Economics & Globalization - LEE GEONYONG

 How globalization affects the economy

Globalization changed how business works. Companies don't stay in one country anymore. They sell products everywhere. They also make products in different places to save money.

Trade between countries grew a lot. Korea exports cars and phones. We import oil and food. Money moves across borders fast. What happens in Wall Street affects the Korean stock market the next day.

Your smartphone tells the story

Look at your smartphone. It's a perfect example of global economy. The design might come from California. The screen is made in Korea. The camera parts come from Japan. Workers in Vietnam or China put everything together. Then it gets shipped worldwide.

No single country makes the whole phone. Each country does what it costs less or what they do best. This is how modern economy works. Everything is connected.

The benefits

Economic globalization makes things cheaper. Competition between countries keeps prices down. We can buy more stuff with less money. Companies grow bigger and create jobs in poor countries. People there earn money and live better.

I think globalization also brings new opportunities. Korean companies like Samsung compete globally. Small businesses can sell products online to customers anywhere. The economy grows faster when borders open.

The problems

But there are downsides too. When companies move factories to cheaper countries, workers at home lose jobs. A factory in Korea closes. The same factory opens in Vietnam where wages are lower. This hurts communities.

The gap between rich and poor gets bigger. Big companies win but small local shops struggle. When global companies dominate, they control prices and wages. Economic crises spread faster too. When the US economy crashes, Korea feels it immediately.

Globalization made us richer overall. But not everyone benefits equally. Some people win big while others get left behind.

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