A Final Assessment of 2000 Words Essay in

the subject “'Economics, Taxation, Reform

Cooperation and Entrepreneurship
(ECO221)”

Submitted By: See, Trisha Lyn F.

Section: PS-21

Submitted To: Prof. Asakil

 Central Bank and Globalization: The helping hand of Economy

Central Bank is the Trump of card of government when the commercial banks, businesses and
fiscal policy such as; taxation cannot sustained the economy that leads to the shortage of funds and budget
for government services, projects and programs. Central Bank prevent the country’s banking system to
falls down in a way of lending money or loans to the government to support the economy since the flow
of the money in Central Bank are continuous and never stop. During the pandemic, the Philippine
economy experience a recession which leads to the falls of economy. Many businesses got bankrupt, a lot
of people got unemployed and the economy almost stopped functioning since there are lots of restriction
and protocols prohibiting people to engage further with each other to prevent the proliferation of the
virus. In this trying times, Central Bank got a bigger role to portrayed to sustained our economy and
people as a lender and helping hand of the government to support. Central Bank continuously lend a help
to combat this virus. However, the money loaned was not distributed and use properly to give aids for
those who extremely affected by this circumstances. Many people still got nothing from the government
yet we are indebted so much that we do not know really how to paid for it. Why would I paid for it?
Those corrupt politicians should be the one must paid for it since they are those people who really
benefited from it. Indeed, Central Bank as a independent national authorities that conduct monetary
policy to provide services including economic research has a significant role in maintaining our economy
in a stable state even if it is at the edge of the cliff. The Central Bank long term policy goals such as loans
and providing funds eliminates the loopholes seen in our economy. Without Central Bank, there is no last
resort to prevent the economy from falling and it is not impossible. When the economy falls, many people
definitely get affected by it. Philippines as a Development country might become under develop if it
cannot fix right away with the help of Central Bank the tangled in the economy.

Before we move on to know whether globalization is an help or hindrance to the developing

countries. Let’s define first what is globalization. Globalization refers to several different concepts all
rolled into one package. It may refer to the ease in which businesses conduct operations in different
countries other than their own. Some look at this subject 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 subject matter too.
Even though the geographic size of our planet remains consistent, how we interact with each other is
changing by the minute. Despite more than 200 countries independently working for their best interests,
we all come together in ways to make the world a better place. If you have access to a computer or mobile
device with data or an ISP, then you can communicate with anyone else in the world with the same setup.
We are closer than ever before. That closeness also means that groups of people are further apart than
ever before. Neighborhoods form around common interests or political perspectives more than our
common humanity. Travel restrictions dictate where some people can go, and others cannot. In short,
Globalization means the speedup of movements and exchanges (of human beings, goods, and services,
capital, technologies or cultural practices) all over the planet. One of the effects of globalization is that it
promotes and increases interactions between different regions and populations around the globe.
According to the World Health Organization (WHO) Globalization, or the increased interconnectedness
and interdependence of peoples and countries, is generally understood to include two inter-related
elements: the opening of international borders to increasingly fast flows of goods, services, finance,
people and ideas; and the changes in institutions and policies at national and international levels that
facilitate or promote such flows. Globalization has the potential for both positive and negative effects on
development and health. Indeed, Aside from the Central Bank globalization as well brings a big impact
to the developing country such as Philippines to attain its Economic growth up to its fullest. Globalization
has a function of bringing people and businesses together to through the international exchange of money,
ideas and culture. Globalization has something to do with the increase of trade goods, services, capital
and technology to the global or international world due to its accessibility and broad range. Globalization
helps the developing countries in accordance of its core benefits which is the comparative advantage.
Comparative advantage is the ability of one country to produce goods or services at a lower opportunities
cost rather then the other countries. The two countries which are able to produce different two
commodities or basic goods can be beneficial if they decide it to export or carry away to some other
countries since there is big difference on the price of local products from international goods. For
example, let's say that a developing country is able to cheaply produce cement, while the United States
can more easily produce semiconductors. While the U.S. may be able to make cement more efficiently
close to home, it makes more sense to buy cement from the other country and focus on semiconductors.
This is how globalization drives global consumption between nations. Globalization may also reduce the
volatility of output and consumption, since products and services can be imported or exported with
greater ease. More elastic production of goods and services means fewer "bubbles" due to a mismatch in
supply and demand. The favorable balance approach to domestic and international interest was also
evident. Entering from the trade agreement also become easy because of globalization. Truly, the
globalization help the developing countries in a way of giving them a lots of opportunities to be in the
international world. However, life is not full of good thing. There is also hindrance which the developing
countries encounter due to the rampant proliferation of globalization. Many politicians such as President
Donald Trump of United States and economist believe that globalization kills a lots of work and
contribute enough to the developing countries unemployment rate. Technologies as a product of
knowledge and skills was grow during globalization often overlapped machinery over manpower when it
comes to labor force. Indeed, people are tend to loss their jobs and there is less demand of employees.
Another hindrance of Globalization to the developing countries are the cultural loss, economic recession
and destruction of the environment or nature. Apart from all the benefits globalization has had on
allowing cultural exchanges it also homogenized the world’s cultures. That’s why specific cultural
characteristics from some countries are disappearing the native culture was slowly disappear and it’s loss
it capability to develop further. From languages communication to traditions or even specific industries
which is consider already as part of the history. That’s why according to UNESCO, the mix between the
benefits of globalization and the protection of local culture’s uniqueness requires a careful approach since
globalization brings so much modernization that we accidentally forgot the culture. On the other hand,
Despite its benefits, the economic growth driven by globalization has not been done without awakening
criticism. The consequences of globalization are far from homogeneous: income inequalities, those who
rich become richer while the poor become more poorer. disproportional wealth and trades that benefit
parties differently. Since those firth world countries are more likely benefit to it rather than the
developing countries and other undeveloped countries. In the end, one of the criticisms is that some
actors (countries, companies, individuals) benefit more from the phenomena of globalization, it helps
only few people specially for those capitalist and businessmen. while others are sometimes perceived as
the “losers” of globalization such as those regular employees and small businesses and starting
Entrepreneur. As a matter of fact, a recent report from Oxfam says that 82% of the world’s generated
wealth goes to 1% of the population. To further expand the information, Many critics have also pointed
out that globalization has negative effects on the environment. Thus, the massive development of
transport that has been the basis of globalization is also responsible for serious environmental problems
such as greenhouse gas emissions, global warming or air pollution. Those car engine such as Jeepney,
bus, owned car, and even trains are no environment friendly. In urban areas, it was rare to find a place
wherein there is a clean air since it was cover with so much vehicles that contributes to the air pollution.
The industry also of illegal mining are the negative effect of globalization to the environment. As all we
know, the destruction of mountains for personal and business gain are unacceptable. Many people
suffer from it since it can cause a major natural disasters such as Typhoon, Land Slide and Earthquake.
Globalization is a complex phenomenon. As such, it has a considerable influence on several areas of
contemporary societies. It can cause major destruction to the lives, property and even on one’s
countries. However it also can be the cause of the biggest development and progress that helps people
to go up easily. Indeed, globalization has it fair share of help and hindrance to the development
countries it is only depends on how will developing countries utilize properly to be more beneficial to
them.

