Fatima Gonzales BSED 1B 13 APRIL 2021 Economic Globalization: Unity or Division? Economic globalization is the increasing integration of economies around the world, particularly through the movement of goods, services, and capital across the border” (IMF staff, May 2008). Economic globalization has had the positive effect of notably widening worldwide commerce, as well as social trading, which, on the other hand, could kill the livelihoods of millions of people. Nonetheless, this essay agrees that economic globalization does unite us due to much evidence which supports that it is beneficial to people around the world. According to research, it refers to the growing interdependence of global economies as a result of the increased scope of cross-border trade in goods and services, the influx of foreign resources, and the massive and accelerated spread of technology. It represents the ongoing growth and mutual convergence of business frontiers and is an irreversible theme for global economic growth at the turn of the millennium (Shangquan, n.d.). The two main driving forces for economic globalization are the rapidly increasing importance of knowledge in all forms of productive activities and marketization. In other words, the rapid globalization of the world's economies in recent years has been largely based on the rapid development of science and technology, has resulted from an environment in which the market economic system has been rapidly spreading throughout the world, and has developed based on an increasing cross-border division of labor that has permeated down to the level of production chains within enterprises of different countries. There are many visible benefits we attained from economic globalization that can be proved that it unites. First, it’s connected with the culture which is we can access new cultures. We already discussed how do we attain this through movies, foods, or songs which now the spread of technology and innovation takes place through this. We also experience a lower cost of products because nowadays, people are more inclined with online shopping that is more convenient, accessible, affordable, and time-saver. Lowered costs help people in both developing and already-developed countries live better on less money. Also, the Philippines is considered a developing country, it is more likely beneficial for us. For the fact, that through being part of the globalization we can help our country reached as one of the developed countries like China and US. In research for Deluna et al. (2014), in their recommendation, they stated there that as a developing economy, the Philippine government and monetary authority must prioritize and enforce effective policies with caution to deal with foreign business activities. Policies that take into account the output of macroeconomic factors that can influence capital flows, such as interest rates and exchange rates which is by the effect of economic globalization. With this nations are being connected. One of the most visible reasons why economic globalization unites not divided is because of the Pandemic. Countries are being suffered through the loss of supplies, medical supplies like masks, vaccines, covid test, alcohol, and many more. Following its support in the early stages of the coronavirus epidemic, the Philippines requested assistance from several countries and territories, including the United States, Singapore, Taiwan, China, and Japan, among others. Taiwan as being one of the country's covid free for months already donated more than 10 million masks to other nations. Singapore donating more than 40, 000 coronavirus testing kits and one polymerase chain reaction (PCR) machine. With the donations have been received, the prices of the medical supplies went down. Compare to the original prices before the covid, masks are being sold cheaper but as soon as the pandemic started masks are being sold like gold. Some are pricey that which is not believable but because of demand and necessity people just buy those things even, it's a bit pricey. With economic globalization, not only do the developed countries benefit from us but we also. We are one of the developing countries striving to be one of those countries like the US and China. Because of economic globalization, that is not impossible to achieve. When it is about increasing integration of economies around the world. REFERENCES Websites Deluna, D., Roperto Jr, J., & Antiquisa, C. (2014, August). Economic Growth, Financial and Trade Globalization in the Philippines: A Vector Autoregressive Analysis. Munich Personal RePEc Archive. https://mpra.ub.unimuenchen.de/60206/1/MPRA_paper_60206.pdf Economic globalization and the benefits of economic. (n.d.). 123 Help Me. Retrieved April 13, 2021, from https://www.123helpme.com/essay/Economic-Globalization-And-The- Benefits-Of-Economic-PCTCABLUDNR Shangquan, G. (n.d.). Economic Globalization: Trends, Risks and Risk Prevention. United Nations Organization. Retrieved April 13, 2021, from https://www.un.org/en/development/desa/policy/cdp/cdp_background_papers/bp2000_1. pdf Velocity Global. (2020, March 30). Globalization benefits https://velocityglobal.com/blog/globalization-benefits-and-challenges/ and challenges.
