The American and European Common Markets

Paper Summary:

This paper discusses that the goals of the European market and the American market are virtually one in the same: The enabling of national and international trade with as few barriers as possible and a commitment to the growth of a common market. This paper defines the EU system as "state oriented" and the U.S. system as "market oriented". The author believes that the European Union has been successful at fostering and growing a common market because of their success at harmonization, the means of making regulations meet a similar standard.

From the Paper:

"The European Market, unlike the American common market, also faced the challenge of confronting and addressing language barriers also and cultural differences. The European Union adapted to 15 different cultural entities. In the United States a common market was constructed based only on one language, English, and upon a people that are very homogenous culturally. Thus, the European Union is more amenable to growing trust among each state and necessarily had to establish a political system that was not as centralized as that in the United States. It would be virtually impossible for a national sovereign body to agree on a political system of standardization and regulation upon which all of the different cultural systems might easily agree. The European Union has thus looked more favorably upon international regulatory measures than the U.S. has in formation of its common market."

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