Introduction
Globalization is the process of the world becoming a more integrated and interdependent community. This transition has been caused by advances in international trade and technological progress. It refers to a complex network of social activities that, on a worldwide scale, serve to strengthen and deepen economic, cultural, political, and technological linkages and exchanges. In addition, the concept of globalization embraces the economic and social achievements that have resulted directly from globalization. It violates the traditional spatial and temporal boundaries, which accelerates the rate at which social contact happens. Strong economic relationships between neighbors lessen the intensity and duration of a quarrel. Various nations and regions, including Asia, have profited economically from globalization. Asia has advanced significantly due to its acceptance and participation in specific aspects of economic globalization, such as dissemination of knowledge, adopting modern science and technology, and economic liberalization, which fosters international trade.
Aspects of Globalization and their Effects
Dissemination of knowledge
Knowledge dissemination is an interactive process involving the sharing and applying of knowledge in a manner that ultimately results in a change in the status of an individual. The dissemination of information is a crucial aspect of knowledge management since it guarantees that information is accessible to those who need it (Behera, 2021). Globalization has substantially impacted both the diffusion of information and the subsequent awakening of consciousness throughout Asia. As a result of globalization, Asians now have easier access to a greater diversity of information and skill sets, which is advantageous in various ways (Facchinetti, 2021). The Asian region has demonstrated a tremendous commitment to the dissemination of information, resulting in much more educated citizens throughout the region.
As a result of the extensive dissemination of information, the human resource capacity of Asian nations has been rising at an incredible rate, contributing to the region’s widespread prosperity. The considerable expenditures made by Asian nations in human capital through education have equipped the workforce to take advantage of the high-paying manufacturing jobs created due to globalization (Singh, 2018). In addition, public investments in infrastructure are undertaken to preserve an environment conducive to international investment. The political and economic benefits of preparing the workforce for new employment are seen as worthy of globalization objectives.
Modern Science and Technology
The present emphasis of globalization in business relies heavily on the contributions of science and technology. They have made significant impact on the economy of Asia and have emerged as an essential component of competitive strategy (Allen, 2021). Allen (2021) further acknowledges that Asia has become more globalized due to technological advancements, which has led to higher ethical standards in Asian countries. Information technology is one of the technologies that has fostered new markets in this increasingly competitive world due to globalization, which has led to the creation of new markets not just in Asia but all around the world. Asia has overcome the significant obstacles of globalization and international trade with the assistance of science and technology (Tahir et al., 2020). These obstacles include trade barriers, a lack of a common ethical standard, the cost of transportation, and a delay in the exchange of information.
The developing new technologies have greatly helped the growth and spread of the global market. Many times, firms located in one country are the ones that initiate innovation in the host country. However, as a result of technological advances, corporations have expanded their operations into other countries, making it easier to relocate research and development around the world (Khondker, 2020). The proliferation of global networks in Asia can be directly attributed to the numerous opportunities brought about by technological advancements.
Economic Liberalization
Free trade, deregulation, the end of subsidies, price controls and rationing, and the downsizing or privatization of public services are all parts of economic liberalization. These are all things that are encouraged by government policies. China and the other Association of Southeast Asian Nations (ASEAN) are in the same subgroup regarding how much their economies have opened up (Chen & Lombaerde, 2019). The same applies to Singapore, South Korea, Taiwan, and Hong Kong. People often call these last four the “newly industrializing economies of Asia” (NIEs) (Lee, 2021). Each country’s trade policy goals and performance in East Asia are different.
Nevertheless, there are many similarities between China and the ASEAN countries. It is because their economies are at similar stages of development. Hong Kong and Singapore’s economies are different from those of other East Asian countries because they are free-to-port economies with almost no restrictions on imports or subsidies for exports (Ishikawa, 2021). They have kept this level of openness for a long time, which has helped speed up globalization.
Conclusion
In Asia, globalization has been significantly aided by disseminating knowledge, the adoption of modern science and technology, and the liberalization of economic systems. These factors have encouraged international trade worldwide, which has provided Asian nations with the opportunity to benefit from expanded commerce and technical improvements. Consequently, the region has experienced economic growth, and the residents have reaped the benefits that are a direct outcome of globalization.
Reference List
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