The Peace and prosperity of countries lay in the establishment and strengthening of regional economic organisations. Justify this statement.
The establishment and strengthening of regional economic organisations plays a vital role in ensuring peace and prosperity of countries. After the end of the bipolar structure of world politics in the early 1990s, alternative centres of political and economic power emerged to limit dominance. Organisations like the European Union (EU) and ASEAN have developed alternative institutions and conventions that build a more peaceful and cooperative regional order.
The European integration after 1945 demonstrates how economic cooperation leads to peace. America extended massive financial help under the Marshall Plan for reviving Europe's economy. The Organisation for European Economic Cooperation (OEEC) was established in 1948, which became a forum where western European states began to cooperate on trade and economic issues. This process eventually led to the formation of the European Union in 1992, transforming countries into prosperous economies.
Similarly, ASEAN remains principally an economic association. Its Economic Community aims to create a common market and production base and aid social and economic development. It also works to improve the Dispute Settlement Mechanism to resolve economic disputes. ASEAN has focused on creating a Free Trade Area (FTA) for investment, labour, and services.
Thus, regional economic organisations have successfully evolved regional solutions to historical enmities and weaknesses, transforming countries into prosperous economies while maintaining peace.
Explanation
This question tests the student's understanding of how regional organisations contribute to peace and prosperity. The answer draws from the textbook's discussion of EU and ASEAN as examples. Key points include: (1) Regional organisations limit dominance of major powers, (2) They develop institutions for peaceful cooperation, (3) Economic integration (like Marshall Plan, OEEC, EU) resolves historical conflicts, (4) ASEAN's economic community creates common markets and dispute resolution mechanisms, and (5) These organisations transform regions into prosperous economies. The answer follows the 5-mark format with 4-5 paragraphs and uses bold for key terms.