During this week’s lecture, we discussed many of the differences and similarities between Vietnam and China as nations. While many, such as language, culture, society, government, etc. were all fairly obvious, there was one big different that stuck out to me. It was how these nations have been affected by globalization. To me, this is perhaps the greatest indicator as to how these nations have reached the points they have, and it can be seem more readily when we examine each.
China is a nation that has a great deal of money invested in other nations, as well has a a lot of foreign investment into their own economy. They are one of the largest players on the international level, and produce more than any other nation in the world. The reason China is able to achieve such economic success internationally is because of their clout. China was able to develop their economy under protectionist policies, and only start beginning with international trade when they were allowed to engage in it on their own terms.
Vietnamese has a slightly different situation, however. Vietnam is very dependent on other nations economically, and most of their economy is owned by foreign investors. They have little clout because they own almost no stake in any other nations, and they are not able to sustain themselves with the products they produce themselves. Vietnam is an example of a nation that loses under free trade and neo-liberal policies because they have no means for protecting themselves from the victimization of larger economies. They are forced to let in large nations who exploit their workers and build sweat-shops in free trade zones, with little benefit to the Vietnamese economy.
Clearly, China and Vietnam are evidence that there are winners and losers when talking about free trade and globalization. More often than not, developed nations benefit while smaller, poorer nations are forced to make concessions simply to provide base domestic needs for their people. Ultimately this leads to a situation where wealth becomes consolidated amongst a few strong economies, while developing nations are left with little to no means to develop infrastructure and create upward mobility.