International Economic Integration - Coggle Diagram
The Changing World Context
The world has undergone significant changes since the end of World War II. At that time, most countries, and especially Europe, were divided by superpower-dominated blocs and the economies were recovering from the devastating effects of war.
Globalization and Economic Activity
Globalization is the result of technological processes mainly in the areas of information technology, telecommunications, energy, transport, and biotechnology as well as a shift in economic policies.
The World Trade Organization
The WTO is the successor to the GATT, which was signed in 1947 in Geneva by 23 countries and was designed to provide an international forum for encouraging free trade between member states by regulating and reducing tariffs on traded goods and by providing a common mechanism for resolving trade disputes
The International Monetary Fund and the World Bank
The IMF examines the economies of all its member states on a regular basis.
Refers to the discriminate reduction or elimination of trade barriers among participating nations.
Economic Integration in Europe: The European
Economic integration was motivated by political and economic considerations as it ultimately involves a reduction in sovereign power and a simultaneous increase of a supranational authority.
The Single Market
In a single market, there is free movement of factors of production
Economic and Monetary Union
The principle of the Economic and Monetary Union (EMU) became formally a Community target at the Hague Summit in 1969 where the EEC leaders agreed to proceed gradually toward economic and monetary union.
Economic Integration in North America—NAFTA
It incorporates a previous bilateral free-trade agreement between the United States and Canada and extends to Mexico the obligation to liberalize trade and investment.
Economic Integration among
Developing countries form regional arrangements in an attempt to help growth and achieve fundamental structural changes