European Union's Former Eastern Block: A New Emerging Market and Region
This paper will focus on the European Union or "EU" former eastern block countries of Czech Republic, Slovakia, Hungary and Poland. This region of the EU was selected as a recent emerging market and economic community to study because of its recent introduction into the global marketplace. The EU carries a lot of clout in the world of politics. In recent years, the Czech Republic, Slovakia, Hungary and Poland have made concessions needed to become a part of the European Community. The countries were former eastern block countries, controlled by Soviet powers and up until the late 1980's and were closed to the rest of the world but they have been successful in their transition to a market oriented economy. Specifically the country of Hungary has been ranked one of the world's top tourist destinations for the last four years and its exports for 1999 "totaled $25 billion, nearly half of the GDP with 85% supplied to EU customers (Country Profile, 2000)" and the Czech Republic is not far behind in popularity. Hungary has also "attracted an aggregate $20 billion in foreign direct investment (Country Profile, 2000)" trailing only Poland. This paper will explore this region's emergence and discuss issues of integration, economic development and the major drivers of globalization for these countries. What are the ramifications of compliance not just monetarily but also for the people of these countries and their cultural identities? How will integration into another economic environment influence success?
Background on the Region
Politically the countries are harmonious and borders are open. Hungary has played an important positive role in Central European socio-political growth and issue resolution. It has become the peacekeeper and in order to end the arguments among its neighbors Slovakia and Romania, Hungary "decided to modify the law on status of Hungarian expatriates (Deloy, 2003)." This law grants social services and other rights to minorities living in bordering countries within the...
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