Chap017

Chap017 - Chapter 17 Economic Integration CHAPTER 17...

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Chapter 17 – Economic Integration CHAPTER 17 ECONOMIC INTEGRATION Learning Objectives: To understand the differences between the four basic levels of economic integration. To identify the static and dynamic effects of economic integration. To grasp the real-world impact of economic integration on countries in the European Union and the North American Free Trade Agreement. To increase awareness of current economic integration efforts in the world. I. Outline Introduction - EU: Two New Members, More Economic Growth? Types of Economic Integration - Free-Trade Area - Customs Union - Common Market - Economic Union The Static and Dynamic Effects of Economic Integration - Static Effects of Economic Integration - General Conclusions on Trade Creation/Diversion - Dynamic Effects of Economic Integration - Summary of Economic Integration The European Union - History and Structure - Growth and Disappointments - Completing the Internal Market - Prospects 17-1
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Chapter 17 – Economic Integration Economic Disintegration and Transition in Central and Eastern Europe and the Former Soviet Union - Council for Mutual Economic Assistance - Moving toward a Market Economy North American Economic Integration - Greater Integration - Worries over NAFTA Other Major Economic Integration Efforts - MERCOSUR - CAFTA-DR - FTAA - Chilean Trade Agreements - APEC Summary II. Special Chapter Features In The Real World: Economic Integration Units In The Real World: Trade Creation and Trade Diversion in the Early Stages of European Economic Integration Concept Box 1: Trade Diversion in General Equilibrium In The Real World: The East African Community In The Real World: Impacts on Trade of Black Sea Regional Economic Cooperation In The Real World: Poland and Russia in Transition: A Study in Contrasts In The Real World: The Mexican Maquiladoras In The Real World: The Effects of NAFTA on North American Trade In The Real World: Economic Integration in Africa – Too Much of a Good Thing? III. Purpose of Chapter The purpose of this chapter is to extend the study of trade policy to the situation of discriminatory policy regimes, exemplified by economic integration units such as free-trade areas and customs unions. To acquaint the student with real-world economic integration, considerable attention is devoted to the history of and the continuing liberalization in the European Union. Coverage is also given to economic disintegration in Central and Eastern Europe and the former Soviet Union, integration in North America, and other major integration units. 17-2
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Chapter 17 – Economic Integration IV. Teaching Tips A. The chapter begins with a brief look at the recent enlargement of the EU by the addition of two more members. This provides a nice opportunity to discuss the potential benefits to the EU and why these nations would want to join. The “In The Real World” box on pages 389-90 provides a list of the members of all major integration units. This allows the discussion to move toward the common characteristics of members of integration units. B.
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Chap017 - Chapter 17 Economic Integration CHAPTER 17...

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