Regionalism is an approach to study the behavior that emphasizes the geographical region as the unit of analysis, stressing the relationship between man and his immediate physical environment.
Economic social and cultural organization are analyzed in the terms of their interrelationships and functions within the geographic region
The term regionalism conveys the sense of intentional, top down region-building – involving inter-governmental collaboration. Regionalization refers to the growing density of interaction and co-operation between neighboring countries.
Regionalism is an inspirational and revolutionary involving the reorganization of political, economic, cultural, and social lives along the lines of an imagined region than according to the standard political unit of the nation-state.
He and Inoguchi
Marshall E. Dimock considers regionalism “as a clustering of environmental economic, social and governmental factors to such an extent that a distinct consciousness of separate identity within the whole, a need for administrative planning, manifestation of cultural peculiarities and a desire for administrative freedom, theoretically recognized and actually put into effect.
Regionalization and Globalization
Regionalism and globalization are two concept which are interrelated.
Regionalism is the process through which geographical regions become significant political and/or economic units serving as the basis for cooperation and possibly identity whereas, Globalization is the interconnectedness and interdependence of states, forming a process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture
Benefits of Regionalism (ABD report 2008)
Link the competitive strengths of its diverse economies in order to boost their productivity and sustain the region’s exceptional growth.
Connect the region’s capital markets to enhance financial stability, reduce the cost of capital, and improve opportunities for sharing risks.
Cooperate in setting exchange rate and microeconomic policies in order to minimize the effects of global and regional shocks and to facilitate the resolution of global imbalances.
Pool the region’s foreign exchange reserves to make more resources available for investments and development.
Exercise leadership in global decision making to sustain the open global trade and financial systems that have supported a half century of unparalleled economic development.
Build connected infrastructure and collaborate on inclusive development to reduce inequalities within and across economies and thus to strengthen support for pro-growth policies; and