Holy Angel University

School of Engineering and Architecture

Aeronautical Engineering

WHAT IS THE FUTURE OF GLOBALIZATION?

Final Term Requirement on Contemporary World

Submitted to:

Mr. Giovanni Lagman

Submitted by:

Tabaday, Leonard Aries

AE-302

November 2021
 1

What is the future of Globalization?

Globalization refers to the expansion of global movements and exchanges involving

people, goods, and services, capital, technologies, and cultural practices. It has the objective of
enhancing and increasing interactions between different locations and populations around the
world. Countries' ability to rise above narrow self-interest has resulted in unparalleled economic
wealth and a variety of useful scientific advances. However, not everyone has benefited equally
from globalization and technological advancement for various reasons: income is unequally
distributed, and economic growth comes at a high environmental cost. How can countries put their
interests aside and work together to create fairer societies and a healthier planet? What could we
do to make globalization fairer and more equal?

"Debates about trade and access to foreign goods are as old as society itself," according to
Christine Lagarde, former President of the International Monetary Fund, and history shows that
closing borders or implementing protectionism policies is not the way to go, as many countries
that have tried have failed. Lagarde argues that we should embrace globalization policies that
maximize the benefits of openness and integration while minimizing the negative consequences.
The dilemma of how to make globalization more equitable is a difficult one that requires rethinking
economic structures. But how do you do it? That is the query.

Globalization is tightly linked to economic systems and markets, which, in turn, are
influenced and influenced by social difficulties, difficult-to-overcome cultural variables,
geographical specificities, action timings, and collaborative networks. Apart from a solid
definition of the term "just," all of this necessitates global consensus and collaboration on the one
hand, and country-specific solutions on the other. It provides lots of advantages in a variety of
fields. It increased cultural interactions and developed economies all over the world in a reciprocal
manner. It also enabled financial transactions between businesses, resulting in a shift in the
workplace paradigm. Many people are international citizens nowadays. The origin of commodities
has become less important, and distance is no longer an impediment to many services.

Globalization is a difficult concept to grasp. As a result, it has a significant impact on a

variety of aspects of modern society. Let's take a look at some of the most significant negative
consequences of globalization so far. Aside from the positives of enabling cultural exchanges,
globalization has also homogenized the world's cultures. As a result, certain cultural traits of some
countries are vanishing. Languages, cultures, and even unique industries are all examples. As a
result, according to UNESCO, balancing the benefits of globalization with the preservation of local
culture's unique necessitates sensitivity.

Globalization's effects are far from uniform: income discrepancies, unequal wealth, and
deals that favor diverse parties. Finally, one of the objections is that some actors (countries,
organizations, and individuals) benefit more from globalization's phenomena, while others are
sometimes viewed as "losers." According to a recent Oxfam analysis, 82 percent of the world's
wealth is concentrated in the hands of 1% of the people. Globalization's driving force and major
results are both global economic growth and industrial productivity. They also have significant
environmental repercussions, as they contribute to natural resource depletion, deforestation,
 2

ecosystem degradation, and biodiversity loss. The global distribution of commodities has resulted
in a significant waste problem, particularly in terms of plastic pollution.

Globalization has an impact on all areas of the economy, to varying degrees. By doing so,
it closes the gap on problems such as sustainable development and corporate social responsibility.
It is sometimes at variance with concepts like resource conservation, energy conservation, and
greenhouse gas reduction since it promotes large-scale industrial production and multinational
products circulation. As a result, critics of globalization frequently claim that it contributes to the
acceleration of climate change and that it violates ecological values. At the same hand, huge
businesses who refuse to create local employment in favor of using low-wage labor in low-wage
nations (to save money) or paying taxes in countries with more favorable rules are also infringing
CSR requirements.

Globalization, on the other hand, is required for the transition to a more sustainable world,
as only a worldwide synergy will be able to achieve a true ecological transition. Global warming,
for example, necessitates a concerted response from all global players: reducing CO2 emissions,
reducing waste, and transitioning to renewable energy sources. The same may be said about ocean
or air pollution, as well as ocean acidification, which are challenges that require global effort to
tackle. The ability of committed actors to make green ideas known globally also plays a role in
their diffusion.

