Outline the extent to which you expect regional economic integration to occur in Europe, Asia (including Oceania), Africa, South America, and North America in 10 years and 25 years. Give appropriate references.
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// Here, we will discuss about the Economic Integration, which is an arrangement; wherein, the nations coordinate their trade, fiscal or monetary policies. We will see the occurrence of the phenomenon in Europe, Asia, Africa, North and South America in the next decade and in 25 years. //
We need to understand that it is beneficial for the nations to coordinate their economic policies and the "Theory of Economic Integration" explains, how, different aspects of economies are integrated, to decrease the barriers of trade between the markets. The European Union is identified as the most integrated economy today. There are many degrees of integration; they are Preferential Trade Agreement (PTA), Free Trade Area (FTA), custom union, common market, economic union; monetary union and complete economic integration. Economic integration has been brought about by human migration, through trading goods and services and also through the movement of capital and integration of financial markets (Suranovic, 1998 & Mussa, 2000). Also, it is noteworthy that, communication is an important factor.
// After gaining an understanding of the Economic integration, we approach the concept region-wise and will see the future prospects that will result, depending upon the actions and policies and agreements, already in practice. //
Now, we will talk of the phenomenon of the Economic integration in the Asian region. Since the early 90's, the Asian region has become financially open, which has contributed to rapid economic growth. ...
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