THE FUTURE OF GLOBALIZATION

Team 9
Student Full Name Student Code
Phạm Đỗ Thanh Hải K174080938
Lê Quốc Khánh K174080942
Đỗ Thu Ngân K174080948
Phùng Thị Mai Nguyên K174080952

I. INTRODUCTION
1. What is Globalization?
Globalization is the word used to describe the growing interdependence of the
world’s economies, cultures, and populations, brought about by cross-border trade in
goods and services, technology, and flows of investment, people, and information.
Countries have built economic partnership to facilitate these movements over many
countries.
2. What do you think the future of Globalization looks like?
The future of globalization looks bright. With the increasing innovation,
development, and transferability of technology, the global economy will witness more
integration and interconnectedness. Enhancing this is the inherent high mobility of the
current and upcoming generation. While national governments will continue to be
relevant, national policies and decisions will be greatly influenced by external factors
related to the impacts of globalization. Developing and emerging markets will be mostly
affected due to their development needs and consequent demand for technology and
development skills to address their development and growth challenges. 
3. How will this affect the economy of your country? 
Just as no country in the world will be immune or excluded from impacts of
globalization, so it will be with Vietnam. The Vietnam economy will be highly linked to
the force of globalization. As an emerging economy, Vietnam is gaining and will
continue to gain benefit from technology transfers, consumers can approach a wide range
of products and services from many countries and new flows of investment like FDI,
ODA, ...
Expectedly, globalization will have some negative impacts. In business world will
have more competition between domestic companies and foreign, international
businesses. Moreover, Environmental pollution is a serious issue that needs to be
considered in globalization topics.

II. ACTUAL SITUATION

The end of World War II opened a new door to the international community - a
shared future is built. Now, a same case is repeated. After the global financial crisis, the
slow and uneven recovery leads to disaffection and embitterment of a substantial part of
society, not only with politics and politicians, but also with globalization and the entire
economic system it underpins. Nobody can deny that we are living in a globalized world.
After all, this crisis period has raised important questions about future global-governance
architecture. There is a considerable increase in voters demanding to “take back control”
from “global forces”. To restore sovereignty in a world that requires cooperation is a
challenge. Rather than closing off economies through protectionism and nationalist
politics, we must push forward a new social compact between citizens and their leaders,
so that every community starts opening to the world at large from every individual’s
feeling of security at home.
Moreover, associated with the Fourth Industrial Revolution (4IR) are the
challenges coinciding with the ecological constraints emergence, concern of natural
resources scarcity, and rising inequality. Opening up a new era of globalization, will
these integrated developments improve the human condition or not? This will depend on
the flexibility of our governance and corporates, both local and international.
In the meantime, a new framework for global public-private cooperation is being
defined. This cooperation type is to exploit the potentials of private sector and open
markets aiming to public economic growth, in addition to environmental sustainability
and social inclusion always in No.1 concern. But before determining the public good,
identifying the root causes of inequality is inevitable. With rents derived from owning
capital or intellectual property, 4IR business models reinforce position of the privileged.
Also, at national level, open markets and increased competition result significantly on
inequality. In international arena, they certainly lead to more winners and losers.
Impacts of globalization 4.0 lay deeply not only in how we work, but also how we
live: we are in a new type of innovation-driven economy. Public trust is such a powerful
weapon that helps individuals thrive on or may destroy all. Then, new global standards,
norms, policies, and so on are needed to safeguard it. Current economy has already
disrupted and recombined hundreds of industries, and millions of workers go jobless.The
Fourth Industrial Revolution facilitates the dematerialization of production, with the
knowledge intensity of value creation increased. It is competition where the flow of
domestic product, capital, and labor markets goes beyond the boundary of one country,
also among countries adopting different trade and investment strategies. But it evokes
controversy about stewardship of our personal data, particularly of technology
companies.
The systems operating our life, including energy, communication, transportation,
production, distribution,... will be completely transformed due to the unprecedented pace
of technological change. The change will not just begin within new frameworks for
national and multinational cooperation, it ushers in new model of education, prioritizing
designed study programs for teaching relevant skills in the 4IR time. In the context of
aging societies, together with advances in robotics and artificial intelligence, we witness
the shift from a narrative of production and consumption toward one of sharing and
caring.
We are undergoing changes that are universal, not isolated to particular subjects,
and thus require a global response. Our mission now is to adopt a new cooperative
approach to this new era of Globalization 4.0. It has only just begun, and we are at the
preparation phase for it. Clinging to an outdated mindset, existing processes and
institutions will not guarantee our prompt catching up with the pace of globalization
today. Be open up to new knowledge intensity, get updated with technology advances,
redesign old policies from the ground up, so that we can capitalize on the new
opportunities that await us.

III. PROBLEM EVALUATION

Is globalization good?

Globalization is a world trend that all countries are approaching to a common goal,
as a way to create a world without national borders. There are concepts of
communication, information access, and technology development to consider when
looking at this matter too.

