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The processes of globalizaion and regionalization reemerged during the 1980's and heightened after the end of the COLD WAR in the 1990's.
At first, these two processes are contradicting since GLOBALIZATION, by definition is GLOBAL while REGIONALIZATION is NATURALLY REGIONAL.
BECAUSE REGIONAL OGRANIZATIONS PREFER REGIONAL PARTNERS OVER THE REST.
RESPOND TO THE STATES ATTEMPT TO REDUCE THE PERCEIVED NEGATIVE EFFECTS OF GLOBALIZATION.
THEREFORE, REGIONALISM IS A SORT OF COUNTER-GLOBALIZATION.
THE FINANCIAL TIMES REVEALED THAT MAJORITY OF EUROPEANS CONSIDERED THAT GLOBALIZATION BRINGS NEGATIVE EFFECTS TO THERE SOCITIES ( AS CITED IN JACOBY AND MEUNIER,2010)
JACOBY, WADE
SOPHIE, MEUNIER
MANY POLICY MAKERS AND SCHOLARS
THINK THAT GLOBALIZATION MUST BE REGULATED AND MANAGED.
THE THREATS OF AN "UNGOVERNED GLOBALIZATION" CAN BE COUNTERED WHAT JACOBY AND MEUNIER CALLED MANAGE GLOBALIZATION; IT REFERS TO " ALL ATTEMPTS TO MAKE GLOBALIZATION MORE PALATABLE TO CITIZENS" (P.1)
1. THE ASSOCIATION OF SOUTH EAST ASIAN NATIONS (ASEAN)
2.THE EUROPEAN UNION (EU) OR
3. THE SOUTH AMERICAN TRADE BLOC, MERCOSUR.
WHAT IS CONTAGION EFFECT?
- A CONTAGION EFFECT IS THE SPREAD OF AN ECONOMIC CRISIS FROM ONE MARKET OR REGION TO ANOTHER AND CAN OCCUR AT BOTH A DOMESTIC OR INTERNATIONAL LEVEL.
MANY ACADEMICS AND ANALYSTS SEE CONTAGIONS AS BEING PRIMARILY SYMPTOMATIC OF GLOBAL MARKET INTERDEPENDENCE.
USUALLY ASSOCIAITED WITH FINANCIAL CRISIS, CONTAGIONS CAN BE MANIFESTED AS NEGATIVE EXTERNALITIES DIFFUSED FROM ONE CRASHING MARKET TO ANOTHER.
WHETHER BY LIMITATION, LIKE THE SUCCESS OF THE EUROPEAN SINGLE MARKET, OR BY DEFENSIVE REACTION, SUCH AS MERCOSUR'S ESTABLISHMENT AS RESPONSE TO THE CREATION OF NAFTA.
IT IS A TREATY ENTERED INTO BY THE UNITED STATES, CANADA, AND MEXICO:
IT WENT INTO EFFECT ON JANUARY 1, 1994
(FREE TRADE HAD EXISTED BETWEEN THE U.S. AND CANADA SINCE 1989; NAFTA BROADENED THAT ARRANGEMENT.) ON THAT DAY, THE THREE COUNTRIES BECAME THE LARGEST FREE MARKET IN THE WORLD, THE COMBINED ECONOMIES OF THE THREE NATIONS AT THAT TIME MEASURED $6 TRILLION AND DIRECTLY AFFECTED MORE THAN 365 MILLION PEOPLE.
IT WAS CREATED TO ELIMINATE TARIFF BARRIERS TO AGRICULTURAL, MANUFACTURING, AND SERVICES; TO REMOVE INVESTMENT RESTRICTIONS; AND TO PROTECT INTELLECTUAL PROPERTY RIGHTS. THIS WAS TO BE DONE WHILE ALSO ADDRESSING ENVIRONMENTAL AND LABOR CONCERNS (ALTHOUGH MANY OBSERVERS CHARGE THAT THE THREE GOVERNMENTS HAVE BEEN LAX IN ENSURING ENVIRONMENTAL AND LABOR SAFEGUARD SINCE THE AGREEMENT WENT INTO EFFECT). SMALL BUSINESSES WERE AMONG THOSE THAT WERE EXPECTED TO BENEFIT THE MOST FROM THE LOWERING OF TRADE BARRIERS SINCE IT WOULD MAKE DOING BUSINESS IN MEXICO AND CANADA LESS EXPENSIVE AND WOULD REDUCE THE RED TAPE NEEDED TO IMPORT OR EXPORT GOODS.
