Impact of Economic Globalization on Asia-Free Samples for Student

Question: What Is the Impact of Economic Globalization on Asia? Answer: Introduction A holistic definition of globalization would refer to the process in which people from all parts of the world interact. This interaction is facilitated by the easy exchange of services and goods due to low costs of communication and faster modes of transport that are also cost-effective. As reported by (Blofield, 2014), the development of new technologies has led to faster rates of movement by people and communication networks that have ability to cover areas beyond a countrys borders. This has resulted to sharing of ideas among different countries in the world. Globalization can be acquired through different ways like; hyperglobalizers, denationalization and transformationalist. According to Kamat (2011), globalization is explained as the entrance into a new age in the history of mankind which is mainly through denationalization. (Beeson, 2014) asserted that the hyperglobalists base their argument on the civilization of mankind while denationalist focus more on the economy of the wo rld. An argument from a sceptics point of view suggests that globalization does not unify the countries in the world instead it has led to development of trading blocs which has subdivided the world into different regions according to Hu-Dehart (2003). The trading blocs have hampered trade and other economic activities among people in the world since such activities are maintained within the blocs. The perspective of globalization by transformationalists is that countries all over the world should embrace the changes occurring in the developing world. The role of trasformationalist in the concept of globalization is to link hyperglobalizers and denationalists. However, the transformationalists are not partial in their argument since they do not agree with either of the two groups instead they give their own understanding of globalization. According to (Beneria, 2015) they view globalization as gradual changes that are historical but which continue defying the actual meaning of the global village phenomenon. Following crises in Asia resulting from globalization, there are several characteristics of this concept that were established as reported by (Cavusgil, 2014) First is the dependent economic relationships among countries has been brought about by shared technologies and communication that is more effective. Secondly is the emergence of groups that have continued to pose challenge to the governments. These groups might be non-governmental or even civic. The third characteristic is erosion of indigenous cultures western influence. This has made many countries to lose their original identity and cultural heritage. There has also been rise of challenges that are shared among bordering countries and solutions to such challenges can only be achieved after an intervention by all the countries affected. According to (Fujita, 2013), globalization has led to regulation of the governance of different countries through standards that are set to guide the way in which governing is done. These common standards may disadvantage some nations ( Manu, 2013). Globalization can cover different disciplines namely; economic globalization, political globalization and cultural globalization. In this case we are going to discuss the impact of economic globalization in Asia and the world at large. Impact of economic globalization (Asia) There are several threats that have been established by the Asian governments concerning the impact of economic globalization. One of these threats is consumption of energy by Asian countries. The rate of energy consumption has increased due to fast development and this has led to overdependence on energy imported from other countries. There has been a pollution/degradation on the environment due to the large amounts of energy used in the Asian countries.(Obrien, 2016) reported that another threat is in the availability of water and also food which has been largely affected by the degradation of the environment and also population pressure. The high population has a high demand for water and food. Efforts made to solve this problem for instance the conventional agriculture have borne no fruits since the population has continued to grow there for maintaining the scarcity of these resources. As reported by (Micic, 2009), Asian countries are also faced by threats from terrorism which is attributed to advancements in the transport and communication networks. Other threats brought by efficient transport and communication networks may be; illegal sale of weapons and also drugs. There is also a threat in the high number of immigrants into Asian countries considering the pressure that already exists in the population. For many years, globalization has played a key role in the economic status, the policies made by states and other production activities in Asian countries. According to (Harvie, 2016) the effects of globalization are evident in countries that are new in industrialization due to use of second tier state models of development. There were crisis in the economy of Asia in 1997 and this created a need for an investigation on the state models of development. In this investigation, the demerits of globalization on the state models were established and also the future challenges that may arise from globalization to affect Asian countries. Globalization impact on Asian countries has negatively affected unity among the nations. The security of Asian nations has been affected by globalization. These effects of globalization on the security status are both positive and negative. Some parts of Asia especially the southern part has benefit from globalization since a reduction in conflict cases. A positive impact of economic globalization is evidenced by the empowerment of governments of Asian countries. This has led to sovereignty in these countries since international affairs do not interfere with the political stability of the countries. (Murram, 2014) reported that some of the countries like Indonesia have faced the negative impact of globalization on their government. Globalization has not only interfered with their economy but also with their political status. This interference has resulted to emergence of different categories of political groups. According to (Henderson, 2002) some of the groups have benefited from the idea but others have continued to suffer the consequences. These political divisions have separated the people according to their ethnicity. The group that suffers the consequences is the one that comprises mainly of Chinese. Globalization advocates for an authoritarian/ dictatorial type of governance. In addition, the nations that have adopted the democratic system of government stand a better position than countries with dictatorial system of governance since they have escaped crisis related to their finances. (Lambin 2011) asserted that the production level should not be measured using the value of GDP only; instead specialization of products should be put into consideration. This specialization of products gives accurate date on the rate of development of global economy. The specialized products should specifically intra-products. Regionalism has led to economic developments especially in countries that are in the south of Asia for example Cambodia. Economic globalization has an impact of flows of finance and capital in Asia. Taxation is also an impact of economic globalization and also trade. Trade has arisen due to the distribution of natural resources that is not even. Through trade, counties can acquire services and goods that they do not produce. The efforts being made by Asian countries to solve globalization-related problems have implied a threat on United States