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European Union, Theory and Emerging Economies - Case Study Example

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The aim of the study "European Union, Theory and Emerging Economies" is to illustrate the importance of economic integration both for European business companies and the emerging economies. The study analyses strategies of EU companies adopt to benefit from the rise of the emerging economies…
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European Union, Theory and Emerging Economies
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Download file to see previous pages The official webpage of the European Union emphasized that one of the key goals of the European Union is to “foster economic cooperation” (Economic Union paragraph 20). However, “what began as a purely economic union also evolved into an organization spanning all policy areas, from development aid to the environment” and the name change from the European Economic Community (EEC) into the European Union or the EU in 1993 “reflected this change” (European Union paragraph 3). For McIver, however, the EU comprises a set of “common supranational institutions established by member states, each of which gives up some of its sovereignty, to make decisions on matters of joint interest at a European level” (3).  The EU is a “pooling of sovereignty” (McIver 3).  The primary aim of the EU, however, is “bring about peace and security between and among the member states, and the rest of the world”. Viewed from the perspective of international trade theory, however, the European Union is a consequence of a desire of countries for economic or regional integration.
The forms of economic integration or regional integration are a regional trading arrangement, free trade area, a customs union, common market and the economic union (Carbaugh 271-273). A regional trade arrangement is an agreement whereby participating countries agree to reduce international trade tariffs among themselves (Carbaugh 271). In a free trade area, countries maintain lower tariff among them but maintain variable trade policies with other countries (Carbaugh 273). In a customs union, countries impose lower tariffs among member countries and harmonize common trade policies with non-member countries (Carbaugh 273). A common market integrates the economies of member countries by calling for features similar to a customs union while allowing unhampered factor flows (labor and capital) at the same time (Carbaugh 273). In contrast, an economic union as represented by the European Union has the features of a common market but, in addition, it calls for the fiscal and monetary integration (Carbaugh 273). Monetary integration in the EU shields Europe from the potentially harmful effects of a flexible exchange rate (Krugman & Obstfeld 617). Other than having a basis in trade theory, economic integration has a sound basis in investment theory. III. Investment Theory and the European Union Economic integration or economic unionism promotes a united Europe but what does it do for business and investments? At least two investment theories support the view that the economic integration of Europe is a step forward. One of the investment theories pertains to the theory of economy of scale (Denisia 57). Economic theory holds that scale influences return from investment. Firm size can influence returns to investments.