World Economy

From the Paper:

"THE WORLD ECONOMY 2000

As 1992 begins, regional economic integration continues to accelerate, the General Agreement on Tariff and Trade (GATT) continues to flounder, and Asia continues to set the pace in economic growth.. A continuation of these trends could result in a more economically compartmentalized world by 2000. Such an outcome, however, is not certain.

There are five levels of regional integration, the first of which is the formation of a free-trade area, and the second of which is the evolution of the free-trade area into a customs union. Beyond the customs union, the third level of integration is the common market. The common market, generally speaking, describes the pre-1992 level of integration in the European Community (EC). The fourth level of integration is economic union. This is the ..."

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