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Economic Globalization is a historical processes, the result of human innovation and technological progress. It refers to as the increasing integration & interdependence of world economies all throughout the globe, particularly cross-border trade of commodities, services, flow of international capital and the rapid spread of technologies.

According to (Benczes, 2014)

The term "Economic Globalization" also refers to the movement of people (labor) and knowledge (technology) across international borders.

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According to (Benczes 2014) Economic Globalization has four interrelated aspects :

1. Globalization of trade of goods and services

- The international movement of goods intensified by the improvement of communication technology.

2. Globalization of financial and capital markets
- The movement of currencies that enables the world market as a playing field through investments.

3. Globalization of technology and communication
- The connection of technologies enabling communication all over the world.

4. Globalization of production.
- The worldwide supply chain of labor and materials with the focus on competitive advantage.

These aspects are important to the process of economic globalization, each provide their own value yet they require the existence of one another.

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" It also paved the way for the adoption of common standards—standards on how economies should be run... and on how economics papers should be written.”

- Friedman (2007)

The fall of the Berlin Wall allowed the reunification of Germany that expanded the sense democracy, creating equal opportunities on all sides, implementing a single market and establishing a solid ground for economic standards.

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“First, it brought the Internet alive by giving us the browser to display images and data stored on Web sites. "

- (Friedman 2005)

The invention of Netscape triggered a boom within the technological field which then evolved into a more sophisticated system of the internet. This allowed the massive flattening of the world because global communications are now made easier through the use of sites and applications.

Not only did communication improve, it also paved a way for the enhancement of workflow productivity. This is through the use collaborative applications for a free and flexible handling of data within the digital workspace.

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Outsourcing
- Connecting goods and services all over the world for the purpose of cost-cutting. Allows different companies to collaborate together in any place in the world thus flattening it.

Offshoring
- Establishment of factories outside the country of origin. This creates connection overseas as a world flattener.

Open-sourcing
- Creating free use software through online collaboration which can then be redistributed globally.

Insourcing
- Hiring a personnel or contractor within the company to carry out various operations.

Supply-chaining
- A system of manufacturing and delivering products to be made and sold globally.

Informing
- Collaborating and mining data through the use of the web.

Steroids
- Boosting different forms of collaboration within the internet  which can be accessed anywhere, with any device.

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✔️ PRO #1: Promotion of local growth by encouraging worldwide growth

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✔️ PRO #1: Promotion of local growth by encouraging worldwide growth

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Multinational businesses spend a lot of supply for national businesses to local businesses as it provides jobs and opportunities to the locals, so that the economy will run smoothly and decreases the cost of manufacturing.

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Every business should have trust as a foundation. Working with other countries with different beliefs and opinions would be a great source of knowledge that may reduce colonial aspects because everyone will be objective.

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✔️ PRO #3: A global community requires a global economy

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✔️ PRO #3: A global community requires a global economy

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Most of the services and goods we have right now are purchased from a global perspective. There are already worldwide online sites to visit to market consumers’ desired good or services they needed.

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✔️ PRO # 4 : It forces us all to share financial considerations.

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✔️ PRO # 4 : It forces us all to share financial considerations.

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Instead of having segmented pots of cash that are used for personal needs, economic globalization creates one big pile of cash that can be used for the benefit of all. There will always be local spending that happens, but the emphasis will shift to helping meet the world’s needs first instead of meeting national needs first from a business perspective once true globalization occurs.

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✔️ PRO #5: It gives chance to undeveloped countries to join the developed world.

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✔️ PRO #5: It gives chance to undeveloped countries to join the developed world.

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There are countries that are struggling to keep up with the global changes happening today. But because of economic globalization, it is not impossible for these countries to step up their economy with the other countries.

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✔️ PRO #6: New technologies in new innovations

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✔️ PRO #6: New technologies in new innovations

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Many companies will invest and focus in technology to improve and find new innovations that would create a big impact to the economy. This is a better way to improve the standard of living of the citizen in the country.

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❌ CON #1: It gives businesses more power to influence civil government.

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❌ CON #1: It gives businesses more power to influence civil government.

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Businesses are powerful and influential, especially as they grow in wealth. Wealthy businesses can have a more significant influence on political elections. They can advocate for measures and laws that will enhance their financial situation. Since they have a big role in the economy, most likely, the government would allow those laws even if it is not so beneficial for many people.

