Charles Junjie A.

Mempin

MRR1-GED105_BM1_2Q2223

Excavating through the world of globalization

Word count: 1133

What is globalization? Globalization has many definitions depending on who

answers the question. Globalization can be described as a process of change around

the globe. It can be defined as the occurrence of various trends. Globalization is the

constant change around the world. It influences different dimensions of the world, or

one could say that the various aspects are the source of globalization. The process of

globalization is complex as it involves multiple factors and ideas to understand how

globalization functions. The article from ScienceDirect titled “Economic Globalization:

From Microeconomic Foundation to National Determinants,” written by Silvia Marginian,

explains how microeconomics influences globalization. The article was written in 2015

during the 22nd International Economic Conference-IECS2015. The author, Silvia

Cristina Marginean, is a member of the faculty of Economic Sciences at the Lucian

Blaga University of Sibiu in Romania. The article's abstract states that macroeconomics

is significant yet irreversible as they are, but microeconomic actions are the gears of

globalization. The article starts with a brief introduction to globalization, followed by their

understanding of the definition of globalization. The next part of the article is the

measurement of globalization, followed by the article’s conclusion and references.

After reading through the article, I found many things exciting ideas that were

brought up. During the Great Recession in 2008-2009, the globe was in a state of panic.

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It was a state of a financial crisis. CFI (2022) states that banks at that time started to

lend carelessly to people who did not have the resources to pay the mortgages they

were given. Those loans slowly piled up as time passed by. Kellogg Insight (2019)

believes that. Globalization made massive changes in the labor supply in developing

countries, and the poor reactions to these changes resulted in the recession.

Globalization played a role in the occurrence of the Great Recession. Globalization has

indicators that measure different aspects. Such indicators include people, technology,

goods and services, and business and capital. These indicators are the source of

information for globalization. Globalization intensifies links between partners

(Marginean, S. 2016). In terms of relations between countries, it talks about how

countries become interdependent. Expube (2022) states that no country is self-sufficient

as each produces different products. Worldwide integration made way for lower-cost

materials, resulting in states producing low-price products with good profits. Cultures

have also been shared across the globe because of globalization. An example is the

trend of Korean pop music around the world. The trend of K-pop resulted in the spread

of Korean culture. Because of this, eastern culture has been more accepted than

before. A famous TikTok artist explains how due to the rise of eastern culture, western

culture has been more taking of eastern culture. This also resulted in less bullying of

students who are Asian. Another culture that has become popular through globalization

is Japanese anime and manga. Anime and manga pertain to the Japanese animation

style and comic books, respectively. This culture of Japan has slowly become popular

over time as many different works originating from Japan become popular worldwide.

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Examples of famous works include Jujutsu Kaisen, Attack on Titan, My Hero Academia,

and Naruto.

After thoroughly reading through the article, I found a few things confusing.

According to Marginean (2016), indexes are expressions of globalization complexity.

How do indexes differ from indicators of globalization? Are they not the same?

Indicators and indexes appear to have the same factors in determining globalization, so

how are they different? While indicators give information about different dimensions of

globalization, how do indexes help understand globalization? Do indexes give

information the indicators do not have? What makes indexes significant compared to

indicators? Which is much more critical to globalization, indicators or indexes? The

article gives examples of what indexes and indicators are, but they do not give a proper

explanation to what these two are. Another vague idea is what exactly is indexes. What

help do indexes give to study globalization? How do indexes contribute to globalization?

Why are indexes so important to globalization? How do indexes rank and compare

globalization in other countries? The article gave examples of different studies regarding

indexes, but it did not give exact information of the definition of indexes. My last

confusion is how do different countries have different rates of globalization? If they have

different ranks in globalization, how are they lower or higher than others when

globalization is a global occurrence? How can countries lag or excel further compared

to others in terms of globalization? How does each country deal with globalization if

globalization is a worldwide occurrence? How do different countries deal with

globalization?

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 Before reading the article, I believed globalization was a change that occurs

around the globe. Globalization is the simple popularization of items around the world. I

think that globalization has only a few aspects to consider. Globalization is much more

complex than I used to believe. Globalization involves many different concepts that

intertwine with one another. Globalization is more profound and has many factors to

consider. I thought that the definition of globalization was one thing, but it turns out their

many meanings can be applied to globalization. Globalization can mean different things

from one person to the other. There isn’t exactly a right or wrong answer in defining

globalization, as globalization means different things to different people. The definition

of globalization is profound and diverse, depending on those you ask. I used to believe

that globalization between countries was simple as exchanging goods and cultures.

Globalization includes the interdependence of nations with one another. It has how

countries work together to improve themselves.

There are a few questions I want to ask about this article. The first question I

want to ask about the article is how the author came up with the idea that

microeconomics is a foundation for national determinants. What do microeconomic

foundations to national determinants mean to the author? Another question is how does

microeconomic foundation to national determinants relate to economic globalization?

What is the relationship between economic globalization to the microeconomic

foundation to national determinants? Is there a significant relationship between them?

My final question about this article is whether the author believes microeconomics is

much more critical than macroeconomics. Do they believe they are both essential, or do

they think one side is more important than the other?

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 To conclude this essay, globalization is compared to change. While globalization

has no definite meaning, it can be closely related to change. To different professions,

globalization has another purpose. Globalization has various factors that result from it.

Globalization is the connection between countries and how these nations become

interdependent with one another through globalization. There are indicators of

globalization. Indicators are measurements of one aspect of globalization. Examples of

indicators include people, technology, goods and services, and business and capital.