1.

Explain briefly about the relevance of globalization in the following aspects;

(25 pts.)

Economic

In terms of the economy, globalization enables various nations,

businesses, and organizations to be interdependent with each other
through communication, transportation, and trade. National Geographic
Society (n.d.) affirms that businesses get an advantage over their rivals
due to globalization's capacity to source raw materials at reduced prices.
As a result, they can take advantage of lower labor costs in developing
countries while also employing the expertise and knowledge of more
developed economies.

Globalization has an effect on services as well. For call centers or IT

services, several American businesses have agreements with Indian
companies. As part of the North American Free Trade Agreement,
American manufacturers relocated their operations to Mexico due to the
country's lower labor costs (NAFTA). Greater employment in countries
where it is required will ultimately result in stronger national economies and
higher living standards. China serves as a prime example of a country that
has substantially benefited from globalization (National Geographic
Society, n.d.).

Technological

When it comes to technology, globalization is causing a quicker rate of

technological advancement in the world economy. It specifically transfers
technologies to both developed and developing nations. Because of
liberalization (in relation to economic globalization), technological
innovations and manufacturing cause various multinational corporations
(e.g., Samsung, Apple) to economically prosper. Not to mention, mobile
banking becomes a new means of accessing cash. Instead of spending
the traveling cost, people may resort to apps that may save their time and
energy to personally visit establishments, namely banks (Drew, 2022).
Drew (2022) also maintains that technological globalization allows the
spread of knowledge among individuals via online communities. Those
with internet access can interact with others worldwide who share their
interests and activities. As contrast to the conventional nationalistic or
regional identity constructs, this has helped people "find their tribe" and
assisted in the development of their identities in unique, novel ways.

Military

The growing scope and intensity of military relations among the many
political entities that comprise the global system are embodied by the trend
of military globalization. This perspective highlights the significance of key
military technology developments (from steamships to satellites), which
throughout time have converted the entire planet into a single geostrategic
space, as well as the expanding network of international military alliances
and connections (Held et al., 2000).

According to Held et al. (2000), military globalization is divided into the

following phenomena: 1) the system of world war expanding. The
"geopolitical order, great power competition, war, and security interactions"
are covered in this article, 2) the dynamics of international arms transfers
reflect the dynamics of global armaments production, and 3) the term
"geo-governance of violence" refers to the formal and unofficial
international laws that regulate the procurement, employment, and
distribution of armed force.

Cultural

In terms of culture, globalization enables different countries to share their

values and culture across the world. This can be observed through the
food people eat, the songs they listen to, the language they speak, and the
artistic sense among them. As the world gets more cosmopolitan, cultures
and societies begin to enjoy a wider and more uninhibited flow of ideas
and ideals. Some contend that the emergence of a dominating culture that
 will control the entire earth as a result of the globalization of significant
cultures (Hepler & Cheprasov, 2022).

Raikhan et al. (2014) claim that this serves as a way of learning from one
another and an expansion of cultural ties that can, however, lose the
cultural identity of one’s nation.

Political

Globalization has made it possible to forge enduring alliances and

agreements in politics. It encourages access to financial and humanitarian
assistance from abroad, contributes to world peace, and lowers the
likelihood of invasions while increasing the checks on superpowers and
restricting nationalism. Smaller nations can cooperate and increase their
influence worldwide through international organizations, which are
frequently devoted to promoting values like freedom and combating
abuses inside nations. Governments can also share knowledge with one
another (Pros and cons of economic, social and political globalization: is
globalization overall positive for our societies?, n.d.).

However, the operation of supranational and international organizations is

frequently not "democratic" in terms of representation and accountability; in
supranational organizations, powerful states have the authority to influence
decisions and, on occasion, to veto and obstruct them (Pros and cons of
economic, social and political globalization: is globalization overall positive
for our societies?, n.d.).

2. Why liberalization, privatization, and deregulation are considered economic

phenomena and relate these aspects to the effects of economic policies
across the world? (25pts. )

Liberalization, privatization, and deregulation are considered economic

phenomena because this three focus on the allowance of trading between
and among nations, businesses, and organizations that benefit from the
goods and services they provide. Take, for example, the economy of India.
Garg (2020) figured that the impact of liberalization in the mentioned
 country allows the flow of capital, reduction of political risks, the
introduction of FDI in the banking sector, and diversification for investors.
Moreover, privatization lessens political interference, provides employees
an opportunity to have benefits only if they exert their efforts to do better,
and raises funds from investors who keep a careful eye on the company's
activity to ensure that it operates under pressure as needed to run the
business.

Concerning deregulation, Alfaro and Charri (2013) assert that with the
exception of a small number of industries, the elimination of industrial
licensing and the deregulation of entry had the potential to alter the
business environment. In India, deregulation may have resulted in a
winner-take-all scenario where the largest businesses smother all
competitors. However, small firms may still run into problems while trying to
expand.

