Economic Globalization Crisis

 The occasional rhetorica; flourish  by political leaders notwithstanding, the policy for agenda for global trade is paralyzed. This endangers everyone, but especially Asicans. Asia's outstanding growth is to a very considerable extent driven by trade;indeed, a key feature of the early 21st century is the degree to which many Asian economies have become truely globalized. Asia has a lot to lose from a reversal or retardation of open policies, globally, regionally and domestically.

As part of a growing blackash against globalization, protectionism, driven by a widespread fear of competition and job losses is flourishing in many places and in many forms. Policies concerning trade, investment, and labor mobility, the key factors of economic integration, are increasingly conceived as defensive mechanisms rather than instruments creating opportunities. There is a deepening chasm between global econmic imperatives and domestic political constraints.

At the regional level as well it seems increasingly difficult to progress, as highlighted by the obstacles met by the liberation of services in the European Union, the moribund state of the Free Trade Area of the Americas, or indeed in Asia where the concept of an Asian economic Community, as demonstrated in the Second East Asian Summit held in January In Cedbu Phililppines, is still little more than an embryo. Instead of common vision, ambitions and political will towards greater intefgration of markets and communities-and towards greater global prosperity-there are today many symptoms of a "globalization crisis". (Part I)