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Terms in this set (9)
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 to trade among themselves and set a common trade policy against nonmembers.
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 nonmembers, 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 intergration
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
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