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The Political Economy of Regional Integration (eclectic approach…
The Political Economy of Regional Integration
regionalism
mid-1980s
new regionalism
global
trade
finance
FDI
1950s/60s
earlier regional
movement
EC (EU)
trade
few other areas
economic regionalism (ER)
Single Market Act
political motivation
West Europe
Maastricht Treaty
politically and economically unified EU
economicaly equal to Japan & U.S.
North America (NAFTA)
mixed motivation
market-driven
natural integration by market forces
political motives
free trade area
Pacific Asia (APEC)
market-driven
political motivation
Japanese policies
to↑ bargaining leverage in global economic negotiations
economic theories
New institutionalism
overcome market failures
solve coordination problems
:red_cross: other obstacles to eco. coop.
New political economy
interest group politics
distributive consequences of ER
regional trade arrangements (CU,FT)
harmful to nonmembers
winners and losers among the members
Marxist theory of economic and political integration
transnational capitalist classes to ↑ capital accumulation
forced by
technological developments
international competition
Optimum currency area (OCA)
conditions for establishment of a common currency within an economic region
Economic & Monetary Union (EMU)
political theories
Federalism
Neofunctionalism
Neoinstitutionalism
Realism
Intergovernmentalism
eclectic approach
reasonable & stress a number of factors =
universal theory of REI - impossible
regionalism stimulated when weak intl. leadership
emergence of new economic powers
↑ intl. economic competition
rapid technological developments
driven by economic security dilemma
↑ importance of oligopolistic competition
theory of strategic trade
economies of scale