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ECONOMIC
INTEGRATION - Coggle Diagram
ECONOMIC
INTEGRATION
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Causes
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The need to expand product consumption
markets and create allies to protect some
domestically produced industries
Removing barriers to trade,
allowing businesses to access larger markets
Creating a network of mutually beneficial trade relationships, enhance the stability and security of trade
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Example
European Union
use EURO (excep the UK, Sweden, Denmark)
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Impact
Political
lead to greater cooperation, enhanced geopolitical influence.
lead to tensions and conflicts, particularly when there are disparities in governance, ideology, or geopolitical interests.
Technological
lead to innovation, improved efficiencies
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Social
lead to greater social equity, improved access to opportunities, and reduced discrimination.
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Economic
Increased efficiency, larger markets for goods and services