Globalisation and its Economic Consequences: Looking at APEC Economies (Routledge-ERIA Studies in Development Economics)

Given the rising criticisms of and growing doubts about globalisation, this timely edited volume looks at globalisation and its economic impact on eight countries in Asia and the Pacific region, namely Australia, China, Indonesia, Japan, Malaysia, Thailand, the United States (US), and Vietnam. The eight selected countries are members of the Asia-Pacific Economic Cooperation (APEC) forum and yet the economies of these member countries have benefited differently from globalisation. This book summarises findings from existing academic literature in a coherent framework and reviews them critically to provide a balanced analysis. It also identifies the mechanisms through which globalisation impacts economies and explains how understanding of such mechanisms can be useful for formulating policies, which would benefit from globalisation while achieving inclusive economic growth in the context of rising nationalism and protectionism. The Open Access version of this book, available at http://www.taylorfrancis.com/books/10.4324/9781003138501, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license. Cover Half Title Series Page Title Page Copyright Page Contents Figures Tables Contributors Foreword Acknowledgements 1. Introduction and overview 1 Introduction 2 Economic globalisation: an overview 3 Economic impacts of globalisation: a brief literature review 3.1 Economic growth 3.1.1 Trade 3.1.2 Foreign direct investment 3.2 Unemployment and inequality 4 Major findings of this study 4.1 Foreign trade 4.2 Foreign direct investment 5 Policy recommendations 6 Synopses of chapters 6.1 Australia 6.2 China 6.3 Indonesia 6.4 Japan 6.5 Malaysia 6.6 Thailand 6.7 United States 6.8 Vietnam Notes References 2. Economic consequences of globalisation: the Australian framework for reforms 1 Introduction 2 Drivers of change 3 Policy change 3.1 Barriers to trade in goods 3.2 Services trade and investment restrictions 3.3 Foreign direct investment policy 3.4 People movement regime 3.5 Context of microeconomic and macroeconomic reform 3.6 Trade, capital, and people flows 4 Consequences of reform 4.1 Structural change 4.2 Labour market adjustment programmes 4.3 Productivity 4.4 Inequality 5 Conclusion Notes References 3. Processing trade, trade liberalisation, and opening up: China's miracle of international trade 1 Introduction 2 Comparative-advantage-following and processing trade 3 Trade liberalisation and firm performance 4 Deeper opening up against financial crisis 5 All-around opening up and trade globalisation Note References 4. The economic impact of globalisation in Indonesia 1 Background 2 Trends of globalisation in Indonesia 2.1 Trade liberalisation in Indonesia 2.2 Investment liberalisation in Indonesia 3 Factors behind Indonesia's options in globalising its economy 4 Indonesia's recent trade policy and globalisation 5 The impact of trade liberalisation on Indonesia's economy 5.1 Economic growth 5.2 Productivity and labour 5.3 Poverty, inequality, and SMEs 5.4 Trade impacts on tourism 6 The economic impacts of foreign direct investment 6.1 Investment liberalisation and economic growth 6.2 Investment policy, spillover effect of technological transfer, and technological progress 7 Policy implications and recommendations Notes References 5. The impact of economic globalisation on firm performance and the labour market: evidence from Japan 1 Introduction 2 The impact of globalisation on firm productivity and innovation 2.1 Superior performance of internationalised firms 2.2 Bidirectional causal relationship between innovation and internationalisation 3 Globalisation and the labour market 3.1 Impact on domestic employment 3.2 Impact on skill composition 3.3 Impact on wages 4 Inter-industry impact of globalisation 4.1 Servicification or changes in activities within manufacturing firms 4.2 Propagation of the impact of increased imports from China across industries 5 Summary and policy implications Notes References Appendix 6. Globalisation and economic development: Malaysia's experience 1 Introduction 2 Globalisation and the formation of Malaysia 3 Trade, growth, and structural change 3.1 Pre-independence period 3.2 Post-independence period 3.3 Empirical studies on globalisation and economic growth 4 Impact of globalisation 4.1 Exporting, innovation, and productivity 4.2 Trade, foreign labour, and human capital 4.3 Poverty and