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 partnerships to facilitate
these movements over many centuries. But the term gained popularity after the Cold War in the early
1990s, as these cooperative arrangements shaped modern everyday life. This guide uses the term more
narrowly to refer to international trade and some of the investment flows among advanced economies,
mostly focusing on the United States. The wide-ranging effects of globalization are complex and
politically charged. As with major technological advances, globalization benefits society as a whole,
while harming certain groups. Understanding the relative costs and benefits can pave the way for
alleviating problems while sustaining the wider payoffs. In essence, globalization is about the world
becoming increasingly interconnected. Countries today are more connected than ever before, due to
factors such as air travel, containerized sea shipping, international trade agreements and legal treaties,
and the Internet. In the world of business, globalization is associated with trends such as outsourcing,
free trade, and international supply chains. Proponents of globalization believe it allows developing
countries to catch up to industrialized nations through increased manufacturing, diversification,
economic expansion, and improvements in standards of living. Outsourcing by companies brings jobs
and technology to developing countries, which help them to grow their economies. Trade initiatives
increase cross-border trading by removing supply-side and trade-related constraints. Globalization has
advanced social justice on an international scale as well, and advocates report that it has focused
attention on human rights worldwide that might have otherwise been ignored on a large scale. One
clear result of globalization is that an economic downturn in one country can create a domino effect
through its trade partners. For example, the 2008 financial crisis had a severe impact on Portugal,
Ireland, Greece, and Spain. All these countries were members of the European Union, which had to step
in to bail out debt-laden nations, which were thereafter known by the acronym PIGS. Globalization
detractors argue that it has created a concentration of wealth and power in the hands of a small
corporate elite that can gobble up smaller competitors around the globe. Globalization has become a
polarizing issue in the U.S. with the disappearance of entire industries to new locations abroad. It's seen
as a major factor in the economic squeeze on the middle class. For better and worse, globalization has
also increased homogenization. Starbucks, Nike, and Gap dominate commercial space in many nations.
The sheer size and reach of the U.S. have made the cultural exchange among nations largely a one-sided
affair.