University Economics Report: COVID-19's Impact on Globalization Debate

This report presents a debate on whether the COVID-19 pandemic has reversed globalization. It begins with an introduction to business organizations and their goals, followed by an argument against the topic, highlighting globalization's definition and the pandemic's impact on global value chains, supply chains, trade, and mobility. The report discusses how COVID-19 has affected the economy, including investor confidence, employment, and economic growth, as well as the health system. It also explores the impact on mobility, tourism, and the service sector. A reflection section details the author's experience and skills gained during the debate preparation. The report concludes that the pandemic significantly impacted globalization through national lockdowns, decreased demand and supply. References to books, journals, and online sources are provided.

Debate

Contents
INTRODUCTION.......................................................................................................................................3
MAIN BODY..............................................................................................................................................3
Argument against the topic......................................................................................................................3
Reflection................................................................................................................................................5
CONCLUSION...........................................................................................................................................5
REFERENCES............................................................................................................................................6

INTRODUCTION
The business organization can be referred to as the entity that is established by the people
so that the activities of it are undertaken and trading is done. The aim of establishment of the
business is to earn maximum profits and do something for the welfare of the society and this can
be done by providing quality offering to the people and offering employment to the local
individuals in order to raise their spending power. In general, the purpose of every organization
is only to generate maximum revenue and profitability (Di Tommaso and et. al., 2020). This
report shall cover the debate for the topic ‘Will pandemic of covid-19 reverse the globalization’.
MAIN BODY
Argument against the topic
Globalization can be defined as the process wherein the businesses or organizations
develop the international influence or begun to operate on international scale. The pandemic of
covid-19 have exposed fully to the vulnerabilities of the global value chains that are mainly
characterized by the high dependencies on the global suppliers and firms which are located in
different countries.
The crisis of the covid-19 have reshaped the global trade as the businesses have reduced
to be dependent on other state’s manufacturing. Many countries are being dependent upon
various continents and are facing shortage of supply of the critical medical equipment while
fighting against coronavirus. The nations and many organizations are also facing risks that are
associated with the protectionist national trade policies. There has been the high import tariff
which have resulted in shortage of medical products from one country to another while the
restrictions on exports on supplies of medical have exacerbated the supply shortage (Zhao,
2021).
Before the covid-19 have hit UK, there were many efforts being taken to mitigate the risk
present in supply chain which includes increased flexibility, improvement in product standards
and many companies relied on the technologies. The organizations have begun to make use of
the technology so that they can adapt to the increasing wages (The conversation, 2021).

Next argument is that globalization has altered the ways in which people lives and earn
their livelihood but the pandemic has affected globalization in terms of economy, mobility and
the healthcare system. The mobility of the people was assessed by using airline and the seaport
trades. The impact of covid-19 on the economy has been measured which is based on workforce,
agriculture, food, event cancellation, supply chain and academic institution. The economy of UK
has been hit by the pandemic in terms of the supply and demand. Firstly, the investors and the
customers have lost their confidence in market due to pandemic which depreciated the demand in
marketplace. Secondly, the reduction in employment and absenteeism has negated supply in
market (Janczuk and Czapski, 2020).
The economy is also being affected in terms of the decelerating economic growth of
several countries that has resulted in the trade and enhanced the rate of poverty. The lockdown
imposed in the country to control the spread of coronavirus have brought uncertainties in
economic growth where the supply and demand was restricted. Moreover, the health system have
also been affected by the covid-19 pandemic.
Another argument is that the economy of the country is generally explored from the trade
volumes, workforce and the event cancellation. The mobility of the people is considered as an
essential part in the globalization as it tends to make movement of people from one place to
another either for job opportunities or the trading. The pandemic have brought the pause on this
as thee was shutdown of whole nation wherein the airline industry was badly affected due to no
mobility of people. The mobility also affected the tourism and hospitality industry which is the
largest contributor in the UK economy (Rossi, 2020). The tertiary or the service sector of UK is
considered as the greatest contributor to the economy of UK but the pandemic have affected its
business at its worst. This not only affected the business at national level but also imposed severe
impact on globalization as the businesses faces restriction on travelling which unable them to
move from one place to another for business purpose. Secondly, the travel restrictions also
affected the employees at global level. For instance the working hours of the people tend to
decline which resulted in loss of business due to working from homes. This also placed great
emphasize on the efficiency of people as working from physical office is more productive than
working from home. Thus it can be said that globalization has been badly affected by the

pandemic of covid-19 which affected not only the healthcare system but also other businesses
such as travel, tourism, food, etc. (Caron, 2020).
Reflection
While I was preparing for the debate, I had a great experience as this topic was of great
interest for me. I got to use my skills so that I am able to present my argument in a proper and
effective manner. The first skill which helped me was transferability skill like communication
and problem solving skill which have helped me in bringing solution for the debate question and
helped me in presenting the argument that can help me in presenting my argument in the
effective manner. I also used my writing and communication skill so that my arguments are
presented in well-structured form in order to prove myself right. This debate also helped me in
development of some new skills such as analytical reasoning and critical thinking skills. These
are considered as an important skill set for my career development. The critical thinking skill
helped me in evaluating and interpreting the information collected while the analytical skill
helped me in putting my arguments in efficient manner. Hence, the overall experience of this
debate was amazing which helped me in developing many skills that will contribute in future
career.
CONCLUSION
It is concluded from this report that globalization has been considered as the foremost
way in which the economy of the country can be uplifted. The pandemic of covid-19 have
affected this at its worst as there has being national lockdown in country which resulted in
decreased demand and supply.

REFERENCES
Books and Journals
Caron, J.F., 2020. A Sketch of the World After the Covid-19 Crisis: Essays on Political Authority,
the Future of Globalization, and the Rise of China. Springer Nature.
Di Tommaso, M.R., and et. al., 2020. The Globalization of China’s Health Industry: Industrial
Policies, International Networks and Company Choices. Springer Nature.
Janczuk, M. and Czapski, G., 2020. The Impact of the Coronavirus Epidemic on Air Transport in
Poland. Postmodern Openings/Deschideri Postmoderne. 11(2).
Rossi, I., 2020. Challenges of Globalization and Prospects for an Inter-civilizational World
Order. Springer Nature.
Zhao, S., 2021. Rhetoric and reality of China’s global leadership in the context of COVID-19:
Implications for the us-led world order and liberal globalization. Journal of
Contemporary China. 30(128). pp.233-248.
Online
The conversation, 2021 [Online] Available Through < https://theconversation.com/coronavirus-
wont-kill-globalisation-but-a-shakeup-is-inevitable-137847>