The Economics of International Integration, Second Edition

The Economics of International Integration, Second Edition

Miroslav N. Jovanović

The dissipating multilateral trading system and splintering in a number of trading blocs and arrangements has been one of the most important issues in international economics, particularly after the establishment of the World Trade Organisation in 1995 and especially during the Doha Round (2001-13). This book takes on those and new issues such as integration through spatially fragmented production and operation of supply chains. It also reviews various existing and emerging integration arrangements and their achievements. International economic integration deals are here to stay and evolve with variable successes in spite of advantages offered by the multilateral trading system.

Chapter 7: Integration groups

Miroslav N. Jovanović

Subjects: economics and finance, international economics, regional economics, urban and regional studies, regional economics


Existing and emerging integration schemes and their experiences are examined in Chapter 7. Integration schemes are distributed on the basis of geography. The chapter demonstrates the ways, means and certain achievements of larger-scale integration between developed and some less developed countries. There are also references to the emerging mega trade deals that aim to create a new set of trade rules for the coming decades outside the WTO. The American policy is to set those new rules according to the American liking, but without the involvement of China (mega international trader), and make China either accept the already set new rules (capitulate) or be excluded. This is faulty and dangerous, as China, as the principal world producer and trader, may be the ‘natural heir’ of the American policy of global liberal trade. China may also develop its own parallel trading and payment system.

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