VILLANUEVA, TREMAINE PATRICK B.

JUNE 15, 2022

CONTEMPORARY WORLD RATING:

ASSIGNMENT 1
Read an article relevant to the concept of Globalization. Define globalization based from
the article. Explain the factors of globalization present in the article.

Globalization is the process by which people around the world are connected.
Communication, transportation, trading of goods made it easy to move across the world.
Economic globalization also increases the efficiency of businesses and contributes significantly
to the growth of each country's economy. People's living standards and educational levels
improve as a result of economic progress. It also provides a solid foundation for educational
advancement. Technology has continuously globalized the world, the usage of the internet and
social media allows individuals from all over the world to communicate, interact, and share
knowledge.

The term "globalization" refers to how trade and technology have made the world a more
interconnected and interdependent place. It encompasses the economic and societal changes that
have occurred as a result. It can be compared to the strands of a massive spider web that have
evolved over millennia, with the quantity and reach of the threads expanding with time.
Globalization accelerated during the Information Age. Computer and communications
technology advancements ushered in a new global era. Every major world economy can feel the
success or failure of one focal point of the global web in the modern day.

Globalization has an impact on a country's economic progress because it has resulted in

continuous trade between countries. With the result, a lot of goods are inexpensive however
people and the environment often suffer. Poor countries are used by large companies. While
employment demand in these countries may increase, workers in these countries will still be paid
less than workers in developed countries. As a result, people in economically disadvantaged
countries are often poor, and some lack health insurances.

Further disadvantage of globalization is ecological problems such as climate change. The

use of aero planes, ships, trucks to transport goods over international borders is constantly on the
increase. This causes carbon dioxide to be released into the atmosphere which causes global
warming. Globalization's drawback can be seen in the increasing danger of disease transmission,
covid19 pandemic has spread at an alarming rate, infecting millions of people and stopping
economic activity. To limit virus transmission and maintain public health, WHO advised
countries to employ strict social restriction and quarantine procedures. The damage to the
economy is already evident as the medical and economic toll rises. Many countries have resulted
in significant income reductions, increased unemployment, and transportation delays, services,
and industries. Most governments throughout the world appear to have underestimated the risks
of rapid COVID-19 spread and have been primarily reactive in their crisis response. Because
disease outbreaks are unlikely to go away anytime soon, aggressive international action is needed
to preserve lives while simultaneously protecting economic growth. Significant economic impact
has already occurred across the globe due to reduced productivity, loss of life, business closures,
trade disruption, and decimation of the tourism industry. COVID-19 could be a "wake-up" call
for world leaders to step up collaboration on epidemic preparedness and give the funding needed
for global collective action.

Economic Cost

International trade relationships have also been affected by the pandemic. For example, it
has made post-Brexit trade negotiations between the United Kingdom (UK) and the European
Union (EU) more difficult and has compounded existing trade tensions between the United
States (US) and China. International flights in and out of many countries have been severely
limited, demand for air travel has dropped, and airlines have been forced to take costly safety
precautions to limit passenger proximity, such as leaving middle seats empty, not only on airlines
but also on other forms of transport.

Social Impact

Social distancing laws, stay-at-home orders, business lockdowns, and curfews have all
affected community relations by substantially restricting opportunities for physical face-to-face
interaction. These procedures have had a considerable impact on family life, both in terms of
increasing intimacy among people forced to share restricted areas during lockdowns and in terms
of keeping families apart to avoid infection risk.
References:

The Global Economic Outlook during the covid19 pandemic: A changed world. (n.d.).

https://www.worldbank.org/en/news/feature/2020/06/08/the-global-economic-outlook-

during-the-covid-19-pandemic-a-changed-world

Globalization. (n.d.). Education.Nationalgeographic.Org.

https://education.nationalgeographic.org/resource/globalization

Economic Consequences of the COVID-19 Outbreak: the Need for Epidemic

Preparedness. (n.d.)https://www.frontiersin.org/articles/10.3389/fpubh.2020.00241/full