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CRW2 Summer class Unit 1 Globalization (Lesson 1)

June 29, 2020

Hello everyone. You do not have to register for this blog, but when you reply for the first time, I must read and approve your reply before you can see it uploaded. This is to prevent unwanted posters or bad language and it might take a few minutes to a few hours. Also, would you write you name with your family name first (e.g. Kim Hyun Woo)? The homework from today, Monday, June 29th is to write a response to ONE of the questions below. There is no limit but I suggest about 120-150 words (i.e. a good paragraph). The assignment is due by 1:00 PM tomorrow, Tuesday, June 30th.

1. Do you think international trade will increase or decrease in the future? Explain your answer.
2. What large infrastructure projects (a new airport, facilities for a large sporting event, etc.) have there been in your country recently? What impact have they had on the country?

18 Comments leave one →
  1. EUN JUN AN permalink
    June 29, 2020 4:32 pm

    1. Do you think international trade will increase or decrease in the future? Explain your answer.

    Today, the world is becoming one. International relation between each other is more important. This situation will continue in the future. Therefore international trade also will increase in the future. Now, i explain the detail why so.
    First of all, each country has limit resource because they have different climate, location, people and stance. But we want to all resource to make quality of life increased. This desire will increase more and more. So, the method satisfying this need definitely depends on international trade.
    Next, multicultural society continuously increased. Anymore, one society wants to one resource. They need to diverse resource. This resource can’t gain one country. So, we must depend on other country.
    As a result, we live in the world that must trade each other to satisfy different humans. That is, international trade does not select but essential in present and future.

  2. LEE HYUK-SOO permalink
    June 29, 2020 11:02 pm

    2. What large infrastructure projects (a new airport, facilities for a large sporting event, etc.) have there been in your country recently? What impact have they had on the country?

    Korea successfully hosted the 2018 Winter Olympics in its city of PyeongChang. It was by far the largest winter games in Olympic history. I was lucky enough to be part of the games as an interpreter and a personal assistant for one of the IOC members. Right before the games, tensions between the North and the South were extremely high. The 2018 Olympics provided an opportunity to ease tensions between Pyeongyang and Seoul as those two parts agreed on forming a unified Olympic team for the opening and closing ceremony. Since the event was filled with cutting edge technologies such as hydrogen fuel cell electric cars, VR, AR, 5G network service and so forth, Korea starts to get more international attention and is deemed as a tech savvy nation. Now many advanced nations in the globe are actively trying to recruit talented people from Korea as well as Korean technologies and business models.

    • proftodd permalink*
      June 30, 2020 12:55 am

      That sounds like an amazing and enriching personal experience. As for the Winter Olympics, it is getting harder and harder for the IOC to find cities/countries that want to host it because of corruption (e.g. kickbacks and bribes) and overspending. While these are common in most (all?) large projects, the Olympics have the highest average cost overrun of mega-projects. In other words, the final costs end up being roughly 150% higher than originally projected. In my country, Canada, the citizens of Calgary rejected a bid for the 2026 Winter Olympics because they realize that most of the money goes to the IOC from selling TV broadcast rights and merchandises (the athletes work for free) and developers and contractors with connections to government officials; taxpayers are typically the losers. A common expression is “privatize profits and socialize costs”.

  3. Yoonjunseo permalink
    June 29, 2020 11:51 pm

    1. Do you think international trade will increase or decrease in the future? Explain your answer.

    I think international trade will increase. At the moment in 2020, international exchange is an important part of the world because of the globalization. The trade means not only the exchange of goods, but also the movement of capital and invisible trade like technology and service.

    Each country has resources that can be produced cheaply and goods that can be produced cheaply in its own countries. Also, each country can fulfill each other’s necessity by getting other goods through trading them with other countries. I thought that international trade was positively necessary because no country today could meet the necessary goods alone without international trade. Therefore in this situation that trade is becoming more active due to globalization, I thought that international trade would continue to increase for the benefit of the country and for the world.

  4. Park, In Seong permalink
    June 29, 2020 11:56 pm

    2. What large infrastructure projects (a new airport, facilities for a large sporting event, etc.) have there been in your country recently? What impact have they had on the country?

    The 2018 PyeongChang Olympic Project has recently been one of the largest infrastructure projects in South Korea. Pyeongchang was selected as the host of the Winter Olympics over Annecy of France and Munich of Germany at the International Olympic Committee Congress in July 2011. Despite concerns before the PyeongChang Olympic was held, the largest number of countries and people participated in the history of the Winter Olympics, and the success of the event was highly acclaimed. However, unlike favorable reviews from the management of competition and box office, the problem of deficits from the post-Olympic cost of infrastructure operation and maintenance still persists. South Korea has invested a total of 13.5 trillion won to build infrastructure for the PyeongChang Olympics. According to Lee Hee Beom, president of the Olympic Organizing Committee, the PyeongChang Olympics were not deficit due to its better-than-expected box office success and diverse income. Nevertheless, many experts point out that if the post-Olympic cost of operating and managing infrastructure related to the PyeongChang Olympics is added up, it will inevitably result in deficits. In fact, in 2019, Ministry of Culture, Sports and Tourism expected that a deficit of about 7.4 billion won can result from the cost of operating and maintaining the PyeongChang Olympics infrastructure annually in the future. Of course, hosting the Olympics is an important national event that cannot be judged by economic figures, but such a large figure is not a negligible issue.

