Globalisation, Openness and Economic Nationalism: Conceptual Issues and Asian Practice
نویسنده
چکیده
This paper considers the question of economic nationalism through the lens of economic openness. Complete economic openness, which connotes close or total integration of a country with that of the world economy, is the antonym of economic nationalism. The paper argues that economic openness is a multi-dimensional concept. A country can be open, or not so open to all or some of the following: trade, exports, imports, finance, science, culture and education, migration, foreign investment, investment by its citizens and companies abroad, among other things. There is no economic theory that suggests that a country has to be open in all dimensions simultaneously. Given its economic and geo-political situation, a country may choose to be open in some areas and not in others. The paper examines the analytical question: what is the optimum degree of openness for an economy? This theoretical framework is used to illustrate and explain the Asian experience, specifically of Japan and Korea. The implications for policy for these and other national economies as well as those for the global economy are outlined. The main policy message of the paper is that countries should seek, whenever they can, ‘strategic’ rather than close integration with the international economy. In that sense economic nationalism, notwithstanding globalization is still the order of the day in many Asian countries. They need to maintain national control over volatile capital movements and prudently regulate the financial sector in the national interest.
منابع مشابه
East Asian Production Networks – The Role and Contribution of SMEs
The Asia-Pacific region generates over half of global economic activity (54.2%) and about 43.7% of global trade, and is the most dynamic region in the global economy. At the core of this is an increasingly dynamic, vibrant and entrepreneurial small-medium sized enterprise sector. Advances in information and communications technology, market liberalisation and moves towards closer regional econo...
متن کاملThe effects of social and political openness on the welfare state in 18 OECD countries
Studies examining the relationship between globalisation and the welfare state tend to focus on the effects of economic dimensions of globalisation, the extent to which a country is part of the world market. Globalisation also has a social and political dimension and their effects on welfare states – in terms of social security transfers and generosity – are studied in this article. Data from t...
متن کامل1 Globalisation and macroeconomic performance
The term ‘globalisation’ is generally accepted to refer to the process of steadily increasing interdependence of national economies via trade, production and financial market linkages. While this process has been ongoing for many centuries, few would doubt that it has accelerated and intensified in the last decades. This acceleration is evidenced as much by the strong synchronicity in the rapid...
متن کاملStandardisation and the Question of Identity: On The Dominant Discourses on Contemporary Iranian Art
This article deals with the discourse of cultural globalisation and related issues such as the global market and cultural industry, which emerged as recent seminal factors within the context of Iranian culture, art and artistic practice during the recent history of Iran. Moreover, it seeks to explore the inevitable issues drawn from the process of globalisation, namely the forces of standar...
متن کامل