The Impact of Globalisation on South Korea and the Philippines

THE IMPACT OF GLOBALIZATION ON SOUTH KOREA AND THE PHILIPPINES
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THE IMPACT OF GLOBALIZATION ON SOUTH KOREA AND THE PHILIPPINES
Globalization is defined as the process in which information technology facilitates integration and interaction of people, governments, and business companies from different regions in the world through internationalization of trade and free movement of services and goods across borders (Buzzle 2015). Globalization is not a new concept, has it had erupted after the First World War, seen during the Silk Road that connected Europe and China and facilitated cross-border trade (Villa 2010). The contemporary wave of globalization is attributed to technological advancements and policies that have given rise to an open-up economies for both global and domestic markets. Economics in the modern society agrees that the world has entered into a new wave of integration and economic development characterized by expanding number of cross-border trades, migration, and foreign investments courtesy of spurring globalization. Technology is the principal causative agent of globalization as it has provided useful tools for identification of viable markets and analysis of current market trends of various good and services.
Information technology has eased the transfer of assets while also promoting communication between far-flung business partners across the world. In Asian countries such as the Philippines and South Korea, the concept of globalization has been a controversial topic with the proponents arguing that globalization in Asia has promoted economic development that has consequently raised the standards of living for the citizens of developing nations (Dixon 2013). Globalization proponents have further supported citing evidence on the role of globalization in opening the new international market for goods and services that have an Asian origin. The opponents, on the other hand, claim that globalization has spurred an unfettered global free market where the only beneficiaries are the developed Western nations who make use of undeveloped nations as the target market. The Western countries have thus benefited while the local Asian enterprises have been exploited. The paper tries to strike a balance between the negative and positive impacts of globalization by using South Korea and the Philippines in pointing out the economic, political and social impacts of globalization in the two nations.
Positive Consequences of Globalization
Economic Advantages
One of the principal benefits of globalization in South Korea is economic development as a result of the free trade with neighboring Asian countries and foreign investors. The South Korean case is an accurate reflection of how other nations globally have embraced globalization for economic growth. Regarding economic development, globalization has promoted economics without borders through free trade. Free trade has resulted in free commerce that has various contributions to the economies of regionally and globally integrated nations (Villa 2010). A country in a globalized market appreciates a more prominent decision of merchandise and benefits, following foreign organizations who undoubtedly offer their items available to be purchased at markets across borders. There is also an additional benefit as a result of lower costs for items since globalization expands market, giving assortment quantities of products that are availably purchased, builds and outcomes from the competition. Manufacturers in nations that have free trades interactions understandings benefit from facilitated trade present in a huge market share. For example, it is only through trade that North and South Korean countries can come together through free trade. In zones that are afflicted by wars, free trade can only be realized through the removal of boundaries to confront any barriers to facilitate the exchange of goods and services.
A sample of a facilitated trade that South Korea stands to benefit was the Silk Road case where nations in East Asia could access the European market (Dixon 2013). Another key advantage of globalization is globalized labor. For nations that have embraced globalization, workers with different skills and knowledge can efficiently travel from one nation to another with an aim of showcasing their abilities to bosses in search of employment and consequently adding value to the economy. As a rule, movement of labor gives chances to the economies to give alterations to the unfilled gaps present in labor markets. Organizations can offer employment to qualified personnel in foreign nations with the help of online technology and use of informatics. The advantages of globalized labor are beneficial to a country that has very few technical workers or an excess number of laborers as free trade enable individuals migrate from one country to the other within an integrated zone in search for a viable market. Globalization has also reduced the cost of items and services due to improved supply chains. There has also been the better accessibility of various services and products which can be obtained with less capital. Globalization has promoted competition, giving rise to the advantage of producing quality goods and services for survival. It has also led to the expansion of market leading to retailers and manufacturers expanding their ventures and consequently leading to financial development (Buzzle 2015).
Social Advantages
Globalization has been seen to empower the procedure of transmission of cultural values, qualities, thoughts and social expressions across borders. Cosmopolitanism and multiculturalism are to some degree the building blocks of social globalization. Individuals change their perspectives and way of life impact by worldwide social and utilization patterns. Experts of social globalization attribute the globalized social network to ease of access to new social items, entertainment, education and art (Gibson 2014). It likewise prompts better comprehension of other people’s cultural qualities and states of mind. Globalization has led to fewer generalizations and misguided judgments about other individuals and societies as trade and interaction have led to people knowing each other fully. Globalization has increased the ability to impact and safeguard other people’s qualities, beliefs, culture and standards. The other benefit is the greater access to data from any place on the planet and customization or adjustment of worldwide social patterns to the immediate environment.
Political Advantages
The political measurement is a more current element of the concept of globalization, as in the course of the most recent years where an ascent in the impact and...