The impact of development on the economy

Upon reading the study, Economic Globalization, From Microeconomic

Foundation to National Determinants by Silvia Marginean, the paper's main topic
discusses globalization in a deeper understanding. Mainly it talks about economic
globalization and its issues, what's causing it, and the effects of it. Economic
globalization is one of the three areas of globalization, and its role is to make capital,
goods, services, labor, and information a worldwide movement. This paper aims to
discuss the alternating character of globalization and target on what's the impact of
globalization on the world's economy.
Firstly, reading through the paper. One of the first things I've learned from
globalization and its different definitions is that it can be followed as other theories
relating to its causes and means. One of the theories of Globalization is Liberalism,
Realism, Marxism, and many more theories that can be applied to globalization.
Liberalism and Realism have been talked about during the discussion, but for further
clarification, liberalism, and realism both existed during our time because some
countries wanted their sovereignty while others sought help from neighboring countries.
Globalization is the further integration of our economies and societies regarding
the exchange of goods, services, capital, people, and ideas (OECD,2017). Still,
globalization has its issues. As mentioned in the study, multiple cases were brought up.
As stated, (by Silvia,2015), there was a dramatic collapse in international trade and
foreign investment.
Lastly, economic globalization in today's time is heavily related to microeconomic
decisions made by the consumer. As stated by (Camelia,2012) gathering information
about product/brand awareness, a company can evaluate consumers' perception of its
product/brand. It will focus on the IMC components that can affect this perception.
There are certain things that are still unclear to me, the topic about economic
globalization and its issues are unclear because of the rising factors that are affecting it.
First, there are many theories and definitions of globalization and there is no accepted
theory. Therefore, making it difficult to study.
Another thing is that there are several issues from economic globalization about
the different economic crisis. As stated earlier, studying globalization is a difficult task
since it is an alternating character. A study by (Mauricio,2017) explains the challenges
of economic globalization and explains why developing countries struggle with
economic globalization. Lastly, the three indexes that are used to measure and
compare globalization on different countries were quite confusing. The fact that it uses
indexes to compare micro and macroeconomic policies to see if it was relevant, but now
the decisions of companies and consumers are more relevant (Silvia,2015).

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 First, I used to think that globalization is about worldwide trade, making the whole
world a single market. But more discussions and research on economic globalization, it
is much more than growing trade and foreign direct investments (Silvia,2015). Second,
is that there were indexes that shows and compares a country's globalization. Third is
that globalization has been a issue since the past thirty years.
Multiple questions start to arise. Moreover, the unclear parts of the paper. First is
that why does microeconomic more relevant than macroeconomic? The second
question ties with the first, in which of the two is important, micro economic or
macroeconomic? Lastly is that why there is no accepted definition of globalization and
why is it complex?
In conclusion about globalization. Globalization proves to be a challenge
because of its issues from the different definition, theories, and multiple economic crisis
that has happened before. It has shown that economic globalization has improved
since the last economic crisis.