APEC and Asia‐Pacific regionalism: Conditions and prospects

Abstract

After the Cold War and the financial crisis that wreaked havoc throughout Asia, the Asia‐Pacific region has realized the importance of their interdependence. Economic prosperity will be the cornerstone of how the world will prosper throughout the 21st century. Because of globalization, the world is changing very rapidly and thus trying to cope with adjustments. The world trade order has changed and regional trading blocs are emerging after the fall of a bipolar world, which were dominated by the communist bloc and the capitalist bloc. After the collapse of the Soviet Union, capitalism has changed how countries perceive their national interests. An analysis is provided for the growth of regionalism and the future possibilities of the Asia‐Pacific Economic Cooperation (APEC).