Globalization is the growing interaction of people from different states and regions. Although globalization is primarily an economic process, it has dramatically influenced social integration and culture. The phenomenon has supposed the flow of money and ideas in the entire world. Asia is the largest and the most populous continent in the world. It is located in the Eastern and Northern Hemisphere. Asia has had a significant influence on civilization. India, Japan, and China have contributed a great deal to the world civilization by producing several significant religions such as Buddhism, Hinduism, Shintoism, and Confucianism. The Asians have contributed an essential segment of the American, Europe, and African society. For example, there is a high rate of immigration from Asia into the United States since 1996 (Frank and John, p. 326)
The rapid economic growth and social development in Asia have become a significant entity in the world. In 1984, the USA recorded more trade across the Pacific compared to the trade across the Atlantic. Additionally, in 1994, one- third of all the United States exports were merchandise in the East Asia (Frank and John, p.396). The Asian society has displayed a fundamental change since the twentieth century. The changes have influenced democratization in politics, improvement of living standards and increased cooperation of the Asian nations. The continent is no longer a production market and reserved cultured as initially perceived. It has become an influencer and primary market for the American and European products and services. The factors above bring the importance of studying the Asian continent and the influence of globalization. The essay supports globalization through analysis of free markets in Asia,
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Free markets in the Asia have caused intense argument not only in the continent but also in the globe. The free market is a trading system where the open market and the consumers determine prices of services and goods. In other words, the laws of supply and demand are free from the government interventions (Frank and John, p.416). Economists have different perceptions of the consequence of the free market. Some economists have taken the stand to reject open market while others support the idea. After carrying a thorough research on globalization, I support the free market in Asia. In 1993, the World Bank found that the fraction of the populating in developing countries living below one-dollar-per day was one- third (Frank and John, p.420). They have been a steady decline in the aggregate of extreme poverty since that time. The decrease in absolute poverty is profound in the south, east, and southern Asia courtesy of globalization that encouraged free market.
In the past century, poverty characterized by life-threatening conditions had engulfed rural China, India, and Indonesia. Between the years of 1981 to 2001, people living in less than one dollar per day has decreased from 79% to 27% in China, 55% to 11% in Indonesia and 63% to 42% in India (Appelbaum, Richard, and William, p.157).The green revolution in agriculture brought about by globalizing stabilized the Indian rice prices in the global market. Globalization in this region supposed other factors like anti-poverty programs, massive investments in rural infrastructure and labor-intensive manufacturing. The potential benefits and actual costs from free trade dismiss the anti-globalizer claims that globalization makes the rich richer and the poor poorer. The lack of adjustment capacity, relocation, and retool of the poor is only a short time affect caused by the trade. The long-term effects of the trade are beneficial, as people would enjoy specialization of material production and full mobility in the regions (Appelbaum, Richard, and William, p.157).
The free market is a blessing more than a curse to the Asian continent. As much as anti-globalizer argues that global market competition has brought frustration to the poor, facts show that the completion has reward individual all over the world with skills, initiative, information, and entrepreneurship. A study of market globalization in Mexico states that, most intensive manufacturing jobs are lost to the Asians. However, there is a net improvement in incomes wages because of foreign investment from the Asian continent (Gough, p. 169). Conclusively, low wage poverty significantly declines in countries involved in the international economy than isolated nations. Research conducted by Gordon. H. Hanson states that countries that have accepted globalization have 10% increase in the wage income compared to nations least involved in globalization (Gough, p.174).
A case study by Naila Kabeer on the women that work in the garment export industries found that; women working in poor Asian countries such as Vietnam, Bangladesh and Cambodia were paid low wages compared to the international standards but a way high compared to their counterparts in the local industries (Rao, p. 227. Naila Kabeer talked a 23-year-old Bangladesh woman working in the garment industries, and she admitted that working for international companies was better than working in the home industries. The foreign firms provided more work security, better working conditions, and better wages. As much as there, acute competitions with the introduction free market, the overall outcome is that it provides more opportunities and development (Rao, p. 231).
In conclusion, globalization has had an enormous impact in the Asian countries. Globalization has introduced new ideas such green revolution in India, promoting culture in countries such as Indonesia and improved living standards in the several poor Asian countries. At that juncture, free market has had overall benefits in Asia compared t to the adverse effects presented by the anti-globalizers
- Appelbaum, Richard P., and William I. Robinson, eds. Critical globalization studies. Psychology Press, 2015: 84-345.
- Frank J. Lenchner and John Boli the globization reader. Wiley Blackwell. Fifth edition (2015): 45-620.
- Gough, Ian. “Globalization and regional welfare regimes: the East Asian case.” Global Social Policy 1.2 (2012): 163-189.
- Rao, Vyjayanthi. “Slum as theory: the South/Asian city and globalization.” International Journal of Urban and Regional Research 30.1 (2006): 225-232.