Globalization has various impacts on the world today and these impacts may be either positive or negative. It has a significant impact especially on world economies and determines if two economies can partner together to improve each other through various international trade negotiations and agreements.
We can investigate the implications of globalization by looking at the U.S-Korean economic partnership. Through this partnership, we can see that globalization greatly improves and opens up markets for goods and services irrespective of outside pressure. Formal market opening will be made possible through deregulation and this will serve as an advantage to foreign investors (“Implications of Globalization for Korea – U.S. Economic Relations”, September 9, 1995).
Globalization can facilitate the interdependence of two economies. Experts believe that the US-Korean economies are interdependent on one another. They find this to be a paradox especially since the two economies only take a little bit of the other’s share of exports. America has managed to be Korea’s most important export market.
In addition, the United States continues to be Korea’s major source of imports. Globalization can strengthen economic partnership between two economies.
For instance, the United States and South Korea will manage to do this by creating an interaction link that connects the two economies together. They will do this by ensuring that if one industrial component is designed in one country it can be manufactured in another and assembled in another region before it is marketed through-out the world.
Globalization promotes free trade between two economies. Free trade and globalization strengthen one another, that is, support for one logically implies support for the other. This however, requires the United States to rely upon multilateral dispute mechanisms of the World Trade Organization (WTO) instead of unilateral approaches.
Unilateralism is considered inappropriate in a globalizing economy. Free trade in South Korea on the other hand needs to start from home. Therefore, the issue of free trade has to be viewed in two dimensions, that is, form the United States view and South Korea’s view (“Implications of Globalization for Korea – U.S. Economic Relations”, September 9, 1995).
Technology on the other hand plays an important part in government to government relations and negotiations. Governments usually interact and depend on one another to effectively deliver services and allocate responsibilities. This requires governments to share databases, resources and skills that promote diplomatic services.
Information and communication technologies are thus required to facilitate the efficiency and effectiveness of internal functions and process of government by interrelating different departments and agencies. Improvement on technology helps to improve the flow of information.
Technology also plays an important role to governments especially when the government is trying to open up and become more transparent to its citizens or other governments. Information technology provides such possibilities for governments to be able to give access to a greater range of information collected and generated by a government (Nweke, n.d ).
Technology has improved negotiations between governments by increasing diplomatic engagements through digital technology. Digital technology has created the world into a global village and leaders are able to increase their knowledge and participation in global discussions.
A digital revolution has introduced what is known as e-diplomacy which is a new way for nation to nation engagement and negotiation. This has been achieved through the introduction of the internet so as to facilitate and deliver diplomatic services as well as improve international relations among governments (Nweke, n.d).
References
Implications of Globalization for Korea – U.S. Economic Relations. (September 9, 1995). Korea Institute, Harvard University. Retrieved from www.dwnam.pe.kr/212ku95hv.html
Nweke E. U (n.d) International Relations in Era of Digital Technology: The Change and Implications for African Nations. Department of Political Science Ebonyi State University-Abakaliki –Nigeria