production and labor markets.

The questions that I want to ask about the reading is whether globalization is a

blessing or a misfortune? Second is in the modern world, where we all know that the

economy of countries around the world especially the developing countries economy

are getting weaker, what is the current progress of globalization? Lastly, I would ask if

what kind of approach to globalization will help our country to consistently develop?

No matter how you look at it, globalization is not new. It has existed for centuries.

Old traders traveled the world searching for rare commodities like salt, gold, and spices

that they could offer for a high price in new nations. As a result of advancements in

communication and transportation, more international trade, and the opening or

removing borders in numerous locations, developing countries now have fair access to

the global economy. Recent years have seen an unprecedented increase in

globalization due to economic success.

References:

Day Translations Blog. (2022). Is Globalization Good or Bad? Retrieved November 22,

2022, from https://www.daytranslations.com/blog/is-globalization-good-or-bad/

National Geographic. (2022). Effects of Economic Globalization. Retrieved November

22, 2022,from https://education.nationalgeographic.org/resource/effects-economic-

globalization

Investopedia. (2022). Direct Foreign Investment (FDI): What It Is, Types, and

Examples. Retrieved November 22, 2022, from

https://www.investopedia.com/terms/f/fdi.asp#:~:text=FDI%20can%20foster%20and

%20maintain,jobs%20for%20their%20local%20workers.

Library of Congress. (2019). Trends in Globalization. Retrieved November 22,

2022,from https://guides.loc.gov/globalization/trends-in-globalization