What Is the Relationship Between Economy and Globalization? - Jo YeSeul

 

1. Summary

The economy and globalization are deeply interconnected, making it almost impossible to discuss one without the other. As globalization has advanced, economic activities have increasingly moved across national borders. Production is no longer confined to a single country; instead, goods are often designed, manufactured, and assembled in different places depending on cost, resources, and labor. This shows how national economies are now tied together through global production and trade networks.

However, globalization does not mean that states have lost all power. Governments still play an important role by setting labor standards, environmental regulations, and trade policies. At the same time, corporations depend on states for stable infrastructure, legal protection, and skilled workers. This suggests that the relationship between the economy and globalization is not one-sided. Rather, it is a continuous negotiation in which both states and companies influence each other.

2. New and Interesting Points

While studying this topic, I realized that economic integration is the foundation of globalization. Cultural exchange, tourism, and the spread of ideas happen much faster because global trade and investment networks already exist. Without this economic base, globalization in other areas would be far more limited.

I was also struck by how unequal economic globalization can be. Large corporations can move factories or investments across borders to reduce costs, but workers do not have the same flexibility. As a result, globalization can create insecurity for workers in multiple countries, even though they have little control over these decisions. In addition, globalization is often regional rather than fully global, with economic networks concentrated in areas such as East Asia, North America, and Europe. This showed me that globalization is not a single unified system but a set of overlapping regional structures.

3. Questions and Concerns

One major concern I have is fairness. Powerful countries can negotiate favorable terms with multinational corporations, while weaker countries may feel pressured to lower taxes, weaken labor protections, or relax regulations to attract investment. This creates competition based on lowering standards rather than improving social conditions, which raises questions about who truly benefits from economic globalization.

Environmental issues are another serious concern. The global movement of goods increases pollution and energy use, and companies often prioritize profit over sustainability. If governments overlook environmental protection to remain competitive, the long-term damage could be severe. This makes me wonder whether individual states can still protect workers and the environment within a globalized economy, or whether stronger international rules are necessary to ensure fairer and more sustainable outcomes.


I used AI only when I had difficulties with translation and for minor sentence refinement. The ideas, structure, and analysis in this blog post are based on my own understanding of the course materials.

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