Globalization: The Interdependence of National Markets
- What is meant by globalization and how has it affected you?
Globalization refers to the merging of national economies into an interdependent, integrated global economic system. The once self-contained national markets are now doing trades with other national markets. Globalization enabled countless of countries to break their barriers to cross-border trade and investment and is now capable of importing and exporting goods from other countries, exchanging goods and services in a way that both parties benefit. The previously considered impossibility has now been overcome because of the advances of modern technology.
This has affected my lifestyle greatly. I have made use and taken advantage of this globalization even way before I have learned what it actually is. From the gadgets I use for my online classes, down to the products I use for my personal hygiene. The chocolates in which I indulge myself in from time to time. Recently, due to pandemic, I have given myself the opportunity to shop online using the Shopee application. I have already received few of my orders which came all the way from China. Making use of globalized services and goods.
- Among the main drivers of globalization, which do you think has contributed more to the acceleration of globalization? Why do you think so?
The dramatic developments of modern technologies in recent decades somehow proves that technological change was what mostly contributed to the acceleration of globalization. As we can all witness in today’s age, advancements in technologies is greater than before, thus enabling globalization to further its purpose. Making the processes of globalization more efficient and effective in today’s time. Internet, for example, greatly contributed in accelerating globalization, given that it is the backbone of global economy. Through Internet, easier access on any necessary information was made possible. Internet also helped in enhancing communication with people overseas, and honing certain skills online are now possible through taking online courses. All was made possible by the Internet.
- Why do you think the global economy is in a constant state of change? Are there consequences or benefits to such changes? Explain and cite a personal experience.
Changes in globalization is constant because change is constant everywhere, given the fact that globalization deals with various cultures and different societal structure. In order to cater the needs of people from various culture and society, globalization needs to adapt and change. A similar approach is needed when an unprecedented crisis occur. Now, in every change, there are always consequences and benefits that follows through, and it depends on how we approach this change.
Due to this pandemic, a lot of changes were needed to be complied in order for us to prevent further outbreak. Because of these changes, we have created a new normal, where we must wear face masks and face shields whenever we go out. The places we can go freely is now limited. We are advised to stay at home as much as possible until this pandemic is over. All of these has greatly affected everyone, both positively and negatively.
In my experience, I have witnessed and even experienced the negative effect of this pandemic. We students are now subjected to the new normal of studying. Dealing with online classes were a challenge. Many have struggled, others have given up. The only thing that keeps me motivated to continue despite this challenging new normal is my family and goals in life.
