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Major Effects Of Globalization Like Adapting To Changes, Lower Tariffs And Cheaper Labor Cost Make A Difference On Philippine Economy And Firms

2687 words - 11 pages

Major Effects of Globalization Like Adapting to Changes, Lower Tariffs and Cheaper Labor Cost Make a Difference on Philippine Economy and FirmsA research paperPresented toJose Cristina Pariña, Ph.D.In partial FulfillmentOf the Requirements forENGLRES2012-2013Nikka Jennine L. EscoberAlejandrea A. LalataApril 1, 2013OutlineIntroductionAdopting to ChangesA. Technological developments1. Communication2. TransportationB. Internet as an agent of change1. E-commerce2. SoftwareC. Global competition1. Strategies in boosting the marketIII. Lower tariffs for imported goodsA. Free trade1. Lower support for domestic products2. Build-up of economic tiesB. Increase foreign investment1. Dominance of multinational companies2. Inability of local firms to competeIV. Cheaper labor costA. Increase in job volume1. Lost of worker rights2. Environmental destructionB. Impact of overseas Filipino workers1. Shielded the Philippines from economic slow down2. Geological shift in jobsGlobalization is a process by which the economies of the world become more integrated, leading to a global economy and, increasingly, global economic policymaking. It also refers to the increase openness of economies to international trade, financial flows, and direct foreign investment (Smith & Todaro, 2011). Groups of regions such as countries, nations, nation-states and national economies have its own economic, social, political and power build-up. There are variations from country to country as to how their national economic, social, political and administrative system performs (Helvoirt, 2009, p.45).Paderanga (1996) emphasizes that,"The globalization of production has been driven by a combination of more openness; liberal trade regimes; greater mobility of factors; and the encompassing infrastructure of telecommunications, transportation and information technology. Globalization is synonymous with a "borderless world." There is also a globalization of consumption taking place as the homogeneous." (pp. 9-10).Globalization can come from different perspectives. Culturally, it can bring down cultural barriers, wherein people live harmoniously. This branches out to three main economic fruits, namely trade, investment and factor mobility. Thus, resulting to adverse effects like theory of comparative advantage, generating income that does not belong to the gross domestic product (GDP) of the Philippines and brain drain (Cabuay, 2013). Due to the various factors that led to globalization, major effects like adapting to changes, lower tariffs for imported goods, and cheaper labor cost has been playing a vital role in making a difference in the condition of the economy and firms in the Philippines.The absence of socioeconomic and political conditions caused the Philippines' inability to adjust to the changes present in globalization. With this, the country faced challenges in global competition, like having to strategize to gain more profit and technology from both domestic and foreign...

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