Macro Business Environment - Essay - (Economic) Globalization and Covid-19
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Course
Macro Business Environment
Institution
Fontys Hogeschool (Fontys)
This document contains an essay that had to be made for the subject Macro Business Environment. It gives a definition of globalization and economic globalization. In addition, there is a focus on globalization and Covid-19.
1. Give a working definition of Globalisation. Expand on this definition by focusing on one
aspect of globalization and describe this in more detail.
Globalization means that all the people of the world with their different lifestyles, cultures and
economies are coming closer together.
Globalization is the move towards expanding economic antisocial ties between countries through the
spread of corporations and the capitalistic philosophy that leads to the shrinking of the world in
economical ways. This term is used to describe the growing interdependence among the world’s
culture, economy and population as a result of cross-border trade in services, goods, investment,
technology, information flows and people. It is a process of interaction and integration between
businesses, people and governments in different countries, driven by international trade and
investment and supported by information technology. It affects the environment, political system,
culture, economic development, and the well-being of people.
Globalization means the acceleration of movements and exchanges over the whole world. It is the
spread of technology, information, jobs and products. In an economic sense, it describes an
interdependence of nations around the world fostered by free trade. Globalization has its advantages
and disadvantages, for example: everything goes in a faster way, information comes in faster (across
countries for example), goods (for example food), services (for example education), and money.
But in addition, it also has its disadvantages, for example: poor people become poorer, while rich
people then quickly become richer. Big companies become even bigger, small companies can hardly
survive. Meanwhile, the earth’s resources are running out and the environment is being destroyed.
Economic globalization
Economic globalization means that with the continued expansion of the scale of cross-border trade in
goods and services, the flow of international capital, and the widespread and fast diffusion of
technology, the interdependence among the world economy is increasing. Economic globalization is
the fundamental transformation of the world economy, in which the national economy is no longer a
relatively independent entity. On the contrary, these countries are evolving into an interdependent
global economic system.
It involves various processes, opportunities and problems associated with the dispersion of economic
activities across countries in the world. This occurred during several periods, the most recent being in
the second half of the 19th century after World War 2 and in the late 1960s/1970s to the present.
Economic globalization shows the worldwide movement of people, technology, goods and services. It
shows how interdependent we are. For example, countries nowadays are interdependent. For
example, when you want to buy a new car you depend on raw materials, car parts etcetera. The
parts my come from different countries. The goal of economic globalization is to make markets more
efficient, increase competition and distribute wealth. It has to do with the money that passes over
the globe at lightning speed. This is mainly caused by the multinationals (for example, companies
that have multiple branches all over the world).
Example of economic globalization:
An American driving his car designed in Germany and assembled in India with parts made in Japan
with Korean materials. This has to do with the products being much cheaper in certain countries
(economic globalization) and also the ease in which everything can be transported from country to
country these days (globalization).
2. show your understanding of Globalization in a contemporary context. In your answer
you should focus on one element of contemporary Globalisation in more detail.
Covid-19
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