“Is the shift toward a more integrated and interdependent global economy a good thing?”
Good day everyone! To our respected teachers and to my fellow students. We, students from BS
in Management Accounting program feel honored to have been given the opportunity to speak
about global economy.
The global economy is an economy in which wealth and resources move across national borders.
The movement also includes goods, services, people, skills, and ideas. Countries fighting or living
to reach into the global economy goes in to the flow of globalization.
There are nations that have succeeded and failed in keeping up with their expanding economies.
To begin with there are many good sides of global economy as well as the bad sides of it.
Firsts of its good sides are countries uniting through Globalization Increases Cultural Awareness,
and may Remove the Cultural Barriers and Make the World a Global Village. Globalization allows
people to be exposed to the culture, attitudes and values of people in other countries- this exposure
can strengthen the ties among countries, and can adopt the factors that are beneficial in the long
run. However, too much adaption of foreign cultures to keep up with people’s preference and trend
can lead to Cultural Homogeneity. Instead of having a diverse culture, a country may lose their
cultural identity when globalization continually lead into cultural homogeneity.
Next, Globalization Broadens Access to Goods and Services, to New Markets and increases free
trading opportunities between countries. Globalization allows business organizations in developed
countries to invest in developing countries, and it makes more productions available to more
people at lower prices. But on the other side, there is an Exploitation of Cheap Labor Markets and
Resources behind this success. There are developed nations who enter trade agreements with
developing countries in order to exploit weak labor and environmental laws. The lack of
environmental regulations in some developing countries also allows developed countries to import
resources such as precious metals at lower prices- this results in both lasting environmental damage
and human rights abuses.
In connection with the previous insights, Globalization Can Lift People Out of Poverty through
the increase of job opportunities in developing countries. But globalization does not secure job
availability, it hasn’t Protected Labor, Environmental or Human Rights. There are countries who
took advantage of countries with weak labor and environmental protection, and human rights.
Hence, on their side, globalization has pushed their countries to the bottom, and while wealthy
countries continue to flourish, others continue to fall behind, creating a widening gap between
countries.
Moreover, globalization Enhanced Global Cooperation and Tolerance. It allows nations to
leverage their economic strengths, and allows them to leverage their economic strengths.
Furthermore, globalization boosts Economic Growth, Increases Competition, and Empowers
Multinational Corporations.
In conclusion, it is difficult to say whether the shift toward a more integrated and interdependent
global economy a good or bad thing. Reaching into a global economy through globalization have
both positive and negative impact on each nation. The economic growth is not equal, developed
countries tends to benefit more than developing countries, while most of the underdeveloped
countries continues to strike to the bottom.