OUR LADY OF FATIMA UNIVERSITY

College of Hospitality and Institutional Management

City of San Fernando, Pampanga

THE CONTEMPORARY WORLD

Course: BS in Intl Hospitality Mgmt. Major in Hotel Administration in Cruise Line
Operations
Section: 2-Y2-1 Date: March 1, 2023

SMALL GROUP DISCUSSION

1. Why is the study of globalization termed historical globalization?
The economic, political, and social structures of the modern world are significantly
impacted by globalization. Globalization is commonly used to relate to modern business
transactions, however it has a deep history. Archaeology provides us with a precise set of
quantitative data as well as a significant deal of time depth. Because of this, it is helpful for us to
know that globalization has always been a part of the human experience; evidence suggests
that ancient societies traded with one another until the rise of civilization.

 "Globalization" is a historical process, the result of human innovation and technological

progress. It refers to the increasing integration of economies around the world, particularly
through the movement of goods, services, and capital across borders. The term sometimes also
refers to the movement of people (labor) and knowledge (technology) across international
borders.  Historical Globalization is the historical process of the world becoming more
interconnected. This happens especially through trade and economic policies, which make it
easier to exchange goods and ideas between countries. Over the years, due to the economic
activities undertaken around the globe, the world is interconnected through technology,

To truly comprehend globalization, one must first see it as a historical epoch. The
historical relevance of globalization. And because it occurred concurrently with the fall of
communism and the end of the Cold War era, two political occurrences that marked the
beginning of a new era in mid-20th history. A historical analysis of globalization, its origins,
growth and implications, can provide a more comprehensive look, and better understanding of
the concept and discussion surrounding globalization.

2. Explain the roles of international financial institutions in the creation of a global

economy?
 The global economy is the economy of all humans of the world, referring to the global
economic system that includes all economic activity within nations and between nations,
including production, consumption, economic managements, exchange of financial values and
trade of goods services.

The International Financial Institutions play crucial roles in the development of the global
economy because they govern international trade, much like the World Trade Organization.
Also, they frequently assist developing and underdeveloped nations in managing and
maintaining their financial systems. IFI also oversees factors like climate change by putting
plans and strategies into action and providing support on how to handle such a problem. These
factors may have an impact on a country's economy. Nonetheless, being able to assist other
nations whose main objective is sustainable growth. International financial institutions (IFIs)
have a significant impact on the social and economic development plans of countries with
emerging or transitional economies all over the world. This position entails providing advice on
infrastructural development, financing them, and helping to put them into action.

The international financial institutions will be a big help to the global economy financially
because international financial institutions are owned and managed by national governments
acting as borrowers, lenders or donors. With this they can assure the people that they can give
a better trade of goods services. And it will be a big help to the people who are in need of
money, to the people who are planning to start a business and to the people who are saving
money. That’s why financial institutions have a bigger role in the global economy because it will
help many people.

3. What are the attributes of global corporations?

In the world of banking and investing, a global firm is one that has a dominant
headquarters but has large assets and facilities spread across several nations. The laws of the
nation in which they were incorporated apply to multinational corporations. A global corporation
crosses political barriers to connect its talent, resources, and opportunities. A global firm may be
more sensitive to local opportunities and more vulnerable to dangers due to its greater
investment in its foreign operations.

The attributes of global corporation is to have a great power to endure all the crisis with
the help of good quality service of a community or to anyone's belong to this global that will
turns to a good development that really matters to each and everyone. as well as to take control
to continuing growth of global corporation that might leads to desired transparent move.

A global corporation, also known as a global company, is coined from the base term
‘global’, which means all around the world. It makes sense to assume that a global company is
a company that does business all over the world.

4. Do global corporations do good or harm? Show some examples.

Corporations, firms have facilities or assets in at least one countries besides their home
country. These resources, which may include workplaces or factories, are then handled in a
single location back home. Several multinational firms have annual budgets that are greater
than those of some tiny countries. The majority of international firms are headquartered in
Western Europe, Japan, or the United States of America.

The impact of global corporations on society and the environment can be complex and
multifaceted, and opinions on whether they do more good or harm can vary depending on
individual perspectives and values.

GOOD HARM
Microsoft has been committed to The tobacco industry has been criticized for
sustainability efforts and has set a goal to be its negative impact on public health,
carbon negative by 2030. They are investing particularly through the marketing of addictive
in renewable energy and using technology to and harmful products. Tobacco companies
help others reduce their carbon footprint. have been accused of deliberately targeting
They also provide access to technology and vulnerable populations and using unethical
education through their philanthropic efforts, marketing tactics to increase sales. The
such as their AI for Accessibility program industry has also been accused of
which aims to empower people with contributing to environmental degradation
disabilities. through deforestation and the use of harmful
chemicals in tobacco farming.
IKEA Group is a shining example of how Fast fashion giants have been under fire for
major corporations can be beneficial to the their tendency to take advantage of
world. This Swedish furnishing conglomerate vulnerable laborers and leave a detrimental
has made incredible strides in ensuring that effect on our environment. The problem
 their practices promote sustainability, such as arises from the companies' goal to churn out
investing in green energy resources, low-priced apparel quickly, leading to
embracing ecological forestry initiatives and reprehensible labor conditions as well as
encouraging sustainable agricultural severe environmental harm. Sadly, these
developments. By embedding these values corporations demonstrate how globalization
into everything they do - IKEA demonstrates can cause destruction instead of prosperity.
an admirable commitment to international
progress towards preserving our planet for
future generations.
They generate Jobs - Based on the standard They may cause local firms to fail - While
of living in each place, multinational firms multinational organizations may open up new
operate. As an illustration, consider markets, they do so at the expense of the
information technology. In the United States, existing companies already active in that
Walmart might offer an IT professional a industry. The ability to charge less has a
salary of around $60,000. Walmart might pay heavy price. Even when brands are well-
an IT expert in India $12,000 annually if they known, retail pricing initiatives can cause
were to hire them. Both workers would have havoc throughout the whole supply chain.
comparable lifestyles thanks to their salaries.
Hence, global firms generate employment
that satisfies or exceeds local standards.

References:
https://homework.study.com/explanation/define-historical-globalization.html
https://bizfluent.com/list-6768434-characteristics-global-corporation.html
https://smallbusiness.chron.com/global-corporation-63267.html
https://spiritmco.com/2021/04/19/do-multinational-corporations-do-more-harm-than-good/