Encyclopedia of Law and Economics

2019 Edition
| Editors: Alain Marciano, Giovanni Battista Ramello

Economic Integration

  • George TridimasEmail author
Reference work entry
DOI: https://doi.org/10.1007/978-1-4614-7753-2_32

Abstract

Economic integration is the establishment of a unified economic area where consumers and producers of different nations transact freely in a single market. Using the experience of the European Union, this essay offers a bird’s–eye view of the trade–offs encountered when supranational structures pursuing collective objectives of integration may infringe on national sovereignty. The range of issues examined include: (A) Determination of policy with multiple veto players. (B) The advantage and disadvantages from centralising policy making. (C) The welfare effects of a customs union from changing the flows of trade and factors of production across different countries. (D) The costs and benefits from adopting a single currency and its consequences for budgetary policy.

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References

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Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2019

Authors and Affiliations

  1. 1.Department of AccountingFinance and Economics, Ulster University Business SchoolBelfastNorthern Ireland