International Business and the Regions
In the era of globalization, the primary scope of agencies, institutions and players across the world seems the creation of a free international market place. The efforts so far made have however been insufficient to create such a market place, but impressive successes were observed in terms of the creation of regional market places. In other words, the modern day economic society has managed to support and concretize its efforts in the direction of regional economic development.
Regional economic integration
Regional economic development is virtually understood as a context in which countries in the same global region direct their endeavors in the sense of creating an economically integrated region. They virtually focus on free trade and migration of goods, people, commodities, technologies and capitals and they strive to reduce the barriers between the respective economies. Jacques Pelkmans (2006) defines economic integration as "the elimination of economic frontiers between two or more economies. In turn, an economic frontier is any demarcation over which actual and potential mobilities of goods, services and production factors, as well as communication flows, are relatively low. On both sides of an economic frontier, the determination of prices and quality of goods, services and factors is influenced only marginally by the flows over the frontier."
The primary benefits of regional economic integration refer to the stimulation of trade operations between the countries in the agreement, the creation of greater consensus, the support of enhanced political cooperation and an increased international competition (Xing). In terms of the actual means in which regional economic integration can be created, these refer to the following:
The creation of an economic union through the harmonization of economic principles
The creation of the common market through factor mobility
The creation of custom unions through common external trade policies, or The creation of free trade areas through the signing of free trade agreements between regional states (Czinkota and Ronkainen, 2007).
4. Regional economic integration in North America
The years since 1990 have been marked by intense efforts of regional economic integration, the most representative ones being obvious within North America, where the economic agents and the governments both cooperated...
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