Interregional Linkages in a Changing Global System
Edited by Peter W. Preston and Julie Gilson
Chapter 10: The European Union and China: the benefits of openness in international economic integration
Tong, Jia-Dong INTRODUCTION There are two kinds of model in international economic integration. One is the institutional model, the so-called policy-oriented model, and the other is the non-institutional model, the market-oriented integration model. These two models show one shared characteristic when we consider the interdependence of nations. That is, that any kind of economic integration must have some attraction to the participating states. The European Union is a typical example of the institutional model of integration. In the past, it was a rather closed system, and it was difficult for third countries to enter it in order to trade. It can be argued that the EU should now become more open to trade in order to boost its rate of economic growth. In this context, we can note the importance of expanding trade with China. I would argue that the EU should open its trade more widely and strengthen its economic contacts with countries outside the EU. In theoretical terms, the EU should adjust the balance of its economic system and move away somewhat from the present rather closed system towards a stance which is more open to the world. MODELS OF ECONOMIC INTEGRATION There are two kinds of international economic integration in the world. One is institutional integration, the other is non-institutional integration oriented to the mechanism of the marketplace. The two strategies have distinctive benefits and disbenefits.1 The model of instutional integration means that member states should transfer some legislative regulative power from the national level to the...
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