What is the relation between economy and globalization? - Jin Youri(진유리)

1. Introduction

Globalization and the economy are inseparable from each other. This is because the economy is one of the areas that has benefited the most from globalization. Globalization is not simply about cultural exchange. Rather, it can be understood as global economic activity driven by cultural exchange.

Recently, an animation film based on K-pop, K-pop Demon Hunters, achieved great success, leading to a sharp increase in tourists visiting Korea and growing global interest in K-pop and Korean culture. As a result, Korea’s economy has clearly benefited as well. This example shows how closely globalization and the economy are connected.

2. How Globalization Changes Economic Activities

One of the biggest changes brought about by globalization is in the way goods are produced. Before globalization, everything from raw materials to finished products was usually produced within a single country. However, in the era of globalization, even a single product often passes through multiple countries before it is completed.

In addition, globalization has turned culture into an economic resource, contributing to the growth of the entertainment industry. As people can easily access foreign cultures, money is exchanged in the process of experiencing them, which further develops cultural industries. Examples include animation films like K-pop Demon Hunters and Korea’s K-pop industry, both of which show how culture and economic activity are closely linked under globalization.

3. Inequality and Imbalance in Economic Globalization

Economic globalization does not bring only positive effects. As discussed in my previous blog on politics and globalization, it can create economic inequality between powerful and weaker countries. This problem is especially significant in the economic sphere. Strong countries tend to dominate international trade, while weaker countries often have no choice but to follow their lead.

Moreover, globalization can weaken domestic economies. Imported goods from abroad may outcompete local businesses, causing domestic merchants and companies to fall behind. These issues show that economic globalization can deepen inequality rather than reduce it.

4. Conclusion

In conclusion, globalization and the economy have strengthened each other while evolving together. Globalization has transformed production methods and industrial structures, and it has turned culture into an important economic resource. At the same time, however, it has intensified inequality between countries and within societies.

The challenge for the future is to develop systems and policies that allow the economic benefits of globalization to be shared more fairly across society as a whole.

 *This article was written entirely by me, and GPT was used solely to improve the naturalness of the translation.

Comments

  1. Kim nayoungDecember 18, 2025 at 10:37 AM

    When I previously thought about economic globalization for class assignments, I tended to focus only on the “economic” side — trade, investment, and production — without really considering how cultural globalization can become an economic resource. Your post made that connection very clear, and I found the example of K-pop especially helpful in illustrating how culture can generate economic value.

    However, I was a little unsure about the argument that imported products “kill” domestic industries. To me, that sounded like it might be a bit of an overgeneralization. Just as foreign products enter our country, Korean products are also exported abroad, which brings significant profits to domestic companies. In that sense, import and export operate in both directions, and economic globalization can create mutual benefits rather than simply weaken domestic markets.

    Overall, your post offered a fresh perspective, especially in linking cultural influence to economic outcomes, and it helped me rethink some assumptions I had before.

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