- Economic integration
Economic integration is a term used to describe how different aspects between economies are integrated. The basics of this theory were written by the Hungarian
Economist Béla Balassain the 1960s. As economic integration increases, the barriers of trade between markets diminishes. The most integrated economy today, between independent nations, is the European Unionand its euro zone.
Fritz Machluptraces the origin of the term 'economic integration' to a group of five economists writing in the 1940s, including Wilhelm Röpke, Ludwig von Misesand Friedrich von Hayek. [Fritz Machlup, "A History of Thought on Economic Integration" (Columbia University Press, 1977)] Economic integration was a foundational plank of US foreign policy after World War II. [ Gabriel Kolko, "The Politics of War: The World and United States Foreign Policy, 1943-1945" (Vintage, 1968; 1990 edition with new afterword)]
The degree of economic integration can be categorized into six stages:
Preferential trading area
Free trade area
Economic and monetary union
Complete economic integration
Economic integration also tends to precede political integration. In fact, Balassa believed that supranational common markets, with their free movement of economic factors across national borders, naturally generate demand for further integration, not only economically (via monetary unions) but also politically--and, thus, that economic communities naturally evolve into political unions over time.
List of international trade topics
Wikimedia Foundation. 2010.
Look at other dictionaries:
economic integration — UK US noun [U] ECONOMICS, POLITICS ► a process in which the economies of different countries become more connected because government rules, taxes, limits, etc. are removed from trade between those countries: »Asian economic integration would… … Financial and business terms
Economic Integration — An economic arrangement between different regions marked by the reduction or elimination of trade barriers and the coordination of monetary and fiscal policies. The aim of economic integration is to reduce costs for both consumers and producers,… … Investment dictionary
Complete economic integration — World trade A series on Trade … Wikipedia
Middle East economic integration — The oil industry significantly impacts the entire region, both through the wealth that it generates and through the movement of labor. Most of the countries in the region have undertaken efforts to diversify their economies in recent years,… … Wikipedia
Central American Bank for Economic Integration — The Central American Bank for Economic Integration (Spanish: Banco Centroamericano de Integración Económica , BCIE ) is a development bank established in 1960 to promote economic integration and development of nations in Central America. It has… … Wikipedia
Central American Bank for Economic Integration — Logo der Organisition Die Zentralamerikanische Bank für Wirtschaftsintegration (span. Banco Centroamericano de Integración Económica, kurz BCIE; engl. Central American Bank for Economic Integration, CABEI) wurde 1960 gegründet, um die… … Deutsch Wikipedia
Comprehensive Program for Socialist Economic Integration — Main article: History of the Comecon The Comprehensive Program for Socialist Economic Integration was set up in 1971, and laid the guidelines for Comecon activity until 1990. The distinction between market relations and planned relations made in… … Wikipedia
Journal of Economic Integration — Джорнэл оф экономик интегрейшн Journal of Economic Integration Специализация: международная экономика Периодичность: 4 номера в год Язык: английский Страна … Википедия
integration — in‧te‧gra‧tion [ˌɪntˈgreɪʆn] noun [uncountable] 1. the combining of two or more organizations, activities etc so that they become more effective, make better profits etc: • The important achievement of the European Union is economic integration … Financial and business terms
Integration — is a process of combining or accumulating. It may specifically refer to:*The bringing together of two or more economies, cultures, religions (usually called syncretism), etc.;in sociology and economy *Social integration *Racial integration,… … Wikipedia