World Economy Essay by The Research Group

World Economy
Evaluates the global situation in the early 1990s and the near future, discussing regional integration, trade agreements and barriers.
# 19714 | 1,350 words | 13 sources | 1992 | US
Published on Feb 23, 2003 in Economics (International) , International Relations (General)

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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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