of America. According to (Hirst, 2015) these solutions will alter the relations between the US and Asian countries. The problem- solving process will only take place if the Americans accept the fact that they have eroded the culture and also the unity among Asian countries. However the Asians have to be emphatic and stop bedeviling the western country since the impacts of globalization cut across all continents. This is the only way that the Asians and also the entire world are going to find solutions to various problems brought by globalization. Benefits and Disadvantages of the Impacts of economic globalization As discussed earlier, there are several impacts on Asia brought about by economic globalization and they include; advancements in technology, political influence, flow of finance and capital, taxation, emergence of regional organizations. The advancements made to improve technology have benefits and also disadvantages. Modern technology has created easier methods of carrying out tasks for instance the learners can gather any information they need in the world without having to travel to other countries (Stubbs, 2009). All this information can be accessed using a computer that is connected to internet. The internet contains many books in all disciplines learnt in schools and universities. Employers and owners of firms can now save money spent on human labour since with advancement in technology has brought about automation and mechanization of work. There is therefore no need to hire employees. As reported by (Beneria 2015), modern technology has promoted other discoveries especially in the medical field due to effective computers and medical devices that have been developed. Industries that apply advanced technology in their production process achieve higher results since machines have the ability to produce at a higher rate than human. The accuracy in technology driven production is higher than where human labour is involved. This is because machines possess characteristics that normal human lacks for instance, machines can operate continuously without fatigue. In the modern society, people are becoming more dependent on technology and they use it in almost everything they do. This is a disadvantage. This overreliance on machines has resulted in a technology-control led life in that incase of any failure by the machines, then the daily activities of human are paralyzed. For instance if there was a failure in power supply, huge losses would be made in most production companies. Technology has replaced human workers in various industries and companies. According to (Blowfield, 2014), this has led to high rates of unemployment since the demand for human labour has gone down. The high rate of unemployment has in turn brought poverty among the jobless population in Asia. This incidence is common in countries like India where the high population and use of technology in production has resulted in joblessness. The flow of cash and capital as an impact of economic globalization has various benefits. Resources that are static can be distributed in all parts of the world. This is achieved through adoption of specialization in production processes. As reported by (Harvie, 2016), finances that are static can be acquired through economic globalization. It is through different productions done in different countries in the world. Organizations dealing with finance have continued to compete and this has resulted in provision of quality services and products. Through the flow of capital and finances costs such as rents can be evaded. Economic interdependence as an impact of economic globalization has its benefits and disadvantages. However, the interdependence has more benefits on countries all over the World. The main reason why there are these economic interactions is due to unequal distribution of resources available in the nature, as report (Danciu, 2004). Countries can acquire goods and services that they do not produce through economic interdependence. The economic interdependence has led to diversity since people from different parts of the world can exchange ideas for instant the dishes cooked by different people in different countries. Through economic interdependence, job opportunities are created for all people in the world since employment can be sought from any country. This will help in solving pr oblems especially poverty resulting from unemployment. Global economic interdependence has disadvantages. According to (Pricon, 2003), the availability of global markets has made most citizens to neglect their locally produced goods and services. This is because of the high quality products that are sold in the global markets at relatively low costs. Economic interdependence may result to sharing of economic crisis among countries that trade in majority of their product. In case of incidences such as inflation, the economy of trading nations deteriorates. Conclusion The impact of globalization on Asian has contributed to international goods flow and also utilized the capital in various projects of investments. The flow of goods and investment of capital have affected various regions in Asia. The criterion used in distribution of resources is through the technological level of a country. With the changes accompanying globalization, there is need to ensure equality in distribution of resources among all countries. The cases where some countries have much better resources than others due to their high economic status should be eliminated. References Beeson, M. (2014). Regionalism and globalization in East Asia: politics, security and economics development. Palgrave Macmillan. Beneria, L., Berik, G., Floro, M. (2015).Gender, development and globalization: economics as if all people mattered. Routledge Blowfield, M., Murray, A. (2014).Corporate responsibility . Oxford University press Cavusgil, S. T.., Knight, G., Riesenberger, J. R., Rammal, H, G., Rose, E.L. (2014). International business.Pearson Australia. Danciu, V. (2004) Competitive Strategic Marketing. An international approach, Economics Publisher, Buchares. Fujita, M., Thesse, J. F. (2013). Economics of agglomeration: cities, industries location, and globalization. Cambridge University Press. Harvie, C., Van Hoa, T. (2016). The causes and impact of the Asian financial crisis. Springer Hay, C., Marsh, D. (Eds) . 2016).Demystifying globalization. Springer Henderson, J., Dicken, P., Hess, M., Coe, N., Yeug, H. W. C. (2002). Global production networks and the analysis of economic development. Review of international political economy. Hirst, p., Thompson, G., Bromley, S. (2015). Globalization in question. John wiley sons Hu-Dehart, E. (2003). Globalization and Its Discontents Exposing the Underside. A Journal of Women Studies, 24.23 (2003) 244-260 Kamat, S. (2011). Neoliberalism, urbanism and the education economy Management: producing Hyderabad as a global city, Discourse: Studies in the Cultural Politics of Education, 32:2, 187-202, DOI: 10.1080/01596306.2011.565639 Lambin, E. F., Meyfroidt, P. (2011). Global land use change, economic globalization, and the looming land scarcity. Proceeding of the National Academy of Sciences. Manu, B. (2013). Building the Base for Stronger, Better Distributed Growth: Southeast Asian Affairs, 26:5, 617-644, DOI: 10.1080/09502386.2012.711006 Obrien, R., Williams, M. (2016). Global political economy Management: Evolution and dynamics. Palgrave Macmillan Pricop, M., Tanu, A. (2003) Globalisation, protectionism and company`s strategy, Tribuna Economic?, Bucharest, Stubbs, R. (2009). What ever happened to the East Asian Developmental State? The unfolding debate, The Pacific Review, 22:1, 1-22. Tani, B. (2012). Debates over Colonial Modernity In East Asia And Another Alternative, Cultural Studies, 26:5, 617-644, DOI: 10.1080/09502386.2012.711006