In this article we will discuss about:- 1. Dynamic Effects of Customs Union 2. Theory of Customs Union as the Theory of Second Best 3. Intra-Industry Trade and Customs Union. Dynamic Effects of Customs Union: The static effects of customs union are- (i) trade- creation and (ii) trade-diversion. The static effects are basically concerned with reallocation of production and consumption. [...]
Here is an essay on ‘European Union’ for class 9, 10, 11 and 12. Find paragraphs, long and short essays on ‘European Union’ especially written for school and college students. Essay # 1. Introduction to European Union: The most prominent development in the field of economic integration has been the organisation of European Economic Community (EEC) now known as European [...]
In this article we will discuss about the attempts towards economic integration among less developed countries and its problems. Economic Integration among the Less Developed Countries: The success achieved by the EU inspired many groups of the LDC's to have economic integration among themselves. The closer integration among the LDC's is justified, not so much in terms of trade creation [...]