Ucsp Case Study

GLOBALIZATION:
Significance of Globalization to Human Population : A Case Study
Cawaling, Jhon Felix

Francisco, Cjay
Pazcogiun, Wayne
Vergara, John Michael
Aricheta, Pia
Malonzo, Rachelle
Soriano, Althea
INTRODUCTION
According to Peterson Institute for International Economics (PIIE), globalization is the word
used to describe the growing interdependence of the world’s economies, cultures, and populations,
brought about by cross-border trade in goods and services, technology, and flows of investment, people,
and information. Countries have built economic partnerships to facilitate these movements over many
centuries. But the term gained popularity after the Cold War in the early 1990s, as these cooperative
arrangements shaped modern everyday life. This guide uses the term more narrowly to refer to
international trade and some of the investment flows among advanced economies, mostly focusing on the
United States. The wide-ranging effects of globalization are complex and politically charged. As with
major technological advances, globalization benefits society as a whole, while harming certain groups.
Understanding the relative costs and benefits can pave the way for alleviating problems while sustaining
the wider payoffs.
And according to Lutkevich 2021, globalization is the process by which ideas, knowledge,
information, goods and services spread around the world. In business, the term is used in an economic
context to describe integrated economies marked by free trade, the free flow of capital among countries
and easy access to foreign resources, including labor markets, to maximize returns and benefit for the
common good. Globalization, or globalisation as it is known in some parts of the world, is driven by the
convergence of cultural and economic systems. This convergence promotes -- and in some cases
necessitates -- increased interaction, integration and interdependence among nations. The more countries
and regions of the world become intertwined politically, culturally and economically, the more globalized
the world becomes.
There are three (4) types of globalization. (1) Economic globalization. Here, the focus is on the
integration of international financial markets and the coordination of financial exchange. Free trade
agreements, such the North American Free Trade Agreement and the Trans-Pacific Partnership are
examples of economic globalization. Multinational corporations, which operate in two or more countries,
play a large role in economic globalization. (2) Political globalization. This type covers the national
policies that bring countries together politically, economically and culturally. Organizations such as
NATO and the UN are part of the political globalization effort. (3) Cultural globalization. This aspect of
globalization focuses in a large part on the technological and societal factors that are causing cultures to
converge. These include increased ease of communication, the pervasiveness of social media and access
to faster and better transportation.
These three types influence one another. For example, liberalized national trade policies drive
economic globalization. Political policies also affect cultural globalization, enabling people to
communicate and move around the globe more freely. Economic globalization also affects cultural
globalization through the import of goods and services that expose people to other cultures.
In general, globalization decreases the cost of manufacturing. This means that companies can offer goods
at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in
the standard of living. Consumers also have access to a wider variety of goods. However, globalization
can also have negative effects on society, such as increased income inequality and substandard working
conditions in developing countries that produce goods for wealthier nations.
Globalization is also associated with rapid and significant human changes. The movements of people
from rural to urban areas has accelerated, and the growth of cities in the developing world especially is
linked to substandard living for many. Family disruption and social and domestic violence are increasing.

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GLOBALIZATION:

Significance of Globalization to Human Population : A Case Study

Cawaling, Jhon Felix

the wider payoffs.

the world becomes.

to faster and better transportation.

conditions in developing countries that produce goods for wealthier nations.

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