Everything about Economic Integration totally explained
Economic integration is a term used to describe how different aspects between economies are integrated. The basics of this theory were written by the
Hungarian Economist Béla Balassa in the
1960s. As economic integration increases, the barriers of trade between markets diminishes. The most integrated economy today, between independent nations, is the
European Union and its
euro zone.
The degree of economic integration can be categorized into six stages:
- Preferential trading area
- Free trade area
- Customs union
- Common market
- Economic and monetary union
- Complete economic integration
Economic integration also tends to precede political integration. In fact, Balassa believed that supranational common markets, with their free movement of economic factors across national borders, naturally generate demand for further integration, not only economically (via monetary unions) but also politically--and, thus, that economic communities naturally evolve into political unions over time.
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