Ch 9 Regional Economic Integration BUS D 300

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Cshowalter
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Ch 9 Regional Economic Integration BUS D 300
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2015-03-14 13:40:04
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  1. regional economic intergration
    • agreements among countries in a geooraphic region to reduce tariff and non tariff barriers to flow of goods
    • this is good for consumer it lowers prices
  2. 5 levels of economic intergration
    • free trade -No or little trade barriers (which is lest restrictive)
    • Customs Union- a common external trade plicy
    • Common Market- Free movement of factors of production
    • Economic Union- A common currency, a common monetary and fiscal policy
    • political union- A central political organization (is the most restrictive)
  3. Reasons for integration
    • Economic reasons
    • - all member countriees can benefit from the free trade
    • Political reasons
    • - member countries can enhance their political power in the world
  4. challenges of integration
    • certain groups or industries in a member country may lose
    • - some US and Canadian workers in textile industry with NAFTA
  5. Imprtant Trade Blocs
    which of this is the US a member counter of?
    • EC
    • NAFTA
    • ASEAN
    • APEC
  6. Free trade areas
    • all barriers to the trade of goods and service among member countries are removed
    • 1 Yes - no or little trade barriers
    • Examples EFTA and NAFTA
  7. Customs Union
    • 1 yes- no or little trade barriers
    • 2 yes a common external trade policy
    • ex Andean Community
  8. Common Market
    • 1 yes- no or little trade barriers
    • 2 yes- common external trade policy
    • 3 yes - free movement of factors of production
    • EX Mercosur
  9. Economic Union
    • 1 yes- no or little trade barriers
    • 2 yes- common external trade policy
    • 3 yes - free movement of factors of production
    • 4 yes - a common currency, a common  monetary and fiscal policy
    • ex EU (imperfect)
  10. Political Union
    • 1 yes- no or little trade barriers
    • 2 yes- common external trade policy
    • 3 yes - free movement of factors of production
    • 4 yes - a common currency, a common  monetary and fiscal policy
    • 5 yes - a central political organization
    • ex USA, future of EU
  11. the establishment of the euro: (265) Benefits and cost of the euro
    • you only have to deal with one currency and also you know the price of something across euro
    • the drawback of having one currency is that national authorities have lost control over monetary policy
  12. Association of Southeast Asian Nations (ASEAN) 276
    the objective of ASEAN is to foster free trade among member countries and to achieve cooperation in their industrial policies
  13. US trade blocs
    • FTA
    • ASEAN
    • EU
    • NAFTA

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