Activity No. 3

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Does economic globalization lift all boats, or is it a modern form of empire?

For me, economic globalization does not lift all boats, it is somewhat like modern form of empire where
rich countries become richer and poor countries become poorer. Most of the developed countries took
advantage of the under developed countries. They brought their factories and production to those who
have lower labor and production cost countries which make those countries lose their resources and
paid lower than if they both produced and sold them in the market. Also, multinational corporations
dominated markets. Thus, global producers will lose their jobs and be forced to shut down their
businesses. All these make the gap between rich countries and poor countries larger.

How does globalization affect innovation?

Technological advancement, fast communication and transportation are one of the effects of
globalization. Globalization also reduced the barriers and restrictions between countries. With this it
became easier to exchange products and services. It also became easier to adopt new technologies,
information, ideas, marketing, processes, products, and services. Hence, globalization made innovation
possible and easier.

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