EFFECT OF GLOBALIZATION ON EAST ASIAN COUNTRIES
Globalization is a method of interaction of developing the global economy among all the countries of the world. It is basically the integration of economies with all the economies of the world. The globalization is the process of integrating country's economy with the world's economy. Globalization helps in the reducing geographic inequalities by spreading jobs and business opportunities. (Hector Archytas, 2011)
DEFINITION OF FREE TRADE
The term free trade refers to an economic concept involving the selling of products and services without any trade barriers or tariffs across countries. It is basically trading between firms from different countries without any trade barriers or regulations. Most of the countries have started adapting to free trade but a major debate is still there for all the third world countries as whether or not will this help them. (Word Iq, 2010')
(Source: GDP available from http://www.treasury.gov.au/documents/1396/html/docshell.asp?url=02_east_asia_investment.htm)
EFFECT OF GLOBALIZATION ON EAST ASIAN COUNTRIES
The United Nations Organizations (UNO) declared the year of 1960's as the era of global development. And it has been four decades now that poverty is reducing and the GDP and the Per capita income rate are increasing. This has been witnessed in most of the countries but the following points lay stress on the effects of globalization on East Asian Countries namely Malaysia, Philippines, Cambodia, China, Japan, Taiwan, Indonesia, Thailand, and Vietnam (Bunker G.)
MALAYSIA
Malaysia was a very backward country before its independence. It showed interest in globalization after joining the GATT (General Agreement on Tariffs and Trade) and since then Malaysia has been one of the most globalized developing country among all. Malaysia had reduced tariffs on 79% of imports and was gaining more from the increasing manufactured exports. The Gross Domestic Product was rising and there was an increase...