Globalization: Challenges and Opportunities

Writer proposed to cast a rapid glance over the multi-faceted phenomenon of globalization in an attempt to discern some of the challenges it poses, as well as some opportunities it offers. Plus, the writer stated that globalization is something that is not a matter of human choosing. We cannot choose the historical situations with which we must contend but we can do our best to make the best of the opportunities they present us with. One of the supporting ideas which the writer provides was The Phenomenon of Globalization. Which he focus on some of its more strictly economic aspects. Like fundamental transformation in the primary arena of human economic activity, i.e, the “marketplace” or what the Wikipedia define as the arena of competitive or commercial dealings; the world of trade: “the global marketplace”.

Markets are rapidly being denationalized as it were. The writer also mentioned that the Capital, for instance, is no longer restricted to financing projects in domestic markets with poor returns but can be shifted instantaneously to any country that offers more productive investment opportunities. Communication is now global, and the consequences are not only economic, but social and political as well. On the political side, globalization poses a serious challenge to the old idea of “national sovereignty”. The writers own view was that the “withering away” of national sovereignty is a positive development which has the possibility of promoting democracy on a global scale. There were also other ideas which the writer provided like The New Global Economic Order, Globalization and Culture, Globalization and Democracy. Which all of these cited or explained some opportunities and challenges latent in the current Asian financial and economic crisis. This article brought lots of important insights. It struck me with regard to the challenges and opportunities especially in Asian economy. It is somehow opened up my mind about our global responsibility as an individual. Now, I know that “challenges in globalization will make people to force to make far reaching, sometimes even painful, changes in their accustomed ways of doing things. But if the challenges are great so also are the opportunities.”

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This statement from the article gave me a hope and wisdom that our country can still have a better economy in the near future. Whatever we are currently doing right now it only shows that we must be aware about what is happening around the world to be able to make it better. If only I have a chance to ask the author of this article, I want to ask, if given chance. What are the things the author would change to the Philippine global economic development and why? After reading this article I realized that the most important to remember is that far from being immoral, or even amoral, the pursuit of self-interest in the context of a civil market economy generates a distinct social ethics and serves to promote a genuinely “spiritual civilization”. (Madison 1998b and Madison 1996).

This is a reaction paper about the “Globalization or Human a Question of Priorities in Human Development” written by Oliva Blanchette. The author raised questions on how can we reestablish the priority of human, spiritual and communal values in the face of an overwhelming force of economic necessity that now reaches to the remotest regions of the earth with its monolithic or oligopolistic system, or a universal melting pot condensing everything into one thing, money or financing, regardless of any spiritual diversity? Is there still room for liberation and humanization in this system that now encompasses us all as in a large economic pot kept in a constant stir for its own benefit, no matter what happens to the less advantaged members of any society in the process? Then he describes the problems, or the challenges like the phenomenon of economic globalization and the advantages of groups, individuals, or large corporations which dominate the world. In this article he talks about the solutions to these problems of humanization and liberation. She supported her answers with these ideas like the phenomenon of economic globalization, the domination of large corporation in this phenomenon and the problem of justice and liberation, or humanization in the face of global economic domination. After reading this article, I was like disappointed because based from this the only player that can last in the global market are those large financial institutions controlled by developed countries like the U.S and multinational companies which objective is purely for profiting. Now, what’s left for the developing country like the Philippines? Is there a chance for this country to grow and become a player in the world market?

As an aspiring entrepreneur, now I am wondering if there will be a room for us in the global market. As I can see the global market is being controlled by those developed countries. If they see some threats coming from developing country and they won’t benefit from that. I am sure they will halt it and never to introduce that to the world market. I want to ask the writer why is it so hard for other developed countries to help other country without expecting anything in return why not they help the other developing country to make it to the world market. So this world will be a better place to live. I realized that being in the business you should not think only for money you should first set a goal or mission to help serve the people around your area to have a better life. I know it is not that easy to do. But hopefully one day we can see all other countries especially those developing countries is playing in the world market without being intimidated by those big countries. “Equality”

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Globalization: Challenges and Opportunities. (2016, May 23). Retrieved from