inequality 4.4 Openness and economic stability 4.5 Institutions 5 Conclusions Notes References Appendix 7. Economic consequences of globalisation: case study of Thailand 1 Introduction 2 Policies and global integration of Thailand 3 Growth and industrial transformation 4 Economic consequences 4.1 Trade and productivity 4.2 Export performance 4.3 Foreign direct investment and its spillovers 4.4 Upgrading Labour mobility Participating in global production sharing (GPS) 5 Conclusion and policy lessons Notes References 8. The economic consequences of globalisation in the United States 1 The globalisation debate 2 The gains from globalisation 3 Globalisation and labour market effects 3.1 Unemployment 3.2 Wage inequality 3.3 Declining labour force participation and other effects 3.4 Mechanisms which cause inequality 3.5 Is globalisation to blame? 4 The effects of trade policy changes 4.1 NAFTA 4.2 Permanent normal trade relations with China 5 Concluding remarks Notes References 9. Economic consequences of trade and investment liberalisation: the case of Vietnam 1 Introduction 2 Overview of trade and investment liberalisation in Vietnam 3 Overview of Vietnam's socio-economic performance in 2000-18 3.1 Gross domestic product 3.2 Trade 3.3 Investment 3.4 Macroeconomic stability 3.5 Social aspects 4 Major impacts of trade and investment liberalisation on Vietnam's economy 4.1 Economic impacts 4.2 Social impacts 5 New liberalisation context and policy recommendations 5.1 New liberalisation context a. International context b. Domestic context 5.2 Policy recommendations Notes References Index Given the rising criticisms of and growing doubts about globalisation, this timely edited volume looks at globalisation and its economic impact on eight countries in Asia and the Pacific region, namely Australia, China, Indonesia, Japan, Malaysia, Thailand, the United States (US), and Vietnam. The eight selected countries are members of the Asia-Pacific Economic Cooperation (APEC) forum and yet the economies of these member countries have benefited differently from globalisation. This book summarises findings from existing academic literature in a coherent framework and reviews them critically to provide a balanced analysis. It also identifies the mechanisms through which globalisation impacts economies and explains how understanding of such mechanisms can be useful for formulating policies, which would benefit from globalisation while achieving inclusive economic growth in the context of rising nationalism and protectionism. https://directory.doabooks.org/handle/20.500.12854/71440 "Given the rising criticisms of and growing doubts about globalisation, this timely edited volume looks at globalisation and its economic impact on eight countries in Asia and the Pacific region, namely Australia, China, Indonesia, Japan, Malaysia, Thailand, the United States (US), and Viet Nam. The eight selected countries are members of the Asia-Pacific Economic Cooperation (APEC) forum and yet the economies of these member countries have benefited differently from globalisation. This book summarises findings from existing academic literature in a coherent framework and reviews them critically to provide a balanced analysis. It also identifies the mechanisms through which globalization impacts economies and explains how understanding of such mechanisms can be useful for formulating policies, which would benefit from globalisation while achieving inclusive economic growth in the context of rising nationalism and protectionism"-- Provided by publisher

Given the rising criticisms of and growing doubts about globalisation, this timely edited volume looks at globalisation and its economic impact on eight countries in Asia and the Pacific region, namely Australia, China, Indonesia, Japan, Malaysia, Thailand, the United States (US), and Viet Nam. The eight selected countries are members of the Asia-Pacific Economic Cooperation (APEC) forum and yet the economies of these member countries have benefited differently from globalisation.

This book summarises findings from existing academic literature in a coherent framework and reviews them critically to provide a balanced analysis. It also identifies the mechanisms through which globalization impacts economies and explains how understanding of such mechanisms can be useful for formulating policies, which would benefit from globalisation while achieving inclusive economic growth in the context of rising nationalism and protectionism.