The Contemporary World

Assignment 2

Chrisha Pearl D. Dumol BSA 1 04/02/21

1. What indeed is a globalization?

Globalization in general, it it the speed up of movements and exchanges of
human beings, goods and services, technologies and cultural practices. One of its
effects is that it promotes and increases between the different regions and populations
around the globe.
Globalization is also “increased inter-connectedness and interdependence of
people and countries. Generally understood that the two inter-related elements helps
the opening of international borders to increasingly fast flow of good, services,
finances, people and ideas. The changes in institutions and policies at national and
international levels that facilitate or promote such flows.” -WHO
In economy, globalization according to the Committee for Development
Policy in the increasing of interdependence of world economies as a result of a
growing scale of cross-border trade of commodities and services. It is the rapid
growing significance of information in all types of productive activities and
marketization driving forces forces for economic globalization.
In geography, it is defined as the set of processes that contributes to the
relationship between societies and individuals around the world. It is an exchange and
flows between different parts of the world are intensified.

2. Is globalization old or new?

Globalization is old. It has begun 60,000 years ago that started on the human
history. But as the time goes by, human societies exchanging trades is growing. Since
the old time, it developed commercial trade routes and experienced cultural changes.
But the globalization commonly used and the world trade speeds up was on the
second half of the 20th century.

3. Is globalization good or bad?

It can be both beneficial and bad. It is beneficial because the finances was also
globalized. It is to simplify the finance regulations, eliminating mediators and break
down the barriers between the world’s financial centers. The goal is to make it easier
to exchange capital between the world’s financial players. The financial globalization
 The Contemporary World
Assignment 2

Chrisha Pearl D. Dumol BSA 1 04/02/21

has contributed to the rise of a global financial market in which contracts and capital
exchanges have multiplied.

It is bad because it is a complex phenomenon. It has considerable influence on

the several areas of contemporary societies. On cultural loss, globalization allowed
exchanges homogenized the world’s cultures that’s why specific cultural
characteristics from some countries are disappearing, from languages, traditions or
even specific industries. It is careful to approach about the mix of the benefits of
globalization and protection of local cultures.
In economic, the consequences of globalization are far from homogeneous:
income inequalities, disproportional wealth and trades that benefit parties differently.
In the end, one of the criticisms is that some actors (countries, companies, individuals)
benefit more from the phenomena of globalization, while others are sometimes
perceived as the “losers” of globalization.
In environment, global economic growth and industrial productivity are both
the driving force and the major consequences of globalization. They also have big
environmental consequences as they contribute to the depletion of natural
resources, deforestation and the destruction of ecosystems and loss of biodiversity.
The worldwide distribution of goods is also creating a big garbage problem,

especially on what concerns plastic pollution.