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Unformatted text preview: 3. Common market - no barriers to trade between member countries, a common external trade policy, and the free movement of the factors of production This type of integration can be difficult to achieve and requires significant harmony among members in fiscal, monetary, and employment policies 4. Economic union - involves the free flow of products and factors of production 5. Political union - independent states are combined into a single union-This requires that a central political apparatus coordinate economic, social, and foreign policy for member states-The EU is headed toward at least partial political union, and the-US is an example of even closer political union The Case for Regional Integration-There are both economic and political arguments supporting regional economic integration-Generally, many groups within a country oppose the notion of economic integration...
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This note was uploaded on 03/02/2011 for the course BEC 325 taught by Professor Mccabe during the Spring '09 term at Iona.
- Spring '09