A Comparative Study: Globalization and Development of Regions of Europe, Asia Pacific, and Latin America

Adeola A Adeniyi ,Tej S Dhakar

doi:10.7176/iags/89-03

Abstract

Globalization is one of the most significant concepts of our time that has led to countless academic discussions and public debates. Several empirical literatures have explored how globalization has impacted developed and developing economies. It is critical to study the effects of regional globalization and the impact of different methodological perspectives. This paper examines the effects of globalization across various regions of Europe, Asia Pacific and Latin America. The secondary data used for this paper is obtained from Statista and the World Bank. The methodologies used include One-way Anova, Regression Analysis and Ancova. The findings of the Anova show how globalization significantly impacts the regions discussed in this paper. This indicates that the regions derived substantial benefits from globalization. The regression analysis results highlight that there is no relationship between globalization and democracy, and the Ancova results support that the interaction of region and democracy is not significant. We therefore conclude that the growth and development of these regions related to globalization is based on increased competition, employment, investment and capital flows, foreign trade, spread of technical know-how, spread of culture, high standard of education, and structural institutions. This paper provides a platform to better inform policy makers in these regions, as well as the world, on how the benefits of globalization lead to the expansion and growth of developed and developing countries. Keywords: Globalization Index, Europe, Asia Pacific, Latin America, Democracy Index , Ancova DOI: 10.7176/IAGS/89-03 Publication date: January 31 st 2021

Highlights

The world has gone through increasing interconnectedness and interdependence among nations in all aspects of life and through its widespread influences on trade, investment, labor, banking and the movement of people, goods and services (Reed, 2020)
Has the globalization mean cut across Europe, Asia Pacific and Latin America in recent times? Is there an impact of democracy in the regions that are globalized? This study utilizes the KOF index of globalization and democracy index from Statista and World bank for the year 2019 to measure the rate of globalization and the status of democracy on Europe, Asia Pacific and Latin America regions
This study tends to add to the body of knowledge by comparing how globalization has affected Europe, Asia Pacific and the Latin America regions together

Summary

Introduction

The world has gone through increasing interconnectedness and interdependence among nations in all aspects of life and through its widespread influences on trade, investment, labor, banking and the movement of people, goods and services (Reed, 2020). World transformation continues to reflect in Asia, Europe and Latin America regions. There has been a great controversy on the impact of globalization (Steif, 2019), this study seeks to investigate the effects of globalization in Europe, Asia-Pacific and Latin America region.

Results

Conclusion