what is the relation between economy and globalization? - Kim nayoung

 

1. What Economic Globalization Means

Economic globalization refers to the expansion of trade and capital flows beyond national borders, turning the world into an integrated market. In the past, raw-material extraction, manufacturing, and retail usually happened within a single country. Today, each stage—sourcing resources, producing components, assembling products, and distributing goods—can occur in completely different regions. This shift has accelerated the rise of multinational corporations, which divide production across multiple countries and manage global supply chains. As a result, world economies move less like isolated systems and more like a single interconnected structure.

2. What I Found Surprising as a Consumer

One aspect that particularly surprised me is the fact that a single object is actually the result of multiple nations’ resources, labor, and technology. What looks like “just one product” to a consumer like me is, in reality, composed of parts manufactured in different places, assembled elsewhere, and finally shipped across borders to reach my hands. Realizing that even a small item travels through a global route made me rethink the convenience I take for granted.
Recently, I have enjoyed shopping through platforms like Temu or Shein, where cheap goods arrive quickly from abroad. However, learning that low-cost production often comes from underpaid labor and pressured logistics systems made me think I should be more cautious as a consumer.

3. Problems and Ethical Concerns

As mentioned above, the demand for cheap and fast production can lead to labor exploitation. Treating workers as disposable parts in the pursuit of low prices is not only unethical but also a global policy challenge. In addition, when factories relocate to low-wage regions, some countries lose jobs and wage inequality grows. Economic globalization may stimulate growth, but without institutional safeguards, it can deepen structural inequality. Addressing these issues requires not only economic coordination but also improvements in labor rights, wage standards, and regulatory systems.

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