How is the world organized economically?

Before this chapter, it was discussed how is the world divided territorially. In this area it was important to understand by territory, it means that the world is divided due to ownership or control over a geographical area and such. But now, we are going to discuss about the world being divided or organized economically. I think this time the term used is organized because in a sense, all of the countries are connected and intertwined economically. Some countries may be richer and progressive than others but only due to the fact that they know how to get better resources and they are more economically powerful than some.

Every country has their own economy. When you say economy, it is described as a field wherein the scarce resources of a particular country is being produced and distributed. This is an essential aspect for a country because this is what determines a first world country to a third world country. And clearly, it has been a part of our human nature to make use of our resources for our benefits. We started out in agriculture terms, then we progressed to industrialization and now we are in a more modern times called technology. From natural resources to human resources, literally everything in this world can be used for economic gain and power. Due to the increasing hunger for economic gain, it was discussed in the book that economics is not always about legality and formality. But as said the other half of it, the invisible and often illegal aspect of it pose challenges. I guess there are some people who make use of their wealth in a different way. This kind of act is not actually invisible to us, we are aware of such actions but we just never get the proof that we need to make sure that such deals does exist. But as I've said, many people are really hungry for power and wealth and some may even do not so legal things to get that kind of power and wealth.

Now looking at the more general aspect of economy in globalization, we can say that people then up to now are trying to intensify the effect of economic progress all over the globe. I think Western culture is best known for this because I think their way of thinking economically has been the most visible globally. And some may even say that their economy can have a great effect on some countries like the Philippines. Also, advanced industrialized countries make use not only of their own resources for economic gain but other countries that has rich resources for their own gain.

It is pretty evident in the current situation of countries all over the globe, that each and every one of us has an effect on each others economy because it is not enough to make use of our own resources. We trade in what we have, we get what we don't have from other countries and I think this is how economics flow. It is important to keep in mind that a country should also be able to stand up on its own but because of globalization, it can't be ignored that countries try to make use of each others strengths and weaknesses for economic gain and even power. That's how globalization works even in economical terms.