Challenges to Economic Cooperation
Chapter 26: Intra-APEC Geo-economics
Page 229 26 IntraAPEC Geoeconomics GEOECONOMICS AND THE LINK Geoeconomics provides the practical and effective linkage between a sovereign nationstate economy and the oneworld international economic regime. It is an intermediate step in the right direction. The global order of a free and perfectly competitive market economy certainly remains the ideal, but it continues to elude us. Given the necessary and sufficient conditions, the global order will foreseeably become real. Until then, the next best option is a marriage between regionalism and globalism, and thus, geoeconomics has become the order of the day. Sharing economic fortunes of a given economy with its neighboring economies will add to the economic gains of all in the region without subtracting anything from others not belonging to the map of the region. Geoeconomics thus satisfies the Pareto optimality condition. We have discussed (see Part I) that in recent time, geoeconomics has become the core of economic regionalization in its different manifestations in different regions of the globe. I have argued that a mapoftheworld view of a region should be the optimum base for all such economic regional groupings. The neighboring sovereign economies reach out to each other and elect voluntarily to join together to broaden their common economic base with a shared agenda towards optimization of economic gains of all micro units—households and businesses—in all sovereign membercountries in the group. The EU in the mapoftheworld view...
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