GLOBAL ECONOMIC INTEGRATION- CHALLENGES AND PROSPECTS
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Keywords:
Globalization, Global Economic Integration, Regional Integration, Trade and CommerceAbstract
The advancement in scientific and technological development has facilitated the trade and commerce and thus leads to globalization. The migration of the people from one place to another helps in emergence of new civilizations and therefore started the concept of global economic integration. This paper discusses about the meaning and concept of global economic integration and three fundamental factors that have affected the process of globalization.
This paper also discusses about various instances and examples of global economic integration which encompasses how the global economic integration emerged through ages. Any market-based economy utilizes the economic forces of demand and supply in order to distribute these limited resources. It also discusses the working conditions pertaining to economic integration.
Stages of economic integration envisions seven stages of global economic integration which are a preferential trading area, a free trade area, a customs union, a common market, an economic union and monetary union, and complete economic integration.
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