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❌ CON #2: It removes the emphasis of local cultures.

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❌ CON #2: It removes the emphasis of local cultures.

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The American business revolution is taking the lead in economic globalization. There are also other multinational corporations operating in other countries but the United States dominates the corporate world. This means that as globalization continues, the emphasis on local culture will fade because the dominant or leading countries and corporations influence the local cultures of other countries.

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❌ CON #3: It encourages the development and spreading of disease.

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❌ CON #3: It encourages the development and spreading of disease.

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Many people travel from one place to another. In our current situation, the Covid-19 pandemic originated in China but eventually spread to other countries because it is a contagious disease and people can spread the virus that they get from other people.

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❌CON #4: Most of the world gets ignored in economic globalization.

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❌CON #4: Most of the world gets ignored in economic globalization.

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Multinational corporations are accused of social injustice, unfair working conditions (including slave labor salaries and terrible living and working conditions), a lack of environmental awareness, misuse of natural resources, and ecological devastation.

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❌ CON #5: Worker exploitation would likely increase.

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❌ CON #5: Worker exploitation would likely increase.

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Exploitation of workers, in any form or circumstance, is never acceptable. They tend to do this in many ways such as not paying their workers what they deserve, overworking them to exhaustion, treating them unfairly, and not giving them credit for their work.

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❌ CON #6: It would shift where unemployment and poverty happen to be.

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❌ CON #6: It would shift where unemployment and poverty happen to be.

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If employment is outsourced in a global economy it can lead to unemployment and possibly  poverty in wealthy countries, shifting power in the global economy.  Businesses are unconcerned about boundaries. Profits are important to them. Social welfare and benefit programs may cease to exist entirely.

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❓ Innovation and Technological progress as the flattener of the world(?)

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❓ Innovation and Technological progress as the flattener of the world(?)

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With human innovation and technological advancements, development from various industry including information and communication brought us to the invention of computer. From it's operating systems and application, Friedman calls it "the flattener of the world".

Certainly, with the human innovation and technological progress the economic globalization was made possible but to determine those two factors as the major causes of economic globalization is to forget the first flattener of the world which is the Fall of the Berlin Wall.

The fall of the berlin wall is not the force behind the flattening of the world but instead it is an effect of the force behind it which is the ideology behind the economic globalization. This ideology is what we called neoliberalism.

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❕ Neoliberalism as the Ideology behind Economic Globalization

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❕ Neoliberalism as the Ideology behind Economic Globalization

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By definition, Neoliberalism is a political approach that favors free-market capitalism, deregulation, and reduction in government spending. Neoliberalism believes in free-market capitalism in which resources are distributed efficiently and justly.

Why Neoliberalism is the ideology behind Economic Globalization?
We all know that an ideology is a system of ideas and ideals that an individual or a group advocates. Specifically, ideology are used to justify a policy or a practice.

Neoliberalist believes that the system seeks to legitimize the current or existing form of economic globalization because :
1. Market fundamentalism - It is believe that the markets will take care of all our needs.
2. Limit or eliminate market restraints - Parallel to free-market is to have limit or eliminate restraints such as free trade.
3. Limited Government - No government or any government agency should handle the market
4.  Privatizing various sectors - It seeks to be sure that those sectors that cannot be privatized are "cost effective" and "accountable."

Thus a lot of people advocates neoliberalism itself.

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❕ Joseph Stiglitz's points on Globalization 

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❕ Joseph Stiglitz's points on Globalization 

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Pro-globalization policies have the potential to do a lot of good, provided they are implemented effectively and take into account the unique qualities of each country.

On the other hand, they are likely to be costly if they are poorly constructed or follow a cookie-cutter approach. They will exacerbate insecurity, render countries more sensitive to external shocks, slow growth, and poverty.

According to Stiglitz, these globalization policies were not pushed properly or fairly, allowing rich countries and multinational corporations to reap the benefits while pushing the costs (such as pollution) to states and communities with less sovereignty.

As a result, he claims, we now confront dreadful consequences, such as rising impoverishment and societal turmoil, as well as widespread dissatisfaction. Globalization will continue to fail those at the lower end of the stick unless proper strategies are implemented.

Reference:
https://www.anderson.ucla.edu/faculty_pages/sebastian.edwards/Stiglitz.pdf