CH AP T E R 7

l o b a l i z a t i o n
G
a n d t h e
M i l l e n n i a l s
 LES S O N
O r i g i1n a n d
N a t u re o f
l o b a l i z a t i o n
Desiree Kaye
 What is
GLOBALIZATION?
Globalization is a process of interaction
and integration among the people,
companies, and governments of different
nations, a process driven by international
rade and investment and aided by
information technology.
 What is
GLOBALIZATION?
Gllobalization represents the desire to move from
national to a global sphere of economic and
political activity".
Globalization is seen as a conscious
and active process of expanding
business and trade across the
borders of all the states.
Reasons for
Globalization
1. Improvements in transportation
2. Freedom of trade
3. Improvements of
communications
4. Labor availability and skills
Salient Features of
Globalization:
1. Liberalization
2. Free trade
3. Globalization of Economic Activity
4. Liberalization of Import
5. Privatization.
6. Increased Collaborations
7. Economic Reforms
 LES SO N
a l l2e n g e s
Ch
to
lo b a l i z a t i o
Table of contents
01 04
Ethical Issues On
Introduction
Globalization
Positive

02 Consequences of
Globalization
05 Problems of
Solutions to Ethical

Globalization

03 Negative
Consequences of 06 Conclusion

Globalization
 Introduction
The term 'globazation'
generally refers to the opening
of international boarders to
flows of free trade, immigration,
direct investment, information
and technology. International
organizations such as the
International Monetary Fund the
World Bank, and the World
Trade Organization work to
promote globalization's benefits
and address its risk in the world
economies, with particular
focus on helping the poorer
 POS I T I V E
E Q U E N C E S
CONS N
G LO B A L I Z AT I O
OF
1. Access to a wider variety of goods and
services,
2. Lower prices
.
3. More and better paying jobs,
4. Improved health and
5. Higher overall iting standards.
6. Globalization is merging historic
distinct and separate national markets
into one huge global marketplace.
NEGATIVE IMPACTS
OF GLOBALIZATION
1. Globalization operates mostly in the
interests of the richest countries, which
Continue to dominate world trade at the
expense of developing countries.
2. There are no guarantees that the
wealth from inward investment will
benefit the local community.
3. They may pollute the environment,
run risks with safety or impose poor
working conditions and Iow wages on
local workers.
3. They may pollute the environment,
run risks with safety or impose poor
working conditions and Iow wages on
local workers.
4. Globalization is viewed by many as a
threat to the world's cultural diversity
might drown out local economies,
traditions and languages and imply re-
cast the whole world in the moid of the
capitalist North and West.
 C A L I S S U E S
E T H I
ON
B A L I Z A T I O N
GL O
1. Reduction of protectionism is unfair
unless applied fairly.
2. Inequality of power
3. The gap between rich and poor in
the world is still very large.
4. Economic globalization
marginalizes the poor, destroys the
environment and damages culture.
5. Globalization increases inequality
and further impoverishes the poor
6. Many of the global problems are
by-products of the examin of the
economy
7. Poverty
8. About 820 million people lack
adequate nutrition, more
9. The World Trade Organization
(WTO) does ignore labor rights and
the environment.
10. International trade and
technological change create a
significant decline in demand for
unskilled, semi-skilled and traditionally
skilled workers
11. Brain drain The "brain drain" effect
of globalization is another ethical issue.
it refers to talented or educated people
in Third World countries who leave their
countries of origin for better
opportunities in First World countries.
12. Natural Resources
Solutions to Ethical Problems
of Globalization
The world has simultaneously
benefited from globelization and
failed to manage inherent
complications resulting from the
increase integration of manage
societies, our economies and
infrastructures of the modern life.
As a result we have become
dangerously exposed to systemic
 Solutions to Ethical Problems
of Globalization

