Economic globalization affecting economic development of East Asian countries

 Economic globalization is the inevitable result of the economic developing process, which has experienced three developmental phases: commercial capitalism, vertical rank division of labor of industrial capitalism, and global rank division of labor. This paper holds that evolution of economic production activity brought about by the third science and technology revolution provides a strong material and technological basis for economic globalization. The development of productivity brought forth by the new technological revolution exacerbates the supply–demand contradiction in capitalism and becomes the important propelling factor that promotes monopolistic capital to push outward to the rest of the world. The multinational corporations that master high technology and huge capital become the main powers that propel global production rank division of labor. Because of the aspiration for industrialization and modernization, East Asian countries have become the propelling power for economic globalization.