Week 6 Group Project

Group 4 - 2021243014 Kim Ki Ryang/2022243004 Nakyung Bae

2019281014 Jaeyoung Cho/2019281004 Soyun Park / 2018281034 Sukmin Lee

1. Globalization and deglobalization can be divided into three distinct phases starting from

the late 19th century to the present day. First phase of globalization from 1870 to 1914 was

marked by the expansion of international trade and financial flows, driven by technological

advances. During this period, countries specialized in the production of goods and traded

them with other nations. And, financial globalization grew with increased flows of capital

across borders.

The Second phase from 1914 to 1945, which was the onset of World War I and

continued through World War II, faced a decline in international trade and financial flows

due to protectionist policies to protect domestic industries such as tariffs and import quotas.

The third phase of globalization from 1945 to the present, saw a resurgence of

international trade and financial flows due to liberalization of trade policies, advances in

technology and the growth of multinational corporations. The establishment of institutions

such as the World Trade Organizations and the International Monetary Fund helped them to

promote free trade. However, this period also experienced setbacks such as the global

financial crisis of 2008 and the recent rise of protectionist policies and nationalist sentiments

in some countries.

2. Considering these three factors, we think that globalization hasn't gone far enough. Despite

the advantages of globalization, wealth and income disparities have widened within and

between nations. While developed countries enjoy higher standards of living, many

developing nations continue to struggle with poverty, low wages, and unfavorable working
conditions. Increased globalization may be able to help reduce these discrepancies by

fostering economic expansion and expanding possibilities for people all over the world.

Environmental sustainability is the next reason. Increased production and

consumption as a result of globalization have significantly strained the environment.

Increased international cooperation could help resolve these problems to cut carbon

emissions and promote sustainable practices.

Political stability and conflict resolution is the last reason. By encouraging increased

collaboration and interdependence amongst nations, globalization has the potential to support

political stability and conflict resolution. But many nations continue to be cut off from the

world economy, which can cause unrest and political instability. Increased globalization may

aid in easing international tensions and fostering peaceful coexistence.

3. We believe that the economic dimension of globalization has mostly impacted our daily

lives. First, the growth of such a company through globalization has benefited us. The growth

of large companies due to globalization has created new job opportunities and economic

growth and increased competition and communication.

Next, we have profited from international trade. We now have access to a greater

variety of goods and services at more affordable prices because of global trade. As a

following, we now have access to a wider selection of items that we might not have

otherwise. This has improved our quality of life.

Although the cultural and political aspects of globalization are significant, economic

factors frequently affect them. As a result of economic globalization, influential economic

actors like multinational firms may have a stronger effect, and ideas and values may spread.

Economic power can also translate into political power since big businesses and wealthy

individuals can utilize their resources to sway political outcomes. Therefore, both the cultural
and political aspects of globalization may be significantly impacted indirectly by the

economic aspect.