GABRIEL, KAYSERI ANN EUREKA A.

BS ABE – III

The Contemporary World

Module 1
Activity 3: What Do Writers Think About Globalization?

The International Monetary Fund

(IMF) is an international financial institution,
headquartered in Washington, D.C.,
consisting of 190 countries working to foster
global monetary cooperation, secure
financial stability, facilitate international
trade, promote high employment and
sustainable economic growth, and
reduce poverty around the world while
periodically depending on the World
Bank for its resources.

Kevin Gallagher, the director of the

Global Economic Governance at Boston
University’s Pardee Center, argues that
capital account liberalization is crucial in
securing the economy of a country, and that
IMF must acknowledge its long-term effect
on the global economy knowing that the
economy is never stable. Sudden halt in the
world trade and the economy jeopardizes.
This event is particularly observable today
as pandemic hits. Thus, institutions like the
IMF must continually strategize in order to
cope with the unpredictable world.

DEFINITION:
v The author described the economic
aspect of globalization as a flow that is
continuous yet unstable. This definition is
discussed in Module 1.

v It is implied in the article that global cooperation is necessary in order to achieve economic stability, thus,
the definition is narrow and exclusive.
 China has survived two financial crises, and this could largely be attributed to China’s cheap labor
according to Prof. David Zweig, the director of Center on China’s Transnational Relations, the Hong Kong
University of Science and Technology. Globalization has allowed a more spontaneous flow of commodities
around the world and China has smartly taken advantage of this. By manufacturing almost every kind of
household items, simple machines, toys, electronic devices, and others, no matter how incredibly low the
qualities are, China has made itself famous in terms of business and industry around the world.

DEFINITION:
v In the article, globalization was defined as an activity that involves “free-flow of goods, services, capital,
talent and technology across national borders with limited government or regulatory interference, largely
for the purpose of increasing the efficient use of resources globally”. This definition is discussed in Module
1.
v China’s role in the borderless and ever liberal world was discussed by the author. This definition is broad
and inclusive.
 More than anyone, the idea of
globalization piques the interest of large-scale,
multinational companies because globalization
means liberty, and liberty gives abusive companies
the greater opportunity to exercise their businesses
under the table. This is the author’s concern for the
world that is rapidly evolving into one that is
controlled by multibillionaire companies.
Economic globalization is advertised
as the key to increase the worldwide level of
prosperity. However, Harun Yahya argues that
globalization would only make the wealthy richer
and the poor less poor. According to Yahya, a
multitude of international companies move their
factories to countries that have cheap labor such as
in China and Indonesia. This can be seen as an
opportunity for China, Indonesia, and other
countries to increase their employment rate. While
it is true that employment spikes up, nevertheless,
“prosperity” diminishes. Workers are abused, wages
sink beyond the minimum, children are exploited,
the local government is threatened.
In the end, the author suggests that
globalization cannot be stopped nor slowed down.
Thus, regular people such as myself must
continuously discern the negative impacts of
globalization so as not to make myself a victim to it.

DEFINITON:
v The author has the same concept of globalization as the ones explained in the module. However, the
author emphasizes the darker side of globalization more than its advantages. The author’s argument is
tragic but on-point nonetheless.
v The definition is broad and inclusive.