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Globalisation and Consumer Protection in East Asia: is it a zero sum game?

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  • David K. Round
  • Zeljka Sporer

Abstract

The provision of comprehensive consumer protection legislation is not high on the policy agenda in most developing economies, given what are seen to be more urgent economic and social goals such as encouraging economic growth and the eradication of poverty and illiteracy. Yet large welfare losses can occur as a result of market failure due to the significant information asymmetries that usually exist in developing economies, with buyers being at the mercy of much better informed sellers. It is time to overcome this problem through education, legislation and the creation of appropriate bureaucratic institutions. However, through globalisation the market itself may be able to achieve a greater degree of consumer protection, certainly in the short term, than would otherwise be achieved in the absence of such forces. While globalisation may create problems, it provides an opportunity to solve some consumer protection problems—a benefit from globalisation not previously highlighted. This article suggests that the nations of East Asia seek a regional consensus on developing a culture for consumer protection and on the implementation of consumer protection laws and enforcement procedures.

Suggested Citation

  • David K. Round & Zeljka Sporer, 2003. "Globalisation and Consumer Protection in East Asia: is it a zero sum game?," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 17(2), pages 39-50, November.
    • Handle: RePEc:bla:apacel:v:17:y:2003:i:2:p:39-50
    DOI: 10.1046/j.1467-8411.2003.00130.x
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    References listed on IDEAS

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    1. Moore,Mike, 2003. "A World without Walls," Cambridge Books, Cambridge University Press, number 9780521827010, October.
    2. Kishwar Khan & Sarwat Aftab, 2000. "Consumer Protection in Islam: The Case of Pakistan," Australian Economic Papers, Wiley Blackwell, vol. 39(4), pages 483-503, December.
    3. repec:bla:ausecp:v:39:y:2000:i:4:p:408-25 is not listed on IDEAS
    4. Rhonda L. Smith, 2000. "When Competition is Not Enough: Consumer Protection," Australian Economic Papers, Wiley Blackwell, vol. 39(4), pages 408-425, December.
    5. World Bank, 2002. "Globalization, Growth, and Poverty : Building an Inclusive World Economy," World Bank Publications - Books, The World Bank Group, number 14051.
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    Cited by:

    1. David K Round & Alec Zuo, 2008. "The Welfare Goal of Antitrust Laws in Asia: for whom should the law toil?," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 22(2), pages 31-56, November.

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