The Future Of Globalization In East Asia

 The Future Of Globalization In East Asia
The East Asian countries have been able to transform their economies to the status of the newly industrialized countries in a short time, thus drawing attention from development experts globally. Though predicting the future of any region is uncertain, the current trend in the East Asian market seems bright. When studying the future of the East Asian globalization, the idea of how globalization impacts the economic, political, and social and the cultural environment as well as the physical environment comes to mind. In general, globalization entails modernization in the developing countries where high growth rates in the gross domestic product. It should be noted that globalization cab be both addictive and subversive. Subversive in the sense that it undermines the existing status quo and challenges vested interest. It is addictive because it may lead to greater choice, material gains, and raises expectations. East Asian economies are among the beneficiaries of globalization since they have been characterized by robust exports and large inflows of foreign investments thus boosting the economic growth and social welfare. Despite this fact, globalization has brought about stiffer competition but has created a more stable region. This being the case, this paper will try to address the globalization impact on East Asia with a bias on the future expectation of globalization.
It should be noted that trade among the East Asian countries has increased at a faster rate than other regions outside the East Asian blocs. This has been made possible as result of taking strategic measures including enacting several trade agreements with other business players. It should be noted that the economic integration of the region has for a long time been dominated by japan but china is picking up at an alarming rate and propositions are that china will be the major players in the region to promote and enhance globalization.
Being a developing zone, and china expected to enter the first world, there is expected expanse and dramatic reforms in the banking and financial markets. Many researchers will be expected to determine the adequacy of the banking capital and regulations that relate to bank lending as well as measures to counter speculative measures as a result of capital inflows and outflows. At the same time, many scholars will continue to find the relationship that exists between the rate of return and risks involved in investments. All in all, it is expected that there will be a sustainable development in the region and new methods and means of measuring success will be identified and utilized. As a result, the performance of business will not be measured by the derivatives of net income but by their benefits over the social, economic and also environmental costs. According to Kaynak and Khosrow , the European union will be seeking to interests in the east Asian union, and despite the Korean and Japanese past conflicts, economic benefits will the two countries together (279).
Since globalization entails rendering or making the world to become a global village, the East Asian countries will benefit economically from the undertaking in that, there will be increased economic integration as well as increased economic interdependence between countries. In this, there will be expected cross border movement of goods to fill employment gaps as well as the movement of technology, manpower and information to the region. The internationalization of the economic activities will further be accelerated as a result of better communication and transportation networks (Kim 2-5). At the same time, as it happened in 194 where 44 countries signed the Bretton wood declarations, it is also expected that many organizations will be established to collaborate with the region for economic benefits.
With globalization, the future of East Asia is expected to bring new potentials that will lead to new developments and wealth creation. Though inequality, unemployment, and poverty are expected to be experienced as a result of class differences, there will be an increased standards of living, freedom, and liberty among the players in the region.
Politically, globalization is expected to reduce the importance of a nation state in that different countries/players will organize themselves into trading blocs thus operating from a central command as depicted by the G8 countries and the WTO, that replaces the nations function to that of and international agreement. Since globalization enriches technology, the future of the Asian countries will be characterized by an increased influence of the non-governmental organizations in an effort to uplift the less privileged and in public policy formulations.
The social environment of the region will also be affected by globalization. This means that the social structures within the region will be affected and some things will take a new dimension distinct from what and how