  5. Kim junghyun permalink
    June 30, 2020 12:10 am

    1. I have thought that, of course, international trade and exchanges of goods will increase because of the effects of the globalization. In the word ‘globalization’, we have to focus on two aspects of this word. First, it means the amazing development in transportation. This is very important change in the point of time reduction and the amount of cargo that can be moved at once. After the industrial Revolution, we can move good and materials more efficiently. Second, it also means dramatic change in the way of communication. Nowadays, we are using emails, skype, and so on based on the internet.
    However, recently, I have changed my thoughts after the outbreak of terrible Covid-19 situation. The exchanges and international interactions between different countries were noticeably decreased to prevent infection. Of course, domestic production is in recession. Therefore, the coming future might be de-globalized.

    • proftodd permalink*
      June 30, 2020 1:47 am

      Globalization appears to be at a crossroads, but you may be right that Covid-19 could result in a retreat of this phenomenon. Whether it will be temporary or permanent in a post-pandemic world remains to be seen. Interestingly, many business models are based on just-in-time manufacturing and delivery, and the virus is showing how fragile this kind of system/mechanism is. For example, when China first encountered the virus, about two thirds of its economy were shut down, leading to supply shortages all over the world.

      Even before the virus, however, expanding globalization seemed less likely because of the trade dispute between China and the U.S. (Remember that globalization assumes a fairly peaceful and cooperative political environment.) Moreover, awareness of the environmental issues related to globalization seems to be rising. While economic efficiency may lead to a wider selection of goods and services at lower prices (and incredible profits for a small number of wealthy investors), excessive consumerism produces so much waste – heat, carbon, pollution, etc. – that an existential crisis due to environmental degradation is increasingly possible.

  6. Hyunmin Park permalink
    June 30, 2020 12:14 am

    Do you think international trade will increase or decrease in the future? Explain your answer.

    I think international trade will increase. In the global economy, no country can be self-sufficient, which is associated with production elements of goods, labor force, and information. Many countries sell what they produce and acquire necessary goods through international trade. Trade enables the nation’s economy to be produced more efficiently. International trade has developed and increased for centuries. It is an important part of human economic and cultural history as ancient trade routes such as the Silk Road can prove and has occurred at an ever-increasing scale over the last 600 years. Through trade, more kinds of goods can be offered at lower costs, which can increase economic efficiency. The absolute advantage of trade is that it can produce more effectively in the economic sector, using fewer resources than other potential competitors. For this reason, I think international trade will increase.

  7. Bang Na Yeon permalink
    June 30, 2020 12:44 am

    Q. (1) Do you think international trade will increase or decrease in the future? Explain your answer.

    A.
    Some people think that the international trade will decrease. However, as far as I am concerned, in today’s globalized society, global commerce will increase. Let me explain why.
    To begin with, the nations of the world have to cooperate in order to try to solve the today’s global issues. Especially, a great way to cooperate is the international trade. For example, because the whole world is suffering from the Corona Virus nowadays, it is very important to share masks for many countries with low mask supplies through international mask trade.

    On top of that, in this highly competitive labor market, a number of countries try to gain more benefits from international commerce. This is because it is possible for each country to get profits effectively from trade. For example, because there are differences both in the development of technology and the resources produced in each country, it can benefit by filling in its lack of both.
    To summarize what I mentioned, international commerce will increase because cooperating and getting more profits are essential in this globalized society.

  8. Lee Hong Jun permalink
    June 30, 2020 1:39 am

    1. Do you think international trade will increase or decrease in the future? Explain your answer.
    A. I think that international trade will increase in the future.
    That’s because world is being globalized. In addition, each country has its own specialized techniques. For example, some country would specialized in pressing oil. But other country would specialized in making semiconductors like computer and smartphone. By these reasons, there will be need for trade among countries.
    And other reasons are that there are many ways of trading internationalized. In past, there were only a ship or train to make international trade. But recently, international trade became possible by airplane. Trade by airplane has a lot of gaining. We can save more time and cost
    than trade by ship or train.
    By these reasons, in the future, many people would notice that international trade would make much more profit than not trading among countries. So I think that international trade will increase in the future.

