What is the relation between economy and globalization? - LEEKIHOON

 summary

The economy and globalization are more like a symbiotic relationship in which one side does not affect the other but restructures and develops together. At the center of this process is called transnational corporations (TNCs) that cross borders in search of wider markets and cheaper factors of production. They made investments through various methods such as mergers and acquisitions, and through this, they formed a complex and productive network called the global value chain. As a result, each country's economies are in a relationship where interdependence is inevitable. However, seeing the TNC as having absolute power is very different in reality. This is because most companies have their own social and institutional influence. For this reason, only a few companies can truly be called 'global'. For this reason, the relationship between the TNC and the state is not one-sided domination, but a continuous relationship that constantly coordinates according to each other's needs.


What was interesting

The most interesting part was a clear refutation of the general idea of the TNC, which was interesting to analyze that the TNC is not actually free on the border, but that they are also deeply rooted by their country. This shows that globalization is not a process where globalization standardizes most things and makes borders meaningless.


Discussion and questions

I wonder if TNCs from different national backgrounds show different behavioral patterns or strategic differences when they compete in the global market, and I would like to discuss how these differences can affect the global economic order. Can countries with different powers have equal power in these negotiations when they say they are in a "continuous negotiation" relationship?

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