Name: Lorenzo, Mia Fe C.

Date: 2/3/2022

Course/ Year: BSN 2

Subject: SOC SCI 1

Assignment 1: New- Report Critique

The Impact of Globalization in the Society

Understanding globalization is the topic of this article. Globalization, as defined by Raysa

Ahmend, is the worldwide integration of international trade, investment, information technology,
and cultures. As a result, globalization has become much more than merely economic
integration. Because the globe is so linked, humanity must expand, not diminish, cross-border
collaboration in order to solve common challenges, including deadly illnesses, climate change,
terrorism, and cyber-attacks, which no one country can handle alone According to this article,
government policies designed to open economies domestically and internationally to boost
development in power countries and raise standards of living for their people are what drive
globalization. However, these policies have created an international free market that has mainly
benefited multinational cooperation’s in the Western world to the detriment of smaller
businesses, cultures and common people. The point to be made is that, like any other economic
phenomenon, globalization requires a push and shove from governments to ensure that there is a
level playing field. As a result, the process will benefit more if governments around the world
decide to lend a helping hand to the less fortunate, allowing them to climb the ladder and
participate in the process.

Economic "globalization" is a historical phenomenon resulting from human ingenuity and

technical advancement. It refers to the growing globalization of economies, notably through the
cross-border movement of commodities, services, and capital. The phrase is also used to describe
the cross-border mobility of people (labor) and knowledge (technology). Globalization has larger
cultural, political, and environmental implications. In the 1980s, the word "globalization"
became more popular, reflecting technical advancements that made international transactions—
both commercial and financial flows—easier and faster to perform. It refers to the expansion of
market forces that have functioned for millennia at all levels of human economic activity—
village marketplaces, metropolitan industries, and financial centers—beyond national lines.
Thomas Friedman, a well-known proponent of globalization and author, claims in his book The
Earth Is Flat that globalization is speeding up due to the "flattening of the world." What he
means is that, thanks to advancements in information technology and seamless communication,
any country with a pool of educated employees may aspire to join the globalization bandwagon
and benefit from the removal of entrance barriers. The idea is that nations like India have
effectively used IT and communications to skip the intermediate stage of industrial power that is
essential for economies to develop into full-fledged powerhouses. Corporations can obtain a
competitive edge through globalization by lowering operational costs and gaining access to new
raw resources and customers. Multinational firms can also make, purchase, and sell items all
over the world. A vehicle company established in Japan, for example, can produce auto
components in numerous developing nations, export the parts to another country for assembly,
and sell the finished automobiles to any country. Globalization is a term that has been around for
a long time. Traders used to travel great distances to purchase rare goods like salt, spices, and
gold, which they would then resell in their home nations. The Industrial Revolution in the
nineteenth century provided breakthroughs in communication and transportation that helped to
eliminate boundaries and enhance cross-border trade. Globalization has accelerated at an
unparalleled rate in the last few decades. The present globalization boom is fueled by two major
factors: public policy and technology. Governments all around the world have incorporated a
free-market economic system through fiscal policies and trade agreements during the last 20
years. Industrialization and financial prospects have expanded as a result of the growth of
economic systems. Governments are increasingly focusing on reducing trade obstacles and
boosting international trade. Because of the globalization debate, it is presented positively.
Proponents of globalization think that it helps developing countries catch up with industrialized
nations through increased manufacturing, diversification, economic expansion, and increases in
living standards. China is an excellent example of a country whose economy has profited greatly
from globalization. Companies that outsource contribute employment and technology to
underdeveloped countries. By reducing supply-side and trade-related limitations, trade initiatives
boost cross-border trading. For example, the North American Free Trade Agreement pushed
American automakers to shift operations to Mexico, where labor costs are lower, and many
American corporations have outsourced contact centers to India. Globalization has enhanced
social justice on a global scale, and proponents claim that it has increased awareness of human
rights across the world. Furthermore, others believe that the growth of pop culture beyond
national lines will promote the exchange of ideas, art, language, and music.

"Globalization is a phrase that is widely used today but whose meaning is sometimes
unclear, even among those who use it. Indeed, according to Jan Aart Scholte, "globalization
stands out for quite a large public spread across the world as one of the defining terms of late
twentieth-century social consciousness." James Rosenau recognizes this trend when he says that
"globalization is not the same as globalism, which points to aspirations for an end state of affairs
wherein values are shared by or pertinent to all of the world's five billion people, their
environment, their roles as citizens, and so on." It's also not Universalist values, which, ideally or
literally, encompass all of mankind. Alternatively, globalization might be defined in terms of a
functionally connected set of economic occurrences. These include market liberalization and
deregulation, asset privatization, state function retreat (especially welfare services), technological
diffusion, and cross-national spread of industrial production (foreign direct investment), as well
as capital market integration In its most basic form, the word refers to the global distribution of
sales, manufacturing facilities, and manufacturing methods, all of which re-create the
international division of labor. Many commentators believe we have seen previous times of
globalization or that this is the end of a long process. However, many of these people are
economists, and their debate is quite limited in its application. Globalization is frequently
reduced to a debate about whether national income is converging or diverging, as assessed
primarily in terms of growth. Considerations concerning the acceptability of one or more options
are somewhat opaque. Another indication as a measure of convergence eventually takes
precedence over larger questions about whether income distribution is a useful sign of
globalization. Supporting arguments and evidence to back up assertions of convergence or
divergence are fairly easy to come by, depending on what one is looking for.

Globalization has been demonstrated in this study to be a complicated process with far-
reaching consequences for underdeveloped countries. Globalization has many advantages and
benefits on its own, but also has a detrimental impact owing to the influence of other variables,
particularly the makeup and structure of most emerging countries. In the face of essential
economic growth and development, these repercussions pose substantial problems for emerging
nations. To that end, the leaders of the industrialized world must recognize that their primary
duties lie in meeting the needs of their immediate society. As a result, it is critical that these
nations develop logical policies and reforms to lead trade liberalization and the difficulties of
globalization in general to fit to their own domestic economic agendas. Globalization should not
be slowed down. However, the extent and rate of advancement should be adjusted to match the
country's condition and current economic situation, so that the developing country can compete
effectively in the larger globalization confluence in the long run.
References:

Ahmed, R. (2021). Understanding Globalization. The Daily Observer

Annan, K (2000). Secretary-General, in Havana on Eve of First “Group Of 77” Summit Meeting,
Evokes Promises and Pitfalls of Globalization’, UN press release, 12 April 2000, viewed 07
August 2011,

Cronin, M. (2003). Translation and globalization, Routledge, New York.

Lawal, G. (2006). Globalisation and Development: The Implications for the African Economy,
Humanity & Social Sciences Journal, vol. 1, no. 1, pp. 65-78.

Heine, J. (2020). RCEP, CPTPP and the Asian Century.

Princová, K (2010). Globalisation, vulnerability, poverty and human limits, viewed 07 August
2011, http://conference.osu.eu/globalization/publ/16-princova.pdf