Professional Documents
Culture Documents
In Contemporary World
Introduction
China is the home of more than 1.4 billion people based on the 2018
population projection of the United Nations. In fact, it is becoming
one of the economic super giants of the world. After the Second
World War, Japan was able to adapt its policies to the dictates of the
West and consequently incorporated itself to the global economy.
On the other hand, Singapore has become one of the emerging
centers of different cultures and has turned itself into a great
cosmopolitan city-state. All these countries belong to the continent
of Asia, a term that originated from the West, particularly from
Ancient Greece.
Introduction
Among all the continents, Asia has the biggest population of at least
two-thirds of the world's inhabitants. It is most probably because the
continent comprises one-third of the world's land mass. In terms of
economy, emerging and developing Asian countries and the
Association of Southeast Asian Nations 5 or the ASEAN 5 (Indonesia,
Malaysia. Philippines, Vietnam, and Thailand) had an average of
6.3% and 5.1% GDP growth, respectively, compared to the world
average growth of 3.5% as of 2016 (Obiols, 2017). In 2016, China
was the world's leading exporter of goods valued at $1.99 trillion,
followed by the United States with $1.45 trillion (Dillinger, 2018).
Introduction
Introduction
Since the European Union is in its mature state of regionalism, the world
is now focused on Asia. Most countries want to have collaborations with
East Asian countries and the Association of Southeast Asian Nations
(ASEAN) members because economic and political growth in these
regions have started to shape up. As a result, the United States
strategically takes care of its allies in Asia to maintain and further
enhance its supply of raw materials, human technological skills, and even
its military force. At the same time, Europe keeps its strong relationship
with Asian countries to expand its growing business in the field of
medical science and research. It cannot be denied that Asia is gaining
worldwide attention.
Introduction
ASEAN has also partnered with three East Asian countries(China, Japan, and South
Korea). It is called the ASEAN +3. Its goal is to address the 1997 Asian financial crisis
and help each other cope with the crisis. In this context, ASEAN has concretized
regionalism in the Asian region.
Similar to the goal of ASEAN in achieving greater integration within the region, other
countries form groups for various reasons. The North American Free Trade Agreement
(NAFTA), a free trade pact between Canada and the United States (now including
Mexico), was created to help reduce trading costs, increase business investment, and help
North America be more competitive in the global marketplace (NAFTA, 2018).
On the other hand, the European Union (EU) is a political and economic established to
ensure free movement of people, goods, services, and capital within the EU's single
market (EU, 2018a). Moreover, there are some aspects that led to a greater Asian
integration.
Aspects that led to a greater Asian integration.
First, integration has been market-driven. Within Asia, there are a variety of systems, institutions, procedures,
social relations, and infrastructures that are put into place for countries to engage in exchange. Emerging and
developing economies in Japan, China, South Korea, and other Asian countries get the labor services of
Filipino skilled workers. Southeast Asians market their goods within the region. Thailand exports its grocery
products to 24-hour convenience stores. Vietnam and Indonesia sell their bags and clothing to the region. It
was only in recent years that teamwork among Asian governments has been exerted, though with a certain
distance.
Second, formal institutions such as the Asian Development Bank (ADB) were established. Conceived in the
1960s, ADB promotes social and economic development in Asia. Composed of 67 members, 48 of which are
from the Asia-Pacific region, the financial institution aids its members and partners by providing loans,
technical assistance, grants, and equity investments. Initially, ADB focused its assistance on food production
and rural development to serve a predominantly agricultural region.
Third, economic grants and overseas development assistance are made available by better Asian economies.
For example, the Japanese International Cooperation Agency (JICA) aims to work on human security and
quality growth. The agency targets to promote international cooperation and the development of the Japanese
and global economy by supporting the socio-economic development, recovery, or economic stability of
developing regions.
Aspects that led to a greater Asian integration.
Fourth, production networks have expanded. Economies are mainly on comparative advantage
through the regional division of labor. The Philippines' major exports are electronic products
and copper products to name a few. Indonesia sells palm oil, rubber, and natural gas within the
region. South Korea produces machinery products and motor vehicles.
Fourth, production networks have expanded. Economies are mainly on comparative advantage
through the regional division of labor. The Philippines' major exports are electronic products
and copper products to name a few. Indonesia sells palm oil, rubber, and natural gas within the
region. South Korea produces machinery products and motor vehicles.
Fifth, cooperation among the ASEAN and East Asian countries ensued the ASEAN +3
Financial Ministers' Process that established two economic structures-the Chiang Mai Initiative
and the Asian Bond Markets Initiative. The process aims to strengthen policy dialogue,
coordination, and collaboration on common financial, monetary, and fiscal issues.
Last, if EU is rules-based, ASEAN follows a consensus rule as an approach to decision
making. This process prevents collision of cultural beliefs and economic policies that are
understandably not easy to unite because of the region's diversity of archipelagic lives.
Asian Development Bank
The establishment of the ASEAN is also another initial reaction to globalization. It fosters the
spirit of regionalism and oneness of Asian nations. As a group, it sets out in the ASEAN
Declaration the following aims and purposes:
1) To accelerate economic growth, social progress, and cultural development in the region.
2) To promote regional peace and stability.
3) To promote active collaboration and mutual assistance on matters of common interest.
4) To provide assistance to each other in the form of training and research facilities.
5) To collaborate more effectively for the greater utilization of their agriculture and industries.
6) To expand trade, improve their transportation and communications facilities, and raise the living
standards of their people.
7) To promote Southeast Asian Studies.
8) To maintain close and beneficial cooperation.
Reactions To Globalization