3. Discuss the effects of the LPG phenomenon in relation to the 5 Stages of

Globalization- Domestic, International, Global , Multi-National,
Transnational. ( 25 pts )

In relation to the five stages of globalization—domestic, international,

global, multinational, and transnational—, LPG (liberalization, privatization,
and globalization) poses both benefits and risks to trade.

When it comes to its benefits, fewer individuals are currently subsisting in

rising nations below the poverty line as a result of expanding trade,
investments, and work opportunities. The less developed countries have
seen improvements in employment, life expectancy, literacy rates, per
capita consumption, and other economic indices. Because of the free flow
of capital and technology, industrialization can be hastened in emerging or
developing countries, paving the path for faster economic growth. In
addition, the development of the host nation can benefit from the foreign
capital, technology, know-how, equipment, management, and technical
skills that multinational firms bring with them (Liberalization, Privatization,
Globalization (LPG), 2022).
 On the other hand, since entry barriers were loosened, efficient foreign
companies have flooded the market, making it impossible for domestic
businesses to compete effectively. Possible outcomes include downsizing,
pink slips, and operation halts. Skilled and productive individuals are taken
on by big international corporations that provide better pay and incentives,
leaving unskilled workers to find employment in regional businesses.
Underemployment and unemployment may therefore exist. In reality, the
payment of dividends, royalties, and repatriation has been linked to an
increase in the outflow of foreign currency (Liberalization, Privatization,
Globalization (LPG), 2022).

4. How important the trade bloc among different countries in relation to

globalization? (25 pts.) .

The trade bloc is important among different countries in relation to

globalization through eliminating trade barriers such as tariffs and
government licenses. This allows nations or states to freely exchange their
goods and services as well as international trade agreements that may
open up new opportunities for exporters (What is a trading bloc?, 2021).

Additionally, they can ensure affordable access to imports from other

countries. Trade diversion occurs when a company that might have
otherwise won the business in that country is prevented from doing so
because of a trading bloc and the barriers in place for non-member
countries, despite the fact that trade blocs like the European Union and
NAFTA (North American Free Trade Agreement) have made it harder for
countries outside the bloc to trade. Free Trade Areas, Customs Unions,
Common Markets, and Economic Unions are the ones that push the
agreement between countries that may help them establish the entire
spheres of globalization (technology, military, economy, culture, and
politics) (What is a trading bloc?, 2021).

Reference
Alfaro, L. & Chari, A. (2013, January 17). Deregulation, Misallocation, and Size:
Evidence from India. Harvard Business School.
https://hbswk.hbs.edu/item/deregulation-misallocation-and-size-evidence-from-in
dia#:~:text=India%20carried%20out%20wide%2Dranging,for%20the%20state%2
Downed%20sector.

Drew, C. (2022, July 6). Technological Globalization - Examples, Pros And Cons.
HelpfulProfessor.com.
https://helpfulprofessor.com/technological-globalization-exmaples-pros-cons/#:~:t
ext=Conclusion-,Definition,from%20developed%20to%20developing%20nations.

Garg, A. (2020, April 4). LPG POLICY AND GROWTH OF INDIAN ECONOMY.
IJCRT.ORG. https://www.ijcrt.org/papers/IJCRT2004624.pdf

Held, D., McGrew, A., Goldblatt, D., & Perraton, J. (2000). Global
transformations: Politics, economics and culture. In Politics at the Edge (pp.
14-28). Palgrave Macmillan, London.

Hepler, R. & Cheprasov, A. (2022, February 24). Cultural Globalization Examples

and Factors.
https://study.com/academy/lesson/cultural-globalization-definition-factors-effects.
html

Liberalization, Privatization, Globalization (LPG). (2022, March 9).

Geography-World and India.
https://shikshabhumi.blogspot.com/2022/03/liberalization-privatization.html

National Geographic Society. (n.d.). Effects of Economic Globalization.

https://education.nationalgeographic.org/resource/effects-economic-globalization

Pros and cons of economic, social and political globalization: is globalization

overall positive for our societies?. (n.d.). Netivist.
https://netivist.org/debate/globalization-pros-and-cons-economic-cultural-and-poli
tical

Raikhan, S., Moldakhmet, M., Ryskeldy, M., & Alua, M. (2014). The interaction of
globalization and culture in the modern world. Procedia-Social and Behavioral
Sciences, 122, 8-12.
What is a trading bloc?. (2021, March 22). Tutor2u.
https://www.tutor2u.net/business/reference/what-is-a-trading-bloc#:~:text=Tradin
g%20blocs%20are%20usually%20groups,in%20comparison%20to%20non%2D
members.