Negative Effect of Globalization in the Philippine Economy

Adverse Effect of Globalization in the Philippine Economy Introduction The thrive of globalization has opened gates for economies both nationally and globally. The last three decades saw many governments acquiring the systems of free markets, thereby, maximizing their own potential and opportunities for international business as well as investment. Whats more, as a result of globalization governments all over the world worked towards the elimination of limitations to business and trade of goods and services across the world. With these new opportunities having hit the global economies so hard, industries took advantage by constructing new business corporations in foreign markets with their associates. This gave international†¦show more content†¦Well, yes and no. Because its complexity makes it a â€Å"wicked problem† (a notion proposed by Rittel and Webber1, two Berkeley professors, in 1973), characterized by having multiple causes, being parameter resistant, and generally insoluble; with solutions spawning other problems. 21st century globalizations success hinges on the taut, â€Å"just-in- time † condition of modern supply lines, and actual or artificial shortages now cause Tsunamis, not ripples. It is one origin of globalizations â€Å"wicked† condition. Take the oil situation. As the United Statess currency depreciation reorients their economy towards globalization, Oil prices will rise despite constant output. Because although oil is dollar denominated, producers incur costs in a basket of currencies. The weak dollar therefore necessitates an price increase to maintain equivalent output. But others maintain that oil prices are pushing the dollar down. Previous revenues were kept in the formerly strong dollar, letting them import more from Europe than America. The weakening dollar encouraged them to transfer to Euro. Businessmen now predict oil prices using the US dollar - Euro exchange, which has mimicked the commoditys movements since 20052, suggesting a direct correlation. Either imply a worsening globalShow MoreRelatedAnalysis Of The Book Stiglitz A Recipient Of The Nobel Prize Economics, And Andrew Charlton930 Words   |  4 Pagesto theoretical applications, the book elaborates on the proposal, which is fair trade, and how it can initiate development in a country. Besides providing a holistic and substantive perspective on fair trade, the book also expounds on the effects of globalization on world trade and the development of third world countries. The book is useful to the study, as it will provide a clearer and better understanding of fair trade and support the arguments in the study. 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