Chapter 1: Toward a Supranational Regional Macroeconomic Core
Page 3 1 Toward a Supranational Regional Macroeconomic Core People only accept change when they are faced with necessity, and only recognize necessity when a crisis is upon them. (Monnet 1978, p. 109.) THE PERSPECTIVE In the 1990s and beyond, the search for an optimum framework for studies in international economics is very much in order. The dynamics of two sets of economic events—one in Europe, especially in Western Europe, the emergence of a single economic region, the European Union (EU); and the other in Asia, especially East Asia, Japan’s economic achievement plus the industrialization and economic growth of a select group of AsiaPacific economies—suggests that a new multipolar world economy has emerged. In the postCold War global order, the EU is a unique paradigm of economic regionalization, providing a macroeconomic core for microeconomic optimization—consumer satisfaction for households and profit for business corporations in all membereconomies and it very much warrants our attention. The progression of the European Economic Community (EEC) to the European Community (EC), and then to the EU in 1992 is a notable event in the emerging new international order. The historic liquidation of hostilities between the East and the West presents yet another challenge. The Cold War that plagued the world ever since World War II concluded has now come to an end. In the process, the two international arrangements that dominated the political and economic dialogues over the past several decades have come to outlive their usefulness. The two...
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