Abstract
International economic integration is the outcome of an international trade process by which national resources become more and more internationally mobile while national economies become increasingly interdependent through the mutually beneficial voluntary exchange of goods and services undertaken by national and multinational enterprises.
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Notes
- 1.
See Elias C. Grivoyannis, editor, (2017), The New Brazilian Economy: Dynamic Transitions into the Future, Palgrave Macmillan, New York.
- 2.
Demand for a commodity is derived from the willingness of potential customers to buy that commodity for its ability to satisfy a “need,” an uncomfortable feeling because something is missing. For a demand to become “effective,” a customer’s willingness to buy should be associated with his ability to pay the market price (the cost of production and a reasonable return to the investment of the supplier.)
- 3.
If there are potential customers, excited and eager to buy a product at prices which are profitable for the supplier, someone will be willing and enthusiastic to produce that product for them. As a result, an effective market demand for a product generates the required incentives to create the needed supply for that product. This dynamic relationship between demand and supply constitutes “Say’s Law” in macroeconomic theory. A market demand becomes “effective” when a customer’s willingness to buy a product is associated with an ability to pay the market price for it.
- 4.
See John Williamson, A Short History of the Washington Consensus, 15 Law & Business Review of the Americas, 7 (2009). Available at: http://scholar.smu.edu/lbra/vol15/iss1/3
- 5.
See McCombie, J. and Thirlwall, A. 1994. Economic Growth and the Balance of Payments constraint. London, St. Martins.
- 6.
See Thirlwall, A. 1979. “The balance of payments constraint as an explanation of international growth rates differences.” Banca Nazionale del Lavoro, Quarterly Review, 128, p. 45–53.
- 7.
See Gereffi, Gary. 2014. “A Global Value Chain Perspective on Industrial Policy in Emerging Markets.” Duke Journal of Comparative & International Law 24: 433–58.
- 8.
See Subasat Turan (2008), “Do liberal trade policies promote trade openness?” International Review of Applied Economics, Volume 22, Issue 1, Pages 45–61, https://www.tandfonline.com/doi/abs/10.1080/02692170701745887
- 9.
See Quinn Dennis P.; Martin Schindler; A. Maria Toyoda (2011), “Assessing Measures of Financial Openness and Integration,” IMF Economic Review, Volume 59, Issue3, pp. 488–522 https://link.springer.com/article/10.1057/imfer.2011.18
References
Diniz, E. (2006). O Pós-Consenso de Washington: globalização, Estado e desenvolvimento revisitados. Available at: http://neic.iesp.uerj.br/o_pos-consenso_de_washington.pdf. Accessed 20 Feb 2014.
Williamson, John. (2004). The Strange History of the Washington Consensus. Journal of Post Keynesian Economics, 27(2), 195–206. https://doi.org/10.1080/01603477.2004.11051438
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Grivoyannis, E.C. (2019). Introduction: International Integration of the Brazilian Economy from Local Perspectives. In: Grivoyannis, E. (eds) International Integration of the Brazilian Economy. Palgrave Macmillan, New York. https://doi.org/10.1057/978-1-137-46260-2_1
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