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Miroslav N. Jovanović

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Miroslav N. Jovanović

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Miroslav N. Jovanović

Chapter 9 concludes the book and argues that regional economic integration is now here to stay. Even though the results of the Uruguay Round provided a major impetus to multilateral solutions in international trade, regional trade arrangements (mainly free trade areas) continue to proliferate. The new post-Doha Round WTO is unlikely to stop that trend. Multilateral liberalisation and regionalism could be mutually reinforcing, provided that the regional integration schemes adopt a relatively liberal external trade and investment policy, and that they cooperate. On those grounds, and if these conditions hold, integration arrangements may be a favourable development for the world economy. It is important to bear in mind that countries grow richer together in the medium and long term, not at each other’s expense.
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Miroslav N. Jovanović

Chapter 2 deals with dissipating multilateralism, expansion of integration deals, emergence of the mega integration deals and marginalisation of the World Trade Organisation.
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Miroslav N. Jovanović

Chapter 6 examines economic unions. Monetary, fiscal, industrial and regional (spatial location of firms/industries) policies are considered in turn. The point is that all these policies in an economic union can be defended by the same arguments that are used to justify similar policies in a single country consisting of several regions. Monetary policy is the area where the effects of integration are felt first. The eurozone – its origin, controversies and uncertain future – is considered in detail. Fiscal policy refers to taxation and budgetary problems among countries.
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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.
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Miroslav N. Jovanović

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Miroslav N. Jovanović

Chapter 5 covers the controversial issue of globalisation. This term is not well defined: it is overused and often abused. It means different things to different people and professions, and it changes over time. The chapter observes that globalisation is in many respects old wine in new bottles. However, a new Asian face of ‘globalisation’ disrupts an important part of the old international economic order, and the West may ask if it has lost control over the globalisation forces.
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Miroslav N. Jovanović

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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Miroslav N. Jovanović

The Introduction (Chapter 1) presents the basic notions related to integration.