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 undoubte...