How Globalisation has affected developing countries in the Asia - pacific region'

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An important trend occurring in the world economy is the process of globalization. Globalization is the progressive integration between national economies and the breaking down of barriers between trade and financial flows around the world, which will eventually lead to the emergence of a single world market. Globalization has affected many different nations in different ways, depending on their degree of development and extent to which they are open to the flows of the world economy. China, which is one of the developing countries, is said to be the next economic super power. Many guru economists such as Lawrence Summers predict that in the opening decades of the 21st century, china will match the US and Japanese economies. China…show more content…
In China alone the number of people living in poverty declined from 361 million to 204 million. In the developing countries of Central Asia, poverty has increased by 8 million; globalization and regional factors were key factors. While reduction is world poverty deserves celebration, it is of little consolation to those outside the few beneficiary countries. Real social costs may occur even if aggregate indicators of unemployment and poverty do not deteriorate. Those indicators may mask the increased" churning" in labor markets and movements in and out of poverty. Perceptions of the social impacts of globalization are colored by direct experience of job or income losses, regardless of the overall picture. The mixed pictures of economic performance, employment, inequality and poverty make it extremely difficult to generalize about the impacts of globalization. Observed outcomes reflect the combined results of a complex of factors of which globalization, however broadly defined, is but one. In the developing countries, the social cost of globalization has fallen disproportionately on women. Many have been adversely affected both absolutely and in relation to men. For instance, trade liberalization has allowed the import of subsidized agricultural products and consumer goods that have wiped out the
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