So, how it impacts on our world:

Advantages
Globalization would help the developing world progress faster.
By reducing border restrictions, creating common payment formats, and opening
product access by reducing export barriers, more people could improve their way of life.
Globalization would remove tax havens for wealthy individuals and businesses.
Tax havens are defined as either a country or independent area where taxation
levies are at low rates. They offer foreign businesses and individuals an opportunity to
keep their profits in local institutions with little or no liability. Globalization reduces this
issue because it eliminates the administrative structures in place which allow the wealthy
to hide their funds from being taxed.
          Globalization could create more employment opportunities.
Fewer barriers to the import/export market, the cost of producing goods or offering
services would decline without affecting the profit margins of companies. Consumers
would benefit from the lower prices, consume more, and create additional job
opportunities around the world.
 Disadvantages:   
Globalization would create a new system of politics.
The individuals and organizations who spend the most to lobby politicians would
receive the best chance of having their needs met first. This issue would translate to a
global economy, where only the richest and most influential would influence laws which
would impact everyone.
          Globalization would negatively impact the environment.
We’ve already seen what free trade does to the environment. Greenhouse gas
emissions rose in 2018 despite efforts to curtail them. Micro-plastics invaded our oceans,
creating negative impacts on marine life. The waters of our planet are slowly acidifying,
creating economic and health impacts every day.

So, what about the future of globalization and how it would impact on our
world.

Over the last decade, we have witnessed the erratic retreat of globalization,
triggered by the 2008 financial crisis. In many ways, the global response to the economic
meltdown was similar to the one that followed the stock market crash of 1929. Then and
now, deep recession and massive unemployment sparked millions across the world to
embrace right-wing nationalism, populism, and protectionism as a panacea to their
perceived losses. In both cases, the anti-globalization wave happened in the context of a
global power transition, from Europe toward the U.S., and now from the U.S. toward
Asia. Public anger over the inequitable effects of technology and globalization is cited as
a cause of myriad social ills—from rising nationalism and identity politics, to disdain for
institutions, and a fracturing of the rules-based international system.

At the same time, globalization and technology have served to lower market
barriers and information costs. For instance, while digital platforms for taxis (Uber),
retail (Amazon), and accommodation (AirBnB) are themselves quasi-monopolies, they
have simultaneously lowered barriers to entry for self-employed drivers, sellers, and
would-be hoteliers, creating highly contestable markets. This has redistributed rents and
generated new income earning opportunities for the unskilled. Finally, globalization has
encouraged a race to the bottom on some regulations and redistributive policies, as the
mobility of firms, investment, and skilled workers compels governments to match the
conditions of their competitors so as to retain and attract business (Bertola & Lo Prete,
2008). About job automation: the past year has seen a rapid uptick in sales of robots,
coinciding with breakthroughs in the capability of machines and artificial intelligence in
increasingly complex, nonroutine tasks such as driverless vehicles and semi-cognitive
skills such as voice-recognition. This has led to growing anxiety over the prospect of
widespread automation of jobs. Estimates on the share of jobs that are at risk of
automation over the medium term vary from 9 to 47 percent for OECD economies (Frey
& Osborne, 2013; Arntz et al, 2016).

Economically, in terms of global trade, technology will reduce geographic

frictions, which will lead to greater long-term efficiency. Each country will evolve and
adapt toward its comparative advantage and natural specialization; that evolution will
continue to evolve as countries innovate. That same technology will allow people to
maintain and adapt rich cultural heterogeneous identities within and across countries,
even as we intermingle and develop a shared identity as global citizens. The
technological advances in transportation, logistics, and communications will continue to
improve trade flows, which will reflect the differential consumption potential and costs of
production. the nationalist, protectionist rhetoric is ascendant in the West. This is not a
particularly new phenomenon in a historical sense, since with every wave of change, such
calls for protection emerge. What is unusual now is the pairing of that reaction with the
pace of technological change and the speed of economic upheaval. The West—which, for
several decades, has benefited from free trade, and was the champion of institutions and
trade agreements that support and facilitate free trade—has not been able to adapt enough
to benefit from the change without feeling the attendant pain through adjustments in the
economy.

About economic and political globalization may represent a part of the story as
globalization is not comprised of economic/political process only but affected by social
and cultural spheres, where people confront major shifts (Hebron & Stack, 2013).
Giddens (1990) tried to define social aspect of globalization as, “worldwide social
relations which link distant localities in such a way that local happenings are shaped by
events occurring many miles away and vice versa”. Similarly cultural globalization refers
to, “the intensification and expansion of cultural flows across the globe” (Steger, 2003).
Social and cultural globalization are somehow mixing concept. Both dimensions affect
the emergence and intensification of each other. If people are socially integrated, there is
an increased chance of cultural proximity due to value exchange. This idea is
strengthened by looking at the famous index developed by Dreher (2003) of measuring
globalization.

IV. CONCLUSION

As a key of integration process, globalization have influenced on every aspect of

human’s life ranging from economic, cultural, and political to social. Globalization is not
an out there phenomenon, it is occurring right here. Being a part of society, humans cannot
avoid facing globalization, its effects, its power of changing social as well as cultural
structures and its blessings. Globalization has passed through many phases throughout its
history. There are ups and downs in the globalization process. Globalization is a process
which keeps on increasing; may decrease for a while but it never ends and it cannot be
stopped. Human beings cannot live in isolation. They interact with each other, help one
another and share knowledge and experiences with each other.

Although globalization has both benefits and drawbacks but it is essential trend development
of the world. All of us have to learn about it, enhance the good things and prevent the bad
things. Taking all the advantages to develop our country and the world in a brighter and
smoothier way.

REFERENCES

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