Winners and Losers in the Asia-Pacific
Edited by Noel Gaston and Ahmed M. Khalid
Chapter 1: Globalization and Integration in the Asia-Pacific: Prospects and Risks
Noel Gaston and Ahmed M. Khalid INTRODUCTION Globalization is very much part of the modern vernacular. Arguably, it was first used by McLuhan and Fiore (1968) when they introduced the concept of the “global village”. Globalization is characterized by the growth of the international trade of goods and services, the growth in foreign direct investment (FDI) as well as the political and social linkages that accompany growing economic integration. Outwardly, the driving forces seem to be the decline in administrative barriers to trade, sharp falls in the costs of transportation and communication, fragmentation of production processes and the development in information and communication technology (ICT). Arguably, the perceived neoliberal shift to greater market orientation in domestic economies has been accelerated by financial sector liberalization. Since the collapse of Lehman Brothers in September 2008, the backlash to globalization now seems to be in full swing. In more normal times, the issue of macroeconomic stability is about riding the wave of business cycles with short-run or more immediate policy considerations at play. However, the current crisis will undoubtedly have effects that are both powerful and longlasting. The hopes of countries in the Asia-Pacific region are transparently pinned on a successful return to business-as-usual for China. China’s re-emergence as a major player in world merchandise trade and the impending emergence of India is bringing hundreds of millions of people into the modern world. It is also fostering substantial uncertainty in some quarters. More generally, globalization is unsettling; the uneven global pattern of development...
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