Impact of recent changes in India, Japan, and other Asian countries on your own life
India, Japan, China and other Asian countries have emerged to be economic power houses over the past few decades. Economists attribute this paradigm shift to accelerated integration to the international economy that happened in 1979- 2002. Foreign direct investment (FDI) increased during this period to over US$50 billion in china alone.
India’s independence led to a steady growth in economy and per capita income due to a modern economy. However, this growth was not optimal due to adoption of “License Raj”. This meant that you needed the license in order to do virtually anything. For instance you could not get foreign exchange to import goods until you obtained a ‘license to expand’.
Liberalization and limited reforms, a skilled workforce, vibrant service sectors and an excellent entrepreneurial culture has led to continued growth of the Indian economy. In 1948, India seized and annexed Kashmir and Hyderabad, but at the price of creating a bitter rivalry between India and Pakistan (Duiker& Spielvogel, 2014). This rivalry has cultured a nuclear arms race, as well as continued disputes over territory, water and influence in countries like Afghanistan which is of great concern to the international community.
Japan is still a dominant economic power in this region. Growths in neighboring countries such as china have not dampened its growth. This is largely attributed to intermediate- complementary – trade between countries in the region. For instance china sources parts and components from the technologically advanced Japan. This accounts for an estimated 26% percent of China’s imports.
The Association of Southeast Asian Nations (ASEAN), which was created in 1967, with an aim of fostering economic growth, sociocultural progress and resolving difference serenely, has lived up to its prospects. This was achieved through an initiative to unify the region by adhering to a set of fundamental principles that included multilateralism, minimal institutionalization, minimal internal interference, and peaceful dispute settlement.
Taiwan, South Korea, Singapore and Hong Kong came to be known as the four “little tigers” because of the unforeseen rapid economic development in these four countries. The economic growth has been attributed to high levels of literacy and a skilled workforce.
Recent changes in Asian countries have a mixed impact in my life. International trade and foreign policy has me to be able to get goods such as electronics imported from Asian countries at lower prices. On the other hand Foreign Direct Investments in Asian countries has led to a drop in investments in my countries, thus lowering chances of employment.
References
Duiker, W. J., & Spielvogel, J. J. (2014). The Essential World History, Volume II (7th Ed.). Boston, MA. Wadsworth
Williamson, J. (2006). The rise of the Indian economy. Retrieved from http: http://www.unc.edu/depts/diplomat/item/2006/0406
