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This is also true to other basic industry. This is true because the Philippines' electric industry is on the hands of private company. Take for example the Philippines, as said it is the largest producer of geothermal energy in the world, yet one of the highest rate of electricity in the world. The truth is members of G7 has all the available resources, for the intervention of certain economy of a subject state. This trend, as push by the G7, paving these economic superpowers to access to the basic industries of a subject country. This trend of Globalization threaten this State's natural order. They are essentials for the well being of the State. Order custom essay Effects of Globalization in the Philippines These GOCC's are basically State's inherent corporations because their services are for the public consumption like the electricity, water, transportation, telecommunications, and the like. We cannot denied that when a business is in the hands of private institution it is oriented for profit. Privatization is the process where all government own corporations are privatized, and maintained by the private sector. Lastly, liberalization, is the policy by which all laws regarding import products were amended or abolished, for example tariff and quota. Second, the deregulation, meaning the government has to cut its control over the industry for basic commodities, e. First, the privatization it is the policy wherein the Government Own and Controlled Corporations (GOCC's) where privatized by selling it to the private sector. To explain further the essence of this Globalization, we need to put scrutiny to its three elements. It has three elements the privatization, deregulation, and the liberalization. This trend is popularly known as the Globalization. , United States, Japan, UK, Germany, France, Canada, Italy) hassle-free to intervene the Philippine economy. For this reason modern economic superpowers, the members of this G7 (e. Hence, for instance, Philippine economy is freely open for the global market with limited restriction or worst without limitation. All country and State open its market with minimal or without any restrictions.
#Negative impacts of globalization on the local identity of places free
The Adverse Effects of Globalization in the Philippines Most modern economist called this "World New Economic Order" that is all States in the world bend themselves to promote free flow of the economy.