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

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