Globalization and institution building

This paper discusses institution building and the challenges of globalization in the post-crisis scenario in East Asia.

The paper notes:

• Challenges of globalization have to be met in the context of rapid changes in socio-economic structures and traditional governance structures.
• Emphasis is placed on the multi-dimensional aspects of globalisation and governance
• There is a need to adopt approaches and solutions in line with the individual countrys socio-economic and political context.
• Many positive institutional reforms have emerged as a result of the Asian financial crisis. At a regional level, the closer cooperation of the ASEAN+3 group, such as the regional monetary agreements is welcomed.
• Closer East Asian cooperation and integration could be the most significant institutional change to enable the emergence of a stronger and more resilient East Asia.

Five different aspects of globalization are identified with particular reference to East Asia:

• Globalization and trade
• Globalization of production
• Globalization of currency and financial markets
• Globalization through information technology (IT)
• Globalization of cultural values and lifestyles