Mangubat, Liezel S.

BSTM-701

Globalization
The term "globalization" refers to how trade and technology have made the world a more
interconnected and interdependent place. The spread of products, technology, information, and
jobs across national borders and cultures is known as globalization. In economic terms, it refers to
the interconnection of nations throughout the world, which is facilitated by free trade. Globalization
also involves the economic and societal developments that have resulted because of it. It can be
compared to the strands of a massive spider web that have grown over millennia, with the quantity
and reach of these threads growing over time. People, money, material products, ideas, and even
sickness and disaster have all crossed these silken links in greater numbers and at a faster rate than
at any other time in human history. On the one hand, the cross-border flow of products, capital, and
labour has resulted in the creation of new jobs and economic growth. However, economic expansion
and employment creation are not uniformly distributed among industries or countries. Increased
international competition has caused serious disruption or outright failure in specific industries in
particular nations, such as textile manufacture in the United States and maize farming in Mexico.
Globalization's motivations are both idealistic and pragmatic, but the establishment of a worldwide
free market has benefited huge Western firms. It has a mixed impact on people, cultures, and small
enterprises all over the world, in both industrialized and developing countries. Even though
globalization has had a significant impact over the world, it still has benefits and drawbacks. And for
the advantages, Globalization advocates say that it allows developing countries to catch up to
industrialized ones through increasing manufacturing, diversification, economic expansion, and
improving living standards. Companies that outsource jobs and technology to underdeveloped
countries help them improve their economies. By reducing supply-side and trade-related limitations,
trade initiatives boost cross-border trading. Globalization has also enhanced social justice on a global
scale, with activists reporting that it has brought attention to human rights issues that would
otherwise go unnoticed on a big scale. And for the disadvantages, one evident consequence of
globalization is that a downturn in one country's economy can have a domino effect on its trading
partners. The 2008 financial crisis, for example, had a significant impact on Portugal, Ireland, Greece,
and Spain. All these countries were members of the European Union, which was forced to intervene
to bail out debt-ridden countries known as the PIGS. Detractors of globalization believe that it has
concentrated money and power in the hands of a few corporate elite that can eat up smaller
competitors all around the world.

In general Globalization is significant because it is one of the most powerful forces influencing the
modern world in fact, understanding globalization can make it difficult to make sense of the world.
Many of the world's largest and most successful firms, for example, are truly international
enterprises with headquarters and supply lines spread across the globe. These businesses would not
be able to function without the globalization-enabled complicated network of trade routes,
international legal agreements, and telecommunications infrastructure.