Market integration

What do you think is the purpose of the article?

The purpose of the article is to show that the industrialization kickstarted the labor market integration in
Asia, especially on east Asian countries like China and India. Furthermore, it also showed evidence,
trends, and explanations why the labor market integration was made possible.

Define what is market integration

Market integration based on the article is the convergence of various factors that makes a systematized
and region locked market, this in turn makes a region viable for progress through filling up roles to
bolster up production, in this case the labor sector being sought due to the abundance of land that
needs labor force to be beneficial. Also, it was also noted that convergence over the local economic
market should be observable, and deviations should be the mostly corrected. All in all, Market
integration based on the article is a phenomenon when massive elements of a profitable market like
commodity and labor merged, and made waves of increasingly converging trends, at which rapidly
developing the economic output and positive wage trends that hardly diverges from the common trend.

Extract statements that there is market integration in Asia.

Evidence:

Migration of workers from their labor abundant areas to a labor scarce space, making the competition
and allocation of labor force much more efficient.

Establishment of Integrated Asian rice market

By late 19th century, south India, Southeastern China, and the southeast Asian Countries had integrated
and constituted a unified labor market.

Describe the labor market integration in Asia in 19 th and early 20th century.

My best description is it lacked real numbers, but historically is accurate. During those times, it was to be
considered that due to the lack of proper documentation, the Asian market was a vague water for
economists to study, but as the region developed its latent industry for labor force, it was gave traction
not until the dawn of the industrialization in Asia, which is pretty late for historical records to come in
play. The market integration during this time however is one if not the most powerful surge of economic
output in the world as it made major waves since before the dawning of the second world war.