THE CONTEMPORARY WORLD

Instructions: Answer the following questions. AVOID PLAGIARISM.

1. Define GLOBALIZATION (in your own words) through acrostic. (15 points)

G -lobalization provides opportunities for the free exercise of ideas for economic growth
L -ife without globalization would not have advanced countries colonizing developing countries because advanced
countries would not have known the natural resources found in developing countries
O -verall, there would be no categorization of developed and developing countries.
B – enefits to access new markets and to
A -ccess to new cultures, and to access in
L – ower cost of product or goods.
I – t increases global competition.
Z- ero economic benefits if there are no globalization.
A – world wide phenomenon.
T – ransnational integrations happening over the countries.
I – ntegration of the cultural of the cultural , political, economic and technological domains of countries.
O -verall we need globalization; without globalization we wouldn’t be advance in our technologies and communication as
we are today
N- evertheless, Globalization involves benefits and risk

2. We are experiencing pandemic, war and economic crisis, what is the impact of globalization in our current
situation? Explain. (10 points)
Pandemic, war, and economic crisis have a huge impact on the global economy therefore to globalization. We are
experiencing the covid-19 pandemic and in my opinion, this pandemic that is happening caused direct potential income
impacts due to early mortality, lack of employment place and reduction of employees, and generated a negative currency
crisis, slowing down the manufacturing process due to global supply disruptions and factory shutdowns. War, apart from
the very real human cost, the war also has serious economic costs, loss of building structures, infrastructure, a decrease in
the working population, uncertainty, an increase in debt, and disruptions in economic activity. Especially the economic
crisis, the impact of the economic crisis in the globalization is increased dependence on global trade, increased exposure
of the domestic economy to storage excesses when economic growth falls abruptly, and indirectly, incorrect but
unexpressed and manifest perceptions in the most developed economies that globalization has weakened their countries
due to outsourcing of industrial activities.

3. In your own opinion, what are the advantages and disadvantages of globalization? (10 points) Does
globalization divide or unite the world? Explain. (10 points)

In my opinion, some of the advantages of globalization are enhanced free trade between countries, people from different
countries are connected and can learn about different cultures and norms, businesses can operate globally and can easily
launch their products globally, capital investment liquidity by allowing investors in developed countries to invest in
developing nations, corporations have higher mobility to operate across borders, decrease the potential of war between
countries, and encourage world peace by connecting people to one another. A few of the disadvantages are that production
takes place where employment costs are lower or there is little regulation of labor costs, and good financial arrangements
come about, exploitation in wages and working conditions is rampant, widening the gap between rich and poor, increasing
the likelihood of economic disruption in one nation influencing all nations, Increasing the distribution of skilled and
unskilled jobs from developed to developing nations as corporations seek cheapest labor and differences of interpretation
can create conflict. There are situations that the globalization can unite the world such as countries are connected to each
other because of globalization, and it is through free market and trade, and also there are situations that divide the world,
for example, is widening the gap of developed and developing countries. In my opinion, there are really problems in
globalization that divide the world, and it is unchangeable, we just need to obtain its benefits and minimize its costs and to
do that we need to understand the impact of globalization, work on the problems of it, and work to spread the benefits and
minimizes the cost as widely as possible.