View AbstractGlobalisation defines a trend of transformation from local and regional to the global
phenomenon, and characterizes the coexistence of a relationship based on surplus, trade,
market and capital. Such a trend was, however, stalled by unlimited state control,
excessive taxes and traditional means of transportation and communication during
medieval times1 besides two great wars and their corresponding anti-imperial „nationalist‟
interlude in the 20th century. These unhealthy factors contributed to plummeting the
foreign trade and capital investment in the developed and the developing countries.
Nonetheless, the said trend picked up as a sequence of unprecedented technological
advancement and the pro-activism of several leading trans-national financial
corporation‟s (hereafter TNFCs) but suffered again in 1970s as a sequence of low returns
of TNFCs. To tide over the crisis, the TNFCs mandated privatization of state enterprise,
liberalization of imports, equitable resource sharing, soft borders, hassle free trade,
regional and global infrastructural development, etc. A unified and flexible economic
order based on the integration of national, regional (pan European, pan-Asian, pan-Arabic
and pan-American) and world economies towards laissez faire and neo-liberalism, was
the natural concomitant of above initiative of the TNFCs.2 Consequently, indicators of
socio-economic development progressed to an appreciable extent despite the belief of the
“Cultural Imperialists” that “Globalisation is the reincarnation of the Western
imperialism/colonialism”; hence, aimed at benefitting the developed rather than the
developing countries across the world.3 The Central Asian space was no exception to
above global phenomenon. Though the region registered unprecedented progress, it was
juxtaposed subject to several complications. In fact, the present article seeks to examine
the costs and benefits of globalisation to the Central Asian countries, and it is based on
both historical and empirical studies.