What is the relation between economy and globalization?---GUO YUMEI 곽우매

 1. Summary

In my opinion, the economy and globalization are inseparable. Globalization has strengthened the connection between the world economy, and the global economy has further promoted the process of globalization. The two continue to interact through trade, investment and technical exchanges.

In Economic Globalization, Peter Deacon pointed out that globalization is not a new phenomenon, but its scale is much larger than before. He stressed that production, finance and labor have been highly internationalized, and enterprises are no longer limited to a single country. For example, a smartphone may be designed in the United States, using Korean and Japanese parts, and assembled in China. This shows that the economies of all countries have been closely integrated into a huge global system.

Deacon also pointed out that multinational companies are an important promoter of globalization. The decision-making of these enterprises is based on global profits, not just national interests. This makes the economy more efficient, but also exacerbates competition and instability. In addition, capital flows and digital technology enable capital to quickly cross national borders, causing the fluctuations of a market to quickly affect the world.

 

2. New insights

Before reading this article, I thought that globalization mainly involved culture and communication. But through reading, I realized that economy is the core foundation of globalization. The way enterprises trade, produce and invest determines the path of cultural dissemination and people's lifestyle.

What impressed me was that the interdependence brought about by globalization has both advantages and disadvantages. The positive side is to create jobs and reduce product prices. For example, Korean consumers can buy affordable clothing made in Vietnam, and Vietnamese workers can also earn income from Korean enterprises. However, this dependence also comes with risks. The economic crisis of one country will spread rapidly to other countries, as shown by the global financial crisis and the COVID-19 pandemic in 2008.

In addition, I am also deeply inspired by the significance of how technology changes distance. In the past, geographical distance restricted trade, but now, online platforms and logistics networks allow enterprises to be everywhere. Even small brands can sell products all over the world through the Internet. This shows that economic globalization not only belongs to large companies, but also creates new opportunities for individuals and small enterprises.

 

3. Questions or criticisms

Although economic globalization has brought many benefits, I am still concerned about its negative effects. Deacon mentioned that globalization has exacerbated inequality. Rich countries and large enterprises tend to benefit more, while poor countries mainly provide cheap labor. For example, workers in developing countries produce products, but their income is insignificant compared to the profits of global brands.

Another problem is that global competition may have an impact on local enterprises. When international companies enter small-scale markets, it is often difficult for local stores to survive. This makes me think: does globalization really benefit everyone, or mainly benefits large companies and wealthy consumers?

In addition, I am also concerned about sustainability. While pursuing efficiency and speed, the global economy produces a large amount of waste and pollution. If globalization continues to develop in the current model, it may cause irreversible damage to the earth. In the future, economic globalization may need to pay more attention to "green" and equity, rather than just pursue rapid growth and profits.

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