International Economic Integration (AQA A-Level Economics): Flashcards
📚Flashcards
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Practise the cards
10 cards from this deck
Intl economic integration def
Intl economic integration def
Reducing trade barriers & creating closer economic relationships
Preference area
Preference area
Most basic integration: reduced tariffs on certain goods
Free trade area feature
Free trade area feature
Members abolish internal tariffs, keep own external tariffs
Tariff shopping
Tariff shopping
Importing via lowest tariff member then re-exporting tariff-free
Customs union features
Customs union features
Internal free trade + common external tariff applied by all
Common market addition
Common market addition
Free mobility of labour & capital factors between members
Economic union trait
Economic union trait
Harmonised policies across members, often with monetary union
Political union
Political union
Ultimate form: members give up sovereignty to central authority
GATT established for
GATT established for
Liberalising world trade post-WW2 via multilateral agreement
WTO successes & failures
WTO successes & failures
Cut manufactured tariffs; struggled with agriculture & services