Chapter 1 of the textbook sort of reiterated a lot of what I already knew about globalization, but it was still informative nonetheless. One line in particular that stuck out to me was the line "globalization makes us richer – or makes enough of us richer to make the whole process worthwhile." This line stuck out to me because it acknowledged the main thing that comes to mind whenever I think about the impact of globalization, which is the inequalities. Often times, these globalization efforts happen at the expense of poorer communities, and that imbalance is definitely one of the biggest critiques of globalization. However, that's not to say that globalization should be rejected entirely. After all, if certain territories were to close themselves off from embracing globalization, it would disconnect and isolate them from the rest of the world, which would inevitable worsen the inequalities in poorer regions. This is something that I guess I never thought of before, because when I originally thought of the term globalization, I thought of it as something that erased traditional systems and negatively impacted individualism and other cultures. I never thought of how that could negatively affect various regions from an economic perspective.
The term, neoliberalism is relatively new to me, and now that I know what it means, I'm realizing that a lot of what I considered to be just capitalism is actually better described as neoliberalism. Seeing how overtime, the economic development of countries such as the US and UK influenced the economic development of other countries, some out of "coercive pressures" is quite interesting because it explains how business climates began to change in the 20th century, and interconnect with one another.
