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Chapter 8 International Business
Terms in this set (17)
Regional Economic Integration (Regionalism)
Process whereby countries in a geographic region cooperate to reduce or eliminate barriers to the international flow of products, people, or capital.
Free Trade Area
Economic integration whereby countries seek to remove all barriers to trade among themselves but where each country determines its own barriers against nonmembers.
Economic integration whereby countries remove all barriers of trade among themselves and set a common trade policy against non members.
Economic integration whereby countries remove all barriers to trade and to the movement of labor and capital among themselves and set a common trade policy against nonmembers.
Economic integration whereby countries remove barriers to trade and the movement of labor and capital among members, set a common trade policy against non members, and coordinate their economic policies.
Economic and political integration whereby countries coordinate aspects of their economic and political systems.
Increase in the level of trade between nations that results from regional economic integration.
Diversion of trade away from nations not belonging to a trading bloc and toward member nations.
European monetary union
European Union plan that established its own central bank and currency.
Regional Trading Bloc
A group of nations in a geographic region undergoing economic integration.
Treaty had three aims. First, it called for banking in a single, common currency. Second, the treaty set up monetary and fiscal targets for countries that wished to take part in monetary union. Third, the treaty called for political union of the member nations-including development of a common foreign and defense policy and common citizenship.
Requires each country to demonstrate that it: Has stable intuitions, has a functioning market economy, is able to assume the obligations of membership, and has the ability to adopt the rules and regulations of the community.
North American Free Trade Agreement (Canada, Mexico, US)
Free Trade Area of the Americas (34 nations from central, north, and south america and the caribbean).
Southern Common Market
African Union (total of 53 nations on the continent of Africa).
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