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9 Cards in this Set
- Front
- Back
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Regional economic integration |
Process where countries in a geographic region cooperate to reduce or eliminate barriers to the international flow of products people and capital |
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Levels of regional integration |
Free trade area Customs union Common market Economic union Political union |
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Free trade area |
Remove barriers to trade among members, each country has policies for non members |
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Customs union |
Remove trade barriers among members and set common trade policy against non members |
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Common market |
Remove barriers to trade labor and capital among myers and set common trade policy for non members |
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Economic union |
Remove barriers for labor trade a d capital set coon trade policy against non members and coordinate members economic policy |
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Political Union |
Coordinates aspects of members economic and political systems Ex. NAFTA |
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Benefits of integration |
Trade creation Greater consensus Political cooperation Creates jobs |
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Drawbacks of integration |
Trade diversion Shifting employment Less sovereignty |
