chapter  7
34 Pages

Regional dynamics: Europe and Asia

Although globalization has had an impact on virtually everyone alive today, that impact and the reaction to it have varied, in part, by region. Although most observers agree that North America, especially the United States, has to date been the world’s leading beneficiary from globalization,3 different regions have been affected to a greater or lesser extent by globalization’s key processes, and states have adapted to or resisted globalization in different ways and degrees.4 Moreover, as the global economic system has struggled to recover from the global financial crisis, regional differences are evident, with GDP growth of emerging market economies in 2010 and 2011, especially China (10 percent, 9.7 percent),5 India (7.7 percent, 7.8 percent), and

ASEAN (4.7 percent, 5.3 percent), projected to be considerably higher than advanced economies such as the United States (2.7 percent, 2.4 percent), Japan (1.7 percent, 1.2 percent), or the Euro area (1.0 percent, 1.6 percent).6