Blog Reading Assignment 4 "What is the Relation Between Economy and Globalization?" - Darlene Audrey

Globalization enables companies and nations to specialize in creating products and services, which gives rise to the relationships between globalization and economics. Globalization serves to lower the cost of production, nevertheless. Gains in economic well being are made possible by specialization and trade, for instance by lowering consumer prices, which raises their real wages. This assumes that businesses charge customers less for their products. One important factor that raises the level of life is the average cost of commodities. Additionally, a wider choice of items are accessible to consumers.

However, if we continue looking at it based on the content we have read. The main players who are developing the global economy are business firms, mainly transnational corporations. Transnational corporations are recognized as important players impacting the modern global economy because of their capacity to operate across international borders and include different regions of the world into their production networks, TNCs are seen as important forces behind globalization. Though they are more difficult to organize than businesses operating inside a single national territory, transnational corporations may play a role in the development of globalization by setting up operations in various political, cultural, and social situations. 

Yet because of their widely distributed geographic dispersion, TNCs reflect the challenges of managing operations across multiple locations through their sophisticated organizational systems. The reading has outlined the several ways that transnational corporations might organize their production operations, such as concentrating at one site, producing for local or regional markets, or integrating vertically across borders. These arrangements show how Transnational Corporations support global economic integration.

The reading also points out the regionalization of production networks, a prominent trend in globalization. This is demonstrated in areas such as Europe, North America, and East Asia, where transnational corporations arrange their operations on a global scale inside clusters of adjacent markets. Surely every location has a different Power Dynamics in a Global Economy. TNCs are seen as significant players in the global economy, taking advantage of regional variations in state policies and resource availability. The text notes that negotiations with states, local communities, and other stakeholders are complicated and contingent, and that their authority is not absolute. International organizations such as the World Trade Organisation (WTO) are among the multi-scale regulatory frameworks that define the global economy. These regulatory frameworks contribute to the construction of regulatory systems, affecting the location of multinational production networks.

Lastly The reading points out the diversified nature of TNCs and the complex, dynamic, and dependent nature of their relationships with states and other players, cautioning against oversimplifying the link between TNCs and the global economy. In conclusion, the reading shows the fact that globalization is a complicated process involving complex relationships between economic players, rules and regulations, and geographic concerns, all of which are assisted by the acts of transnational corporations. Power struggles and the need for advanced understanding characterize the intricate relationship between globalization and the economy.

Comments

Post a Comment

Popular posts from this blog

Introduction to our blog

This blog is a digital forum where students from the Fall 2023 class in Media Trends and Globalization at the Hanyang University in Korea will discuss their weekly readings and activities. For each section of the course, you are expected to post a blog post on relevant readings on our blog here and make a comment on another student's post. An ideal commentary should be about 800 words, divided into three clearly labeled sections in which you: 1) summarize in your own words of materials you read; 2) mention any new, interesting, or unusual items learned; 3) identify at least one question, concern, or discussion angle that is either problematic in some respect or could have been elaborated more. This question is likely to be incorporated into our class discussions. You are allowed to quote an interesting passage from the text(s) you've read, but the quotes will not count toward any length requirements. Blog’s deadline is always: Sunday, midnight, of the week the question is poste...
Read more

(W3-1)Media Trends and Globalization Classroom QnA - Choi Min Joon

 Q1. How could a fusion culture look in 100 years? A1.  Globalization is accelerating further with advances in technology. The boundaries between countries will be blurred, and the development of technology will reduce language barriers between countries, leading to more cultural exchanges. In 100 years, I think the convergence culture will become a new type of culture, not a global culture led by major countries around the world. Simultaneous new cultures will emerge in many forms, and those cultures will mix with each other and create new cultures. The difference between this convergence culture and global culture is that there is no major country leading the culture, but the earth evolves into a true global culture in which culture is born and exchanged immediately like a country. Q2.  Can cultures be compared? Can we argue that some cultures are better than others? A2.  I think it is possible to compare between cultures. There are certainly commonalities and...
Read more

China and globalization BAILINHAN

  Summary of the Reading/Topic China’s relationship with globalization is one of the most significant stories of the modern era. Over the past few decades, China has transformed itself from a relatively closed economy to a global powerhouse. By integrating into the world economy, China has benefited immensely, achieving rapid economic growth, technological advancement, and elevated geopolitical influence. Key milestones include its accession to the World Trade Organization (WTO) in 2001 and its rise as the world’s largest exporter. However, this relationship is complex. While globalization has opened up new opportunities for China, it has also introduced challenges. Issues such as trade tensions, reliance on global markets, and environmental concerns highlight the downsides of globalization. Additionally, China's rise has reshaped the global order, prompting debates about its influence on global governance and economic norms. What is the Relation Between China and Globalization? Ch...
Read more