THEORY AND PRACTICE OF REGIONAL ECONOMIC INTEGRATIONS - Download this document for free, or read online. Document in PDF available to download.

Regional economic integrations are the fundament on which moderneconomic relations are based. They stem out of numerous interests of thosecountries whose desire is to transfer some part of their authority into a newnational-legal framework. One of the decisive reasons for these changes is theeconomic interest. It is realized because by integrating singular economic markets,better economic effects are achieved for all members of the integration. Theseeffects are achieved for better exploitation of natural resources, workforce, etc.Knowledge, technological development and other positive externalities are usedwithin these integrations. For this reason the integrations are more and morepresent in modern socio-economic activities. They are based on relevant theoreticalworks which have in the past half a century provided the scientific confirmation ofthe existence of great economic benefits gained through these integrations. Theorywise,each integration brings changes to the consumers and manuacturers of acountry that enters it, while other changes take place as well. The most notableauthors of the theories of customs union, economic and other integrations areViner, Meade, Balassa, Lipsey and others. The EU is a typical example of a greatand successful integration. It is still being enlarged. The new member statesachieve faster growth through the advantages provided by the large market. TheEuropean Union has a rich history of its development while the ideas of Europeanintegrations are century-or even millenium-old ideas.

Keywords: Integrations ; regional ; customs union ; advantages ; theory ; largemarket ; the EU

Subject(s): International Relations/Trade

Public Economics

Issue Date: 2010

Publication Type: Journal Article

PURL Identifier: Published in: Economics of Agriculture, Volume 57, Number 2 Page range: 155-173

Record appears in: Institute of Agricultural Economics, Belgrade - Serbia > Economics of Agriculture

Economics of Agriculture

Economics of Agriculture

Author: Popovic, G.


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