Market Integration and Asian Regionalism (A Reflection Paper)

This is a random reflection paper about Market integration and Asian regionalism. There are topics that I actually don't fully understand so I am accepting constructive criticism.

Market Integration

The production and trade of goods and products in the world is pervasive. It proves how globalization occurs and helps the growth of an economy of a certain country. However, the trades that occur from one country to another result in an expensive price of the product from the market due to expenses like transportation, but this dilemma can be solved by market integration.

According to Tatum (2022), Market integration is a term that is used to identify a phenomenon in which markets of goods and services that are somehow related to one another being to experience similar patterns of increase or decrease in terms of the prices of those products. It helps both the producer and consumer by reducing the cost of trade that is proportional to the price of the product and helps the economic and financial cycle. It also helps the people, especially the poor ones, to spend lower than their normal budget due to the decrease of the price of a certain good and other products that are somewhat related to it.

I believe that it has a huge contribution to the economic growth of a country to have a stable financial cycle between two markets by becoming a one single market through integration. Furthermore, it also provides an employment opportunity because of the demand in the workers due to market expansion.

Asian Regionalism

An economic crisis is the worst thing that might be possible to happen in a nation or country. This crisis can be lessened by making an agreement with other regions to cooperate and achieve peace and wealth in an economy. This is possible with Asian regionalism, it is dividing an area into smaller segments called regions. This is a product of economic interaction where the main purpose is to assure the stability and growth of an economy.

Association of Southeast Asian Nations (ASEAN) is known for Asian regionalism where its objective is to accelerate the economic growth, social progress, and cultural development in the region, and promoting regional peace and stability. It is proven that regionalism is an effective way for the growth of an economy. In fact, it not only helps the Asian country but also the world and builds globalization to grow and be closer together. It also helps the local government to save more than spending and keep the taxes and fees of trades lower. 

Finally, I believe that it is an efficient and effective way to avoid an economic crisis in a country. It also helps to strengthen the nation's military defense for its dependency and develop our economy through exporting our resources.

References:

What Is Economic Integration? (2021, April 1). Investopedia. https://www.investopedia.com/terms/e/economic-integration.asp

What Is Market Integration? (2022, February 10). Smart Capital Mind. https://www.smartcapitalmind.com/what-is-market-integration.htm

Restoy, F. (2019, April 15). Market integration: the role of regulation. BIS. https://www.bis.org/speeches/sp190415.htm#:%7E:text=Market%20integration%20provides%20a%20number,the%20provision%20of%20those%20services.

Somera, K. (2021, November 11). The Contemporary World: MARKET INTEGRATION. YouTube. https://www.youtube.com/watch?v=6Wggbq6fjxU&feature=youtu.be

Balimbin, R. (2021, May 16). Asian Regionalism. YouTube. https://www.youtube.com/watch?v=8JJlK1xL43k&feature=youtu.be

Nuclear Threat Initiative. (2021, October 13). Association of Southeast Asian Nations (ASEAN). The Nuclear Threat Initiative. https://www.nti.org/education-center/treaties-and-regimes/association-southeast-asian-nations-asean/

Published: March 9, 2022

This is a reflection paper about 
Market integration and Asian 
regionalism