  9. Jeon Jinhwi permalink
    June 30, 2020 2:02 am

    1. Do you think international trade will increase or decrease in the future? Explain your answer.

    International trade has occurred since the earliest civilizations began trading, but in recent years international trade has become increasingly important with a larger share of GDP devoted to exports and imports. In the following paragraphs, I will explain the benefits of global market.

    First of all, We can make use of abundant raw materials. Saudi Arabia is naturally rich in oil. This country would not benefit from the natural endowments without trade. Other countries like Korea can use scarce resources from importing it.
    Trade allows countries to specialize. India, with lower labour costs, may have a comparative advantage in labor-intensive production such as call centers, clothing manufacture. Therefore it would be efficient for India to export these services and goods. While Switzerland economy may have a relative benefit in education and video game.
    Also, The larger market is giving consumers greater choice of differentiated products. We can buy Hyundai Motor at a cheapest price, or import BMW and enjoy quality and brand image. Regarding music and films, trade enables the widest choice which can appeal to different tastes.
    Trade often creates a bond between people in the world. When the Beatles went on tour to the United States in the 1960s, it was exporting British music. This is because the accumulation of experience via trade helps to overcome the cultural barriers.

    In conclusion, international trade will increase based on these advantages. It helps economic development and spreading culture. International trade is an important factor in promoting global growth.

  10. Seo Ju Won permalink
    June 30, 2020 4:04 am

    The world is developing to pursue convenience, and if it is judged that satisfying the necessary goods through import is more economical than stimulating the domestic market, international trade will increase because all countries would want to import goods than manutacturing it. It is more cost-effective to produce products that are advantageous to product and import ones that are not relatively produced in that country than to produce all products in a country. That way, the supplier would gain more profits with the same workforce, and buyers will be able to obtain products at a lower price. In addition, as the Internet and electronic commerce are developing, it is possible to order and purchase items at overseas shopping malls that cannot be easily purchased in one’s own country or are relatively inexpensive. I think that international trade will increase even more as not only the trade between country increases, but also the individuals usage of the overseas markets are also increasing.

  11. Hong Jung Min permalink
    June 30, 2020 8:25 am

    1. Do you think international trade will increase or decrease in the future? Explain your answer.

    We usually describe the world with the term world village because the development of transportation allowed us to be closer and interdependent with each other. Globalization and international trade also brought more options for consumers while helping companies like Samsung and LG to expand their market. However, currently, many countries are building their borders again. Brexit and the trade war between China and the United States made us think about the uncertainty and risks of international trade. In addition, the pandemic of COVID-19 also showed how international trade can result in a devastating outcome. Although the growth will be smaller than before, international trade will still increase in the future, because of two reasons. First, international trade is closely related to the multinationals and their shareholders. The multinationals are companies that are utilizing their global networks such as Samsung, Microsoft, and Apple. These companies cannot continue their business without international trade. For example, when we make a smartphone, Apple is collaborating with more than 200 suppliers from 800+ different locations worldwide. Moreover, the multinationals will never stop growing their businesses due to the pressure from their shareholders and this could result in more international trade each year. Next, it is hard for consumers to choose more expensive yet inconvenient local products over better and cheaper products that came from other countries. Even though consumers are now aware of sustainability issues, it requires another level of courage for them to take real actions to choose their inconvenience in order to support sustainable development and empower local businesses.

  12. KIM TAEGYU permalink
    June 30, 2020 9:26 am

    Do you think international trade will increase or decrease in the future?

    I think international trade will surely increase. There are some reasons for this. First of all, I believe the fundamental reason is that trading on a larger scale is one of our basic needs. Trade is one of the essential means of life just as it originated in prehistoric times. Even in those days of lack of information about other countries, people risked their life to pioneer in order to trade. It is no exaggeration to say that communication networks and transportation systems have been developed to satisfy our desire for interacting in a wider range.
    The other reason is the advantages of it. Not only economical advantages; benefits to countries and customers, but also political benefits; offers better standard of living international peace.
    Therefore considered the tendency and profits, I strongly believe of increasing international trade in the future.

  13. Choi hye yeon permalink
    June 30, 2020 12:32 pm

    I chose question number one. Today’s international trade is expected to decline. Let me explain why.

    First, the spread of Corona 19 will reduce international trade. Corona 19 has shifted countries to defensive positions in protective trade and self-interest. With each country’s safety first priority, it is hard for each country to have an open mind on trade. Corona 19 has reduced the consumption of each country, which means that overall global consumption also decreases. In other words, trade will naturally shrink. The decline in trade is a very natural phenomenon, as Corona 19 limits the movement of human and material resources.

