well ephemeral means lasting for a very short time. and admire means to appreciate something with pleasure and something impressive or attractive. so maybe the author was implying that the admiring something or someone was a temporary thing? . i'm not sure though i've never read the story, this is just what i get from the question.
economic globalization is the increasing economic interdependence of national economies across the world through a rapid increase in cross-border movement of goods, service, technology, and capital.