New trade restrictions have been imposed as a result of the pandemic, as well as proposals
for new steps to reduce reliance on imports. Leaders in Europe, America, and Asia frequently say
that "we've been stupid" and that permitting corporations to globalize supply and value chains
reduces societal resilience. Many lawmakers believe that the moment has come to restore
manufacturing and bring crucial supplies back to the United States. This is an approach with which
we disagree.

Globalization appears to have a promising future. The economic growth will become
increasingly integrated and networked as technical innovation, expansion, and transferability
improve. The current and forthcoming generations' natural high mobility contributes to this. While
national governments will remain important, external variables relating to globalization's effects
will have a significant impact on national policies and decisions. Because of their development
needs and the resulting demand for technology and development capabilities to handle their
development and growth issues, developing and emerging markets will be the most affected.

The pandemic has ushered in new trade restrictions and calls for new measures to cut
dependency on imports. A common phrase among leaders in Europe, America and Asia is that
“we’ve been naïve” and that societal resilience is reduced by allowing firms to globalize supply
and value chains. For many politicians, it is now the time to restore manufacturing and bring
critical supplies back home. We disagree with this approach. However, what impact does
globalization have on your daily life? Because of the global expansion of companies, many poor
countries have seen an improvement in their level of life as a result of improved roads and
transportation, improved health care, and higher education as a result of globalization. It has an
impact on the standard of living and quality of life of individuals and families all over the world.
The degree of prosperity, comfort, material goods, and necessities available to a particular social
 3

class in a particular geographic area is referred to as the standard of living. The degree to which a
person appreciates the important possibilities of his or her life is referred to as quality of life. In
many cases, the quality of life for citizens living in developing countries has improved. Because
of the worldwide expansion of commerce, many developing countries have seen an improvement
in their standard of life as a result of improved roads and transportation, improved health care, and
higher education as a result of globalization.

The debate over globalization is frequently framed in terms of how and how much barriers
should be raised. We'd be better off focusing on how to reform the laws and policies to increase
the benefits of globalization while lowering the costs, for both countries and people. Consider sea
level rising and the decision between erecting ever-higher but brittle seawalls or increasing the
absorption capacity of living shorelines. We cannot disregard a basic reality within the argument,
worries, political polarization, and regrets surrounding globalization: much of it is not changeable
or even resistible. The flow of products, services, people, and capital will continue to cross
boundaries, encompassing hitherto isolated portions of the globe.

Another thing here that is under globalization is, nations participating in the global
economy are constantly seeking comparative economic advantages by transforming their work
organizations and processes through the use of advanced technologies, mergers, and consolidation
of organizations; by expecting workers to continually improve their skills; and by placing
workforces in other countries with markets for their products and services. These trends suggest
that workers at practically every skill level and in almost every field must be familiar with and
capable of working with computers, telecommunications, and other new technology, be great
communicators, and be aware of and able to interact with social media.

So, we will demonstrate how globalization is evolving. If "old globalization" was about
products and standard services crossing boundaries, "new globalization" is about rapid economic
integration via digital exchange, technology, innovation, and organizational imitation – or, to put
it another way, the globalization of ideas and knowledge. While old globalization is fading, new
globalization is gaining ground quickly. To conclude, depending on the situation, globalization is
characterized in a variety of ways. It refers to the broadening of local and nationalistic ideas to a
broader vision of an interconnected and interdependent globe with free flow of wealth, products,
and services across national borders. This can be seen as the transfer of international politics,
economy, and cultures from one country to another. This integration includes, but is not limited
to, political, cultural, educational, and maybe religious beliefs of countries. In practice, it can also
refer to the removal of all trade obstacles or tariffs, allowing for unrestricted economic growth
across all countries.
 4

References:

• youmatter. (2020, October 6). What is Globalization? Examples, Definition, Benefits and
Effects. Retrieved November 15, 2021, from
https://youmatter.world/en/definition/definitions-globalization-definition-benefits-effects-
examples/

• New globalization. (n.d.). ECIPE. Retrieved November 15, 2021, from

https://ecipe.org/new-globalization/

• Future of globalization: Integration and interconnectedness. (2018, June 1). The Global
Network for Advanced Management. Retrieved November 15, 2021, from
https://globalnetwork.io/perspectives/2017/04/future-globalization-integration-and-
interconnectedness