REGIONAL ECONOMIC INTEGRATION, IMF, WORLD BANK AND WTO
REGIONAL ECONOMIC INTEGRATION
Regional Economic Integration is a process by which the firms and economies of separate states merge in larger entities. There is discriminatory removal of all barriers of economic cooperation. It is the combination of several national economies into a larger territorial unit. It’s elimination of economic borders.
In 1961, Bela Balassa produced five stages of economic integration of European Union:
1. Free Exchange Area
2. Customs Union
3. Common Market
4. Economic Union
5. Economic and Monetary Union
Thus, Bela Balassa made decisive contribution to economic integration. He could foresee certain things such as appearance of common currency and ‘convergence criteria’ ...
Get NTA UGC/NET/SET/JRF Commerce Paper 2 - 2024, | 2023 Fully solved paper | 4th Edition, Includes 2023 Solved Papers | now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