HELD ET AL. (2005) CLAIMED, "THE NEW REGIONALISM IS NOT A BARRIER TO POLITICAL GLOBALIZATION, BUT ON THE CONTRARY, ENTIRELY COMPATIBLE WITH IT IF NOT AN INDIRECT ENCOURAGEMENT." (P.77)
IN A DOMESTIC MARKET, IT CAN OCCUR IF ONE LARGE BANK SELLS MOST OF ITS ASSETS QUICKLY AND CONFIDENCE IN OTHER LARGE BANKS DROPS ACCORDINGLY. IN PRINCIPLE, THE SAME PROCESS OCCURS WHEN INTERNATIONAL MARKETS CRASH, WITH CROSS BORDER INVESTMENT AND TRADE CONTRIBUTING TO A DOMINO EFFECT OF CLOSELY CORRELATED REGIONAL CURRENCIES, AS IN THE 1997 CRISIS WHEN THE THAI BAHT COLLAPSED. THIS WATERSHED MOMENT, THE ROOTS OF WHICH LAY IN GROSS EXCESS OF DOLLAR DENOMANATED DEBT IN THE REGION, QUICKLY SPREAD TO NEARBY EAST ASIAN COUNTRIES RESULTING IN WIDESPREAD CURRENCY AND MARKET CRISES IN THE REGION. THE FALLOUT FROM THE CRISIS ALSO STRUCK EMERGING MARKETS IN LATIN AMERICA AND EASTERN EUROPE, WHICH IS INDICATIVE OF THE CAPACITY OF CONAGIONS TO SPREAD QUICKLY BEYOND REGIONAL MARKETS.
"GLOBALIZATION GOES BACK TO WHEN HUMANS FIRST PUT A BOAT INTO THE SEA."
JACOBY AND MEUNIER, 2010, P,1 SAID,
WE CAN UNDERSTAND GLOBALIZATION AS "THE INCREASED FLOWS OF GOODS, SERVICES, CAPITAL, PEOPLE, AND INFORMATION ACROSS BORDERS"
EDWARD MANSFIELD
HELEN MILNER
REGIONALIZATION IS THE SOCIETAL INTEGRATION AND THE OFTEN UNDIRECTED PROCESS OF "SOCIAL ECONOMIC INTERACTION". (HURRELL,2007, P.4)
REGIONALIZATION IS THE FORMAL PROCESS OF INTERGOVERNMENTAL COLLABORATION BETWEEN TWO OR MORE STATES. ( RAVENHILL,2008, P. 174)
JOHN RAVENHILL
ECONOMIC MOTIVATIONS ARE ARGUABLY THE MAIN MOTIVATION BEHIND CONTEMPORARY REGIONALIZATION. BY ENTERING REGIONAL ORGANIZATIONS, ASIAN STATES MAY REGAIN SOME CONTROL OVER FLOWS OF CAPITAL AND ENHANCE THEIR BARGAINING POWER AGAINST TRANS NATIONAL ECONOMIC ACTORS SUCH AS INVESTMENT GROUPS OR TRANSNATIONAL CORPORATIONS (TNCs) (DE MARTINO AND GRABEL,2003)
ILENE GRABEL
GEORGE DE MARTINO
ASIDE FROM WHAT WAS MENTIONED, DOMESTIC COMPANIES MAY BENEFIT FROM BELONGING TO A REGIONAL MARKET BIG ENOUGH TO ALLOW THEM SKILL ECONOMIES WHILE STILL BEING PROTECTED FROM GLOBAL COMPETION. IN THE WORDS, REGIONAL ORGANIZATIONS ALLOW NATIONAL COMPANIES THE OPPORTUNITY TO SUCCEED IN A PROTECTED BUT BIG ENOUGH MARKET IN A WAY THAT THEY WOULD OTHERWISE FAIL IF EXPOSE TO GLOBAL COMPETITION
FINALLY, NON STATE ACTORS, SUCH AS TNCs, ACT AS DRIVING FORCE TOWARD REGIONALISM. THIS TNCs, WHOSE COUNTRIES ARE NOT PART OF A GIVEN REGIONAL TRADE AGREEMENT, FIND THEMSELVES IN A DISADVANTAGED COMMERCIAL SITUATION WITH RESPECT TO COMPETING COMPANIES BELONGINGS TO THE REGIONAL ORGANIZATION IN QUESTION.