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Contemporary World - Passed On Gdrive

The document discusses economic globalization and its impact on the Philippines. It defines economic globalization as the integration of national economies through trade, investment, and capital flows. While it has benefits like economic growth and higher living standards, it also has negatives such as job losses and inequality. The document then provides examples of economic globalization in the Philippines, such as foreign direct investment, overseas Filipino workers, export industries, and business process outsourcing. Finally, it outlines advantages, like increased trade and lower prices, and disadvantages, such as job losses and environmental degradation, of economic globalization.

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Ashley Lim
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65 views2 pages

Contemporary World - Passed On Gdrive

The document discusses economic globalization and its impact on the Philippines. It defines economic globalization as the integration of national economies through trade, investment, and capital flows. While it has benefits like economic growth and higher living standards, it also has negatives such as job losses and inequality. The document then provides examples of economic globalization in the Philippines, such as foreign direct investment, overseas Filipino workers, export industries, and business process outsourcing. Finally, it outlines advantages, like increased trade and lower prices, and disadvantages, such as job losses and environmental degradation, of economic globalization.

Uploaded by

Ashley Lim
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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ECONOMIC GLOBALIZATION

1. Should economic globalization be prioritized over the other structures of


globalization? Why?
Economic globalization refers to the integration of national economies into the global economy
through trade, investment, and capital flows. While economic globalization has brought benefits such
as increased economic growth, lower prices, and higher living standards in many countries, it has also
generated negative consequences, such as job displacement, inequality, and environmental
degradation.
Whether economic globalization should be prioritized over other structures of globalization, such as
social and cultural globalization, depends on one's values and priorities. Some argue that economic
globalization should be prioritized because it promotes economic growth and development, creates
job opportunities, and fosters innovation and competition. Others argue that social and cultural
globalization should be prioritized because it enhances human rights, cultural diversity, and social
justice.
Ultimately, the prioritization of globalization structures should be based on a balance of economic,
social, and environmental considerations, as well as the needs and interests of various stakeholders,
including individuals, communities, and nations.

2. Give some concrete examples of economic globalization in the Philippines.


 Foreign Direct Investment (FDI): Economic globalization has led to an increase in FDI in the
Philippines. For example, many multinational companies have set up factories and offices in
the Philippines, creating job opportunities for Filipinos and contributing to the country's
economic growth.
 Overseas Filipino Workers (OFWs): Economic globalization has led to an increase in the
number of Filipinos working abroad as OFWs. OFWs send remittances to their families in the
Philippines, which contributes significantly to the country's economy.
 Export-oriented industries: Economic globalization has allowed Philippine companies to
access international markets, particularly through the export-oriented industries such as
electronics, garments, and food products. This has enabled the Philippines to increase its
exports, leading to foreign exchange earnings and job creation.
 International Trade Agreements: The Philippines is a signatory to various international trade
agreements, such as the ASEAN Free Trade Area (AFTA) and the General Agreement on
Tariffs and Trade (GATT), which have facilitated the country's participation in global trade.
 Business Process Outsourcing (BPO): Economic globalization has led to the growth of BPO
companies in the Philippines, particularly in the call center industry. This has created job
opportunities for Filipinos and contributed to the country's economic growth.
These are just a few examples of how economic globalization has impacted the Philippines. While
globalization has brought about positive economic changes, it also has its negative effects that the
government should address.

3. What would be the advantages and disadvantages of economic globalization?


As I’ve mentioned, economic globalization has positive and negative outcome by which the
government has the responsibility of supporting and addressing.
Advantages of Economic Globalization includes:

 Increased Trade and Investment: Economic globalization has led to an increase in


international trade and investment, which has facilitated the growth of national economies and
provided opportunities for businesses to expand their markets.
 Lower Costs and Prices: Economic globalization has led to increased competition, which has
resulted in lower costs and prices for consumers, as businesses strive to keep their prices low
in order to remain competitive.
Whilst, the disadvantages of Economic Globalization:

 Job Losses: Economic globalization has led to job losses in developed countries as companies
move their operations to developing countries where labor is cheaper, leading to the loss of
jobs and income for workers in developed countries.
 Environmental Degradation: Economic globalization has led to increased industrialization and
the exploitation of natural resources, leading to environmental degradation, pollution, and
other negative impacts on the environment.
In summary, economic globalization has both advantages and disadvantages, and its impact on
different countries and societies depends on a variety of factors, such as their level of development,
political and economic systems, and social and cultural contexts.

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