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Wednesday, December 8, 2010

It is the solved assignment of – “Show your understanding of regional economic integration” question for SMU MBA MB0037 assignment. The International Business Management assignment is associated with “Is A World Wide Standardization a Major Issue in the Wake of Globalization?” and “How has WTO Benefited Economies?

Regional integration can take many forms, and nowhere is this more evident than in the vastly different integration process taking place in the regions of Europe and East Asia. The subject of this paper is regional integration as it has developed in East Asia with a focus on the drivers of that integration. While the paper is not intended as a direct comparison of integration in East Asia and Europe, it will include some comparisons between the two regions.

Integration in East Asia has progressed very slowly and is still in an early stage despite that the process has continued for decades. In fact, it could be said that the process began centuries ago – even as far back as the 15th century. By comparison, European integration has progressed steadily and has gradually depended over the last 50 years to reach an advanced stage today with a common currency and well-developed regional institutions. Thus, the speed of progression and the level of integration attained in the two regions are quite dissimilar.

In addition to these differences, the drivers behind the integration process in each region are different. In Europe, the origins of integration have been institutional in nature, and the development of institutions has been prominent throughout the process.

Thus, regional institutions have been the driving force behind integration in Europe. In East Asia, the development of regional institutions has also occurred, however, progress in this area has been slow and the few existing institutions are fairly weak and ineffective.

Nevertheless, regional integration is taking place in East Asia, but the driving force is the market rather than policy or institutions. Corporations and the production networks they have established are driving integration in East Asia.


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