CTWD 2 (Midterm) Flashcards
______ ______ for economic interrogation spurred by and large by the rapid yet steady onslaught of globalization and other factors.
Growing demand
________ seen as a solution through treaty and charter-based regional organization giving them formal status in international law.
Regionalism
________ _________ is the manifestation of a common sense of cultural identity and purpose combined with creation and implementation of institutions that express a particular identity and shape collective action within a geographical region.
International Relations
Institutional arrangements designed to facilitate free flow of goods and services and to coordinate foreign economic policies between countries in same geographic region or neraby locale.
Economic Regionalism
- ____ was called to play a pivotal role to global economic leadership due to its sheer size, population, resources, and its capability to dominate the global and economic environment.
- ____‘_ unprecedented growth was evident through, Japan, China, and South Korea.
- Home of half of the world’s population, produces 3/10 of global output (in terms of purchasing power), and consistent record in terms of economic growth rates.
- The Asian Miracle (particularly East Asia)
Asia
- ____‘_ economies are increasingly connected through trade, financial transactions, direct investment, technology, labor and tourist flows, and other economic relationships.
- Some countries in ____ is wealthy while some is not.
- The strength of ____ is from its openness, diversity, and dynamism of its interconnected economies.
Asia
'’growth of societal intregration within a region and to the often undirected process of social and economic interaction (Hurrel, 1995)
Regionalization
- Social and economic reciprocal actions of regionalization are undirected because of:
- Diversity which comes in different levels of development (from the rich Singapore to the poor Laos)
- Politics (from democracy to dictatorship and everything in between), economics (from free markets to capitalism and more).
- Religion (Buddhism, Hinduism, Islam, Christianity, and more)
(Rich & West, 2014)
Regionalization
refers to regional concentration of economic flows and also pertains to the process of intergovernmental collaborations between two or more states
(Eliassen & Arnadottir, 2012)
Regionalism
- Generate productivity gains, new ideas, and competition that boost economic growth and raise incomes across the world.
- Contribute to the efficiency and stability of global financial markets by Asian capital markets stronger and safer and by maximizing the productive use of Asian savings.
- Diversity sources of global demand, helping to stabilize the world economy and diminish the risks posed by global imbalances and downturns in other major economies.
- Provide leadership to help sustain open global trade and financial system.
- Create regional mechanisms to manage health, safety, and environmental issues better, and thus contribute to more effective global economic and political landscape.
Imperative for Regionalism in Asia
As long as Asian regionaliasm can sustain the same dynamism, it can boost its role in the changing global economic and political landscape.
Imperative for Regionalism in Asia
- Trade, investment, and integration of ‘‘real’’ economic activity.
- Financial Integration
- Macroeconomic policy links
- Shared social and environmental concerns.
These specific guidelines will ensure that Asian regional cooperation can be attianed.
Areas for Analysis
- Compose of Ten SEA Member Countries.
- Seek to promote regional intergovernmental cooperation and facilitates economic, political, security, military educational and socio-cultural integration amongst its members and other Asian countries.
ASEAN
- promotes regional peace and stability through abiding respect for justice and the rule of law in the relationship among countries of the region and adherence to the principles of the United Nations Charter.
- promote active collaboration and mutual assistance on matters of common interest in the economic, social, cultural, technical, scientific and administrative fields.
- provide assistance tp each other in the form of training and research facilities in the educational, professional, technical, and administrative spheres.
- collaborate more effectively to encourage further growth in the agriculture and industry, and trade sectors. This include improving transportation and communications facilities and conducting studies on international commodity trade with the overarchng goal of raising the living standards of ASEAN peoples.
- promote Southeast Asian studies
- maintain close and beneficial cooperation with existing international and regional organizations with similar aims and purposes, and explore all avenues for even closer cooperation among themselves.
Aims and Purposes of ASEAN
- mutual respect for the independence, sovereignty, equlity, territorial integrity, and national identity of all nations;
- The right of every State to lead its national existence free from external interference, subversion or coercion.
- Non-interference in the internal affairs on one another.
- Settlement of differences or disputes by peaceful manner
Fundamental Principles
- Shared vision of ASEAN as a concert of SEA nations
- Outward looking, living in peace, stability and prosperity, bonded together in partnership in dynamic development and in community caring societies.
- (The ASEAN away) Consesus-based approach upon strict observance of sovereignty
- (3.3% of total land area of Earth) The territorial waters cover three times larger than its land counterpart, playing an important role in terms of sea lanes and fisheries.
- (Total combined population: 640 Million 8.8% of the world’s population)
- Nominal GDP Growth: More than $2.8 Trillion USD (2015).
- It is considered as one entity, it can be considered as 6th largest economy.
ASEAN Community