1. Countries must accept shared

responsibility for managing the risk
that it has engendered. Rich countries
should assist poor countries for them to
proped economic growth and
development;
2. Coordinated action is required to
address the problems of poverty and
malnutrition worldwide. The nature of
the response needs to be tailored to
the problems
3 In the case of pandemics, the key is to
support countries where outbreaks occur
and help those most at risk of infection.
4 Widespread angers, such as climate
change or a new financial crisis, can
require the cooperation of dozens of
countries and a broad range of
institutions In nearly ever case, an
international effort is needed.
5 In confronting dangers such as the
Islamic State, ebola, financial crisis,
climate change, or rising inequality, long-
term political expediency is required
 Ethical
Challenges for
Business
Working in a
Globalized
World
In the present world having severe and all
pervasive deterioration of values,
practices of hypocrisy in pursuit of self-
interest, corruption, egoism, violence and
pursuit of material wealth is prevalent
everywhere. Everyone is on a wild race to
acquire more and more, mostly by
shortcut means. There is no end of desire
Further criminaliz tion of the fractured
polity, relationship with the underworld
fellows, unethicalxploitation of religion,
corruption, prevalence of terrorism and
trade union milita cy are pointers to the
burning need of steering a value based
course to the existing cause and effect
syndrome. It is in this context that values
and ethics have its significance. Ethics is
needed to business for several reasons as
stated below (Cha an, 2010):
1. Ethics creates credibility
with the public.
2. Ethics helps better decision
making.
3. Ethics and profits.
4. Law cannot protect society,
ethics can.
5. Ethical influence of
globalization on stakeholders.
CONCLUSION
What makes the ethics and values in
business special relevant and topical
in the present das context in the world
is the fact that we are on the
threshold of environmental hanges of
far-reaching consequences. Business
ethics presents pertinent solution to
the concerns and dilemmas faced by
global organizations Ethical leadership
is essential for the long-term survival
and succes of any organization. In the
era of globalization, business ethics
considerably influences shareholders,
employees, customers and civil
CONCLUSION
Organization should focus on the
ethical issues faced by them like
marketing, finance, humant surces,
production Various functional was like
me done by global corporatiue
basentralcating and pracing business
this underscores the importance of
value based leadershipin international
busines scenario.
We must create a kind
of globalization that
works for everyone...
and not just for a few.

Nestor Kirchner
 LES SO N
3
ENN I A L S
MIELthLical challenges
re s p o n s e s
a n d
Millennials
Millennials, often defined as those born between 1981 and 1996,
face a unique set of ethical challenges and responses shaped by
their social, economic, and technological environment.

7 core traits of The demographic cohort directly following

millennials the Generation X. It is also known as
• Special 'Generation Y' or the 'net Generation'.
• Sheltered
• Confident Millenials are generally the children of baby
• Team oriented boomers and older Gen Xers, In Filipino
• Conventional terms, Millenials are called Filinials.
• Pressured
• Achieving
MILLENNIALS: Ethical challenges and responses

• Economic Inequality
• Workplace Ethic
• Social Justice and Equality
• Consumerism and Ethical
Consumption
• Environmental Sustainability
 The positive and negative
characteristics of millennials

POSITIVE NEGATIVE

Tech-Savvy Perceived Entitlement:

Socially Conscious: Over-Reliance on Technology

Adaptable and Resilient Shorter Job Tenure

Difficulty with Long-Term

Diverse and Inclusive
Planning

Value Work-Life Balance Mental Health Concerns

Fillennials
Filipino millennials, or "Filennials," are a unique subset of the
millennial generation with characteristics shaped by the cultural,
social, and economic context of the Philippines.
Fillennials are commonly characterized by an increased use and
familiarity with communications, media, and digital technologies.

They are also known to be an advanced generation in terms of

technology utlization.
They are also marked by an increase in a liberal approach to
politics, economics, and morality, although this claim is disputed.
 The positive and negative
characteristics of Fillennials

POSITIVE NEGATIVE

Strong Family Values Economic Pressures

Dependency on Overseas
Resilient and Adaptable
Employment

Political and Social

Socially Conscious and Activist
Disillusionment

Tech-Savvy and Social Media-

Educational Disparities
Engaged
GENERATION GAP
The generation gap refers to the differences in
attitudes, values, behaviors, and expectations between
different generations, often leading to
misunderstandings or conflicts. This gap can manifest in
various ways and is influenced by the unique
experiences and contexts of each generation.
Causes of the Generation Gap Addressing the Generation
• Technological Gap
Advancements • Promote Open
• Cultural Shifts Communication
• Economic Conditions • Adapt Leadership and
• Educational Differences Management Styles
• Historical Events • Embrace Technological
Integration
• Respect Differences
Fillennials
Morality
 Loosening Values of Fillennials

