Economic Globalization-What is the relationship between economy and globalization? (YeonWoo Kim)

1. Summary

This paper seeks to clear up misunderstandings about the globalization of the economy. The TNC, which stands for transnational corporation, is a major formator of the global economy, and their great influence is undermining the autonomy of nation-states beyond national boundaries. The writer of the paper explains the nature and importance of TNC in the process of economic globalization. He explains five points: (1) the size and geographical distribution of TNCs in the global economy, (2) why and how companies operate transnational, (3) the geographical inherentity of transnational companies, (4) the 'web of companies' in transnational production networks, and (5) the power relationship between TNC and other actors in the global economy.


2. Interesting things

The part that I found interesting was about the influence of TNC and FDI. In 1914, World War I led manufacturers across continental Europe, including the United States and the United Kingdom, to enter overseas markets. The phenomenon continued for the next 50 years, and the number of TNCs in the world economy increased exponentially. Currently, there are about 61,000 TNCs, and it is estimated that more than 900,000 overseas affiliates carry out international production. This is about one-tenth of GDP and an economic activity large enough to generate one-third of the world's total exports. However, few of the top 100 TNCs are geographically qualified to be called "global companies." This is due to the global FDI, which is why the number of TNCs in developing countries is very small. However, in recent years, FDI in developing countries has grown considerably, and the number of TNCs is also increasing rapidly, and its diversity is increasing. What was interesting about this was that I knew that the proportion of developing countries in the world economy was small, but I have never looked at it through accurate exchange statistics.


3. Discussion point

What do you think is the way for more equal economic globalization, which can reduce the proportion of major powers in economic globalization and increase the participation of developing countries?

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