If we take the narrow view of economic globalisation to mean the development of international trade and integration within the world economy, then countries in East Asia are highly globalised. The recent economic success of the region is partly based on its growing commercial links with the world in general, and to the free-trade blocs of North
America and Europe in particular. export-led growth thesisshare
Jones (1997: 61) notes that ‘the proponents of the view that the embedded liberalism of
established at Bretton Woods of the Pacific Asian economies’.
1944 has ‘contributed is also noteworthy that
this success, foreign direct
at least until recently, was investment and openness to
attributed to international
the region’s capacity in attracting trade. Consequently, modern jobs
and goods flowed into Hong Kong, Singapore,
the region (particularly in the four Asian South Korea and Taiwan plus Japan). The
‘Tiger’ economies of performance of these
NIEs appears to by globalisation.
notion that a country’s economic development 1980s, Southeast Asia, particularly Malaysia
is determined and Thailand,
to bene it from economic globalisation, and later in the 1980s, market reforms in
especially in terms of labour-intensive China meant that it could also enter the
world market (Chiu globalisation was the recovery from that economic success of
Of course, a negative crisis that began in the
consequence of economic summer of 1997, although
crisis was relatively the East Asia region
swift, albeit uneven. has been largely due to
In sum, the the conscious
continued efforts of
its governments to conscious decision
the world economy.
has not been a to its traditional
reluctance to intervene in the economy.
However, Hong Kong faces keen
from its East Asian neighbours, particularly where concentrated, including Tokyo and Singapore, with Shanghai and Taipei.
economic globalisation the possible addition
competition flows are of Seoul,
2. POLITICAL AND ADMINISTRATIVE CONTEXT
Kong has never
Kong and Canton
an independent polity.
Britain’s unofficial occupation of