Arlene Joy S.

Garcia BSA-II

GE4 2:15pm-4:15pm

1.) How new is globalization?

-Since the civilization began, people have been trading goods.

Globalization keep on growing as time passes by because of the goods sold
across the globe. Technological innovation and quality of goods improved due
to globalization. Access to information and communication were made easily
to transfer goods and innovation of new ideas.

2.) When people trade, how do both sides (two or more countries) benefit?

- The purpose of trading with other country is to provide goods that is

needed by the people and present new opportunities. Benefit from trading is
when one country is better at producing a specific good and the partner
country is better at producing good that is not present to that country and they
have the available resources. By trading, both countries have benefited.

3.) What are some of the negative and positive effects of globalization?

-Globalization provides many benefits at the same time there are

negative effects of it. The positive effects of globalization are first, it gives
access to a larger market. Instead of selling the products within the country,
the business can expand to other country or region to boost sales. Second,
provides cheaper goods for consumers. A lot of companies are moving to
areas where their cost of production is low they, in turn, offer cheaper
products because they are not expensive to make hence lower prices for
consumers. Next is innovation. The innovation ideas spread easily through
globalization. Lastly, it promotes world peace and unity. Considering the
societal issues that arises, leaders resolve those challenges for the common
goal and have a smooth flow of economy. On the contrary, the negative
effects of globalization are first, environmental damage. Globalization includes
changes in lifestyle and urbanization, converting land areas to commercial
spaces to meet global demand. Next is price instability where people establish
businesses overseas where they get cheap raw materials and labor. They can
cut production cost and sell the goods at a low price. Lastly, job insecurity
 where employers take advantage of cheap labor. An employee can be fired
because of one mistake and the employer can easily find a skilled worker who
is willing to be paid less.

4.) What is the future of globalization?

- Globalization has impacted people and communities across the globe

and changed not just the economy but also societies and natural environment.
According to UN DESA’s Under-Secretary-General Liu Zhenmin, new
globalization report that there are three trends that could help shape the future
of globalization which are production changes and labor markets, rapid
advances in technology, and climate change. The impact of production
changes has on labor markets through outsourcing and mechanization
increased job losses. It follows the second trend which is technology
advancement including artificial intelligence, information and communications.
Other countries who do not have access to these innovations are at risk of
being left behind. Third trend emphasizes the lifestyle changes and
urbanization of a country may contribute to climate change.

5.) What has led to increased globalization?

-The factors that led to increased globalization are technology,

multinational companies, lower tariffs, improved transport, labour mobility, and
capital mobility. The first factor is improved technology which can help have
an easy access of information around the world and easier to communicate.
Second, growth of multinational companies with a global presence in many
different economies. Next is lower tariffs often occurred through the support of
WTO and encourage global trade. The fourth one is improved in transport that
results in rapid growth in air travel, enabling greater movement of goods and
people across the globe. The fifth factor is increased in labour mobility in
which the people are willing to go to other countries to search for work. Lastly,
improved mobility of capital that increased the ability for firms to receive
finance and increased global interconnectedness of global financial markets.