Millennials are growing up differently

from how the previous generations. For
one thing, the computer is the new
nanny and it trains millennials to be
self-centered and selfish. Rentoy also
called the millennials as the multi-
tasking generations that suffers from
the inability to focus during lectures,
classes, conversation studying and
writing. The level if information may be
going up but their level of knowledge is
going down.
 Loosening Values of Fillennials

He added that today’s generation has to

contend with religious indifference, divorce,
alcoholism, softness (can’t deal with life’s
difficulties), drug addiction and moral
relativism. Instead looking up to their parents
a role models, their heroes and standards of
excellence are celebrities, rock stars, athletes,
and influencers.Rentoy also reported a severe
loosening of moral values among adult
Filipinos such that young people don’t seem to
know what’s right and wrong. As a
consequence, about half of them do not see
anything wrong with casual sex, premarital
sex, sex with a prostitute, getting drunk,
gambling, hazing, abortion, and suicide
(McCann-Erickson Youth studies of 2000and
 Reasons Why Fillennials are Broke

Millennials, those who were born between

1980 and late 1990’s, make up about 1/3 of
the country’s overall population today. With a
median age of 23 years, the population in the
Philippines is considered among the youngest
in the world. Since many Filipinos arerelatively
young and belong to the so-called Millennial
generation, the country is in the best position
to reap the demographic advantage of
millennials: a more productive (and income
generating) workforce.
 Reasons Why Fillennials are Broke

1. Lacks financial literacy – Contrary to what

most millennials think, they aren’t as
financially savvy as they perceived themselves
to be. According to a data presented by The
Global Filipino investor, the Philippine is one of
the 30 least financially literate countries in the
world, with only 0.7% of the population
investing in stocks, bonds, and government
securities.
 Reasons Why Fillennials are Broke

2. Financially vulnerable – according to the

survey done by Manulife, despite being
cautious with spending, four out of 10 Filipinos
investors carry debt, majority of which are
below 35 years old. The research was
conducted on middle class to affluent investors
who are 25 years old and above. Most of them
are also primary decisions makers in their
household and in their business.
 Reasons Why Fillennials are Broke

3. Burdened with more financial

responsibilities – While millennials may be
generally pictured as affluent young
professionals by many – and image highly
influenced by the western culture, it is far from
the truth in thePhilippines. The country is over
populated by young adults, who are neither
affluent nor the stereotypical millennial,
generalizing them as such is a mistake.
 Reasons Why Fillennials are Broke

4. Stagnant income – The finding of the

National Youth Assessment Study 2015 arealso
instructive. The study, sponsored by the
National Youth Commission, profiles the needs,
attitudes, and economic state of Filipino youth
aged 15-30 years old.
 How to overcome them

1. Be thrifty but not cheapskate – Another way

to boost one’s income is to cut your expenses
to rump up your savings. Though you don’t
really have any control of your salary most of
the time, how much you save is completely
within your hands.According to LA Times,
millennials have already become less
interested in traditional status symbols like
wearing name brands, even cars! They tend to
be thriftier in their purchasing decisions than
we think, instead, they embrace old school
frugality by fully adopting the motto of our
generation of grandparents: “use it up, wear it
out, make it do, or do without!”
 How to overcome them

2. Side hustle – If you want to get ahead

financially, you need to start playing to
win,instead of playing not to lose. Start boning
up on how to earn extra income, with wide
availability of online based jobs and even ride
hailing services such as Uber and Grab, there’s
never a shortage of earning opportunities.You
can also venture in stock and other legit
investment products to create a channel for
passive income. You can start out of small and
eventually grow your profile.
 How to overcome them

3. Bargain for a raise – Though a single raise

can only boost your salary by so much, when
properly managed, that few hundred or
thousand pesos can result in hundreds of
thousands in saving during your entire working
life.
4. Educate yourself or better yet, find a mentor
– It’s never too late to learn, especially
financial management. With the abundance of
information online, self-education about
personal finance is easy.
THANK YOU