Central Asia in the Globalization Process: Comparative Analysis of Human Development and Socio-Economic Situation

8 Pages Posted: 7 Mar 2014

See all articles by Fikret Elma

Fikret Elma

Celal Bayar University - IIBF

Sarvar Gurbanov

ADA University, SPIA, School of Public and International Affairs

Date Written: May 24, 2012

Abstract

Twenty years have been left behind after the collapse of Soviet Union (SU) and independence of Central Asian Countries. Globalization accelerated worldwide in terms of socio-economic and political improvements and generated crucial outcomes. Neo-liberal approach has established positive perception about globalization; economic development will get better, poverty, unemployment and inequalities will be decreased. However, global financial crisis, increasing poverty and inequalities start to make this approach to lose its meaning.

Furthermore, especially during last ten years socio-economic problems have deepened globally. Central Asian countries (Kazakhstan, Kyrgyzstan, Uzbekistan, Turkmenistan, Tajikistan) experienced grave phases such as disintegrating from SU, establishing a nation-state and transition from command to free market economy, had faced setbacks in terms of socio-economic issues during the early stages of independence (1991-1995). Gradually in this geography socio-economic decline had slowed down and certain level of economic development had been achieved. Among these countries resource-rich countries Kazakhstan, Uzbekistan, Turkmenistan have better economic development potential relative to the Kyrgyzstan and Tajikistan. In this paper, Central Asian economies will be analyzed comparatively among themselves and with some other parts of the world in terms of main indicators such as socio-economic development, human development situation, income inequality, and poverty and unemployment rate.

Keywords: globalization, inequality, poverty, human development index, socio-economic development

JEL Classification: O15, P31

Suggested Citation

Elma, Fikret and Gurbanov, Sarvar, Central Asia in the Globalization Process: Comparative Analysis of Human Development and Socio-Economic Situation (May 24, 2012). Available at SSRN: https://ssrn.com/abstract=2405409 or http://dx.doi.org/10.2139/ssrn.2405409

Fikret Elma (Contact Author)

Celal Bayar University - IIBF ( email )

United States

Sarvar Gurbanov

ADA University, SPIA, School of Public and International Affairs ( email )

11 Ahmedbay Aghaoglu
Baki, AZ 1008
Baku, AZ 1008
Azerbaijan

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