Word: regionalization
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...condition of membership. This, in turn, feeds skeptics in European countries who point to the lack of reforms as proof that Turkey is unworthy of joining the E.U. It's a vicious circle that jeopardizes Turkish domestic reforms and hurts the E.U.'s own interests in the region...
...against this dim backdrop, the part of the world that was hit hardest by the trade crash - Asia - has been actively opening up its regional markets. According to the Asian Development Bank (ADB), the number of free-trade agreements (FTAs) signed by Asian countries has grown from just three in 2000 to 56 by the end of August. Nineteen of those FTAs are among 16 Asian economies, a trend that could help the region become a powerful trading bloc. "Asian integration is sort of a dream, but it is much more realistic than it was before," says Ganeshan Wignaraja...
...course, Asia is still dependent on sales to the West. But FTAs could reduce the region's exposure to the U.S. by giving Asian companies preferential treatment in selling to Asian companies and consumers. These benefits could come with downsides, however. Companies in countries left out of the trade pacts - for example, the U.S. - could face disadvantages when trying to tap fast-growing Asian markets. This, in turn, could have a negative impact on efforts to rebalance excessive debt in the U.S. and excessive savings in Asia. FTAs "create a nonlevel playing field with advantages for Asian countries," says Eswar...
...economics represents a universal and ideal economic order." "The influence of the U.S. is declining," Hatoyama wrote, in a "new era of multipolarity." While saying that the "Japan-US security pact will continue to be the cornerstone of Japanese diplomatic policy" (of course!) he insisted that "the East Asian region.... must be recognized as Japan's basic sphere of being." Hatoyama, went so far as to call for the development of something like a European Union - with a single currency, no less - in East Asia...
However, none has the charisma or the political acumen of the late YSR; and the Congress Party now seems set for another round of political infighting. Without the magnetic leadership of YSR, the state government may have to face a resurgence of the movement by the restive Telangana region to carve itself out as a separate state in India's federation. YSR had effectively quelled its political momentum during his five years in office. Any fractiousness in Andhra Pradesh may be bad news for the Congress party in the state and at the central government - it alone contributes...