    Because of the second historical and political interests, international trade will be reduced. This is an example of the relationship between Korea and Japan. South Korea refused to exchange with Japan because it does not recognize its past history under Japanese colonial rule. Koreans boycotted Uniqlo, a representative Japanese product, and stopped buying other Japanese-related products such as Sony and Hi-Tech. Japan is also refusing to allow South Korea to join the G7 in retaliation against us. This case is not only true of Japan’s relations with Japan. China, which had a boom in the Korean Wave due to China’s deployment of THAAD, rejected Korean exports. Therefore, after the THAAD deployment, Korea was not allowed to export its culture such as drama copyrights and K-pop. These things are happening not only in Korea but in other countries. Self-interest has become worse than in the past, as everyone only considers their own national interests first. Based on this content, international trade will be reduced.

  14. Wu Dan permalink
    June 30, 2020 2:23 pm

    1. Do you think international trade will increase or decrease in the future? Explain your answer.
    Economic globalization has promoted the economic division of labor and cooperation among different regions. By comparing the theoretical advantages, it can be concluded. International trade promotes the division of labor and cooperation of products between countries. Division of labor and cooperation makes the allocation of resources more efficient, so as to improve the overall production efficiency. The economic division of labor among different countries and regions has shortened time and economic costs and increased profits. Therefore, in the long run, international trade will continue to increase.
    But because of the coVID-19 outbreak. In the short term, enterprises are faced with the following problems:
    enterprises need the flow of factors of production blocked./Export delivery capacity declined./The demand of overseas customers changes./Restore export supply capacity facing financial difficulties./Blocked export channels.In addition, in order to protect their own country’s economic market, in the short term, international trade may decline to a certain extent.

    2. What large infrastructure projects (a new airport, facilities for a large sporting event, etc.) have there been in your country recently? What impact have they had on the country?
    The most recent infrastructure being built in my hometown is nanjing Dashengguan Yangtze River Bridge (Jinghu High-speed Railway) :
    1. As a hub connecting urban areas, the construction of Bridges will improve traffic efficiency. Elevate the level of the city from the side.
    2.The bridge leads directly to Nanjing’s city airport. The construction of the bridge relieves the traffic pressure of the river-crossing tunnel in the main urban area and relieves traffic congestion.
    3. The improvement of infrastructure has a far-reaching impact on population, housing price, citizens’ travel and foreign trade.
    4.The breakthrough in science and technology proves the strength of China’s development in science and technology.

  15. An Geon Hyeong permalink
    June 30, 2020 3:31 pm

    1. Do you think international trade will increase or decrease in the future? Explain your answer.

    This world is connected for each other. Each countries has different benefits and disadvantages. Therefore, people will find the another country to make international trade. In this reason, the international treads will increase in the future. People have a free will to pursue their own economic benefits. However, the countries can restrict this by many reasons, but mostly it is for the businessman in their own country. On the other hand, if international trade is not illegal, making international trade is up to the people. Plus, there are local products which is hard to make it in other countries, not in the original one.

    2. What large infrastructure projects (a new airport, facilities for a large sporting event, etc.) have there been in your country recently? What impact have they had on the country?

    These days, demand and expectations for electric and hydrogen vehicles are on the rise. This is not only about our country. When we go outside, it is not unusual to find the electric cars. This proves people started to care about the natural environment. In this reason, people started to buy the stock which is related to the electric and hydrogen cars. This not only influences the ‘electric and hydrogen cars’ stock market, but also influences the related business like the charging electric cars. Therefore, we can consider this as a virtuous cycle.

  16. Sung Hee Jeong permalink
    July 1, 2020 9:54 am

    1. Do you think international trade will increase or decrease in the future?

    In the text book, there were some statements opposing international trade, in other words, globalization. One, for the sake of protecting the domestic industries, and another, because it would decrease the diversity of culture, universially.
    However despite so, the increase of international trade is inevitable. In the perspetive of Economics international trade is merely a trade off between equality and growth. The orgin of free trade was triggered from the theory of comparative advantages. To give a simple example, a cheap labor abundant would export labor intensive products, such as agricultural goods and clothes. In a high skilled labor abundance country, it would be a norm to import labor intensive goods and export advanced technology required goods. This might bring inequality in the distribution of wealth across boarders and within. But, it is a way of taking advantage of the the naturally owned resources of the country to maximize its revenue. Also, when leaving out free trade, it would be more likely this will leave people in the underdeveloped and developed countries with more unemployeed populations.
    Also, regarding the statement,’International trade will degrade the diversity of culture,’ relatively, it is seen as if the cultural aspects of a developed country are floushing more than the others. This make is seem as if it is becomeing the dominating culture. However, the fact is the term ‘Trade,’ itself makes all cultures flow across countries. Even the ones that would have never been noticed. For instance, although most of the movies may be from box offices, there are Indonesian, French, Spanish movies screening in the movie thearture because there is demand for them. It is the relativeness of the amount of culture that make it seem as if it is dominating the others.
    In conclusion, I believe international trade will increase, and it is merely the perspective we see this phenomenon as postive or negative.

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