Globalization is the process of interaction and integration between two or more parties like person, business entities, government and cultures of different nations, driven by international trade, and investment and supported by information technology. This definition is what we learned from the discussion in our class but it seems a little complicated for me to comprehend therefore let us break it into two, the simplest definition and business or economic definition.
When we talk about the simplest definition, it is the general idea of everyone when it comes to globalization. So what is globalization in a simple explanation? According to Margaret Rouse, it is the process in which ideas, goods and services spread throughout the world.
When we used the word “globalization” in economic context, it is used to describe an integrated economy marked by free trade, free flow of capital and corporate use of foreign labor markets to maximize returns and benefit the common good (Rouse).
With these definitions, we can now understand and say that globalization is the sharing of services, economic goods, knowledge, products, languages and culture goods across the world that is why it is called globalization. It benefits us in many ways such as job opportunity, increase in capital, development in technologies, increase in trade and export of goods between countries and production services.
We know that globalization brings us better life however there are still some disadvantages, for example, when we compare the rich and the poor country, there are huge differences between the two in many aspects but I want to point out the difference when it comes to payment of labor. In rich country, the job payment is high and low when it comes in the poor country but the quality is almost the same. If you are a business minded person, you will choose the low payment and the result of your choice is that you will open job opportunities in poor country and decrease in job rate in the rich country which is you help the poor country but harm the other.
Another example is ecological problem like climate change, in order to improve the economy; we gather our resources from the nature that we need on which we ended up of destroying the world, some example of natural resources is oil. We all know that oil is one of the most important thing in the world but in return, it ruins our mother nature just by harvesting and using it. There are still many bad effects of globalization like terrorism and increasing crime rate which is very obvious in some poor countries, some might wondering why is it connected in globalization, we connect it to that because we are talking about capital. The more money you have the greater the power you will get and the greater the number of enemies that will come for you due to jealousy.
Globalization affects me and my partner in so many ways. First, it makes our life so easy for example, the technologies that we have been using right now makes our work faster with great quality. Second, Globalization makes us knowledgeable in different culture by tourism. Third, the services that we receive from different countries and in our own, which is Philippines, makes our life better. Lastly, it give us job opportunities, which is very important to us, the youth of the present generation.
Written by: Lloyd Garay
Edited by: Lloyd Garay and Daniel Gabinete
Photography of: Daniel Gabinete
References:
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