Over the last twenty years, economic integration has become a keyword in the world economy. The world has witnessed a notable increase in economic cooperation and interdependence between nations. Different economies came together and reduced or eliminated trade barriers to the flow of goods, services, labour and capital (Piggott, 2006, p. 89).
Inhaltsverzeichnis (Table of Contents)
- Introduction
- New Regionalism
- Multilateral Trading System (MTS)
- Regional Trade Agreements (RTAs)
- Typology of RTAs
- Old and New Regionalism
- Economic Efficiency
- Static Effects
- Dynamic Effects
- Conclusion
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This essay aims to define the concept of "New Regionalism" and analyze its impact on global economic efficiency. It explores the rise of Regional Trade Agreements (RTAs) and their implications for the Multilateral Trading System (MTS). The essay examines both the positive and negative effects of "New Regionalism" on economic efficiency, particularly in terms of trade creation and diversion, and discusses how dynamic factors like economies of scale and foreign direct investment contribute to the overall efficiency of the global economy.
- The definition and evolution of "New Regionalism"
- The role of RTAs in the global trading system
- The impact of "New Regionalism" on economic efficiency
- The static and dynamic effects of regional integration
- Trade creation and diversion in the context of "New Regionalism"
Zusammenfassung der Kapitel (Chapter Summaries)
The introduction provides an overview of the essay's objectives and focuses on the concept of "New Regionalism," outlining its significance in the context of global economic integration. The second chapter defines "New Regionalism" by examining the increasing number of RTAs concluded over the past two decades. It analyzes the role of RTAs in the Multilateral Trading System (MTS) and discusses the different types of RTAs, including Free Trade Agreements (FTAs) and Customs Unions (CUs). The third chapter compares "old" and "new" regionalism, highlighting the key differences between traditional regional integration strategies and the more recent, ambitious approach to regionalism.
The fourth chapter introduces the concept of economic efficiency and its relevance to the evaluation of "New Regionalism." It explores the static effects of regional integration, specifically trade creation and trade diversion, and how these effects influence global economic efficiency. The fifth chapter discusses the dynamic effects of "New Regionalism," focusing on the role of economies of scale, foreign direct investment, and increased competition in enhancing global economic efficiency.
Schlüsselwörter (Keywords)
The key terms and concepts explored in this essay include: "New Regionalism," Regional Trade Agreements (RTAs), Multilateral Trading System (MTS), economic efficiency, trade creation, trade diversion, economies of scale, foreign direct investment, and globalization.
- Quote paper
- Steffen Achenbach (Author), 2011, Economic Integration: "New Regionalism" and its effects for the global economy, Munich, GRIN Verlag, https://www.grin.com/document/210594
