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The Motive Power for World Economic Integration

In: The New Asia in Global Perspective

Author

Listed:
  • Myung-Gun Choo

    (Sejong University)

Abstract

By utilizing the low labour costs and production base in Asia, the USA has successfully stabilized prices in its domestic market and advanced its industries since the Second World War. Caught completely off guard by the rapid development of Asia’s productivity and technological know-how, the USA struggled to implement measures to keep the region’s growth in check. Ironically, this move by the USA brought Asian countries closer together and further helped to strengthen their solidarity. Japan moved its production facilities to developing countries in order to avoid import regulations and realize lower production costs. If there were wage increases in one country, Japan would withdraw its production facilities from that country and move to another. As this process repeated itself throughout the region, developing countries in Asia, one after another, were able to increase their range of technology and realize their potential for development. As a result, new demands were created and intraregional trade dependency increased, securing Asia’s position in the international arena.

Suggested Citation

  • Myung-Gun Choo, 2000. "The Motive Power for World Economic Integration," Palgrave Macmillan Books, in: The New Asia in Global Perspective, chapter 2, pages 24-39, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50893-4_2
    DOI: 10.1057/9780230508934_2
    as

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