Economic Integration Case Study:
Economic integration is the process which is characterized with the combination and cooperation of the several economic policies of several countries, states, companies, etc. Economics is a big unity which requires a great number of participants, but the participants can exist on their own or in the certain specific unities. Economic integration is the decision to unite the economics of two different states or structures into the single unity for the benefit for both sides.
Economic integration is the result of the process of globalization, because if the country lives on its own, it sets prices of products, manufactures the products which it wants but if it decides to cooperate with other countries, it has to follow the special standards and requirements. There are several stages of economic integration which differ from one another with the closeness of economic relations. The beginning stage is the creation of the free trading area between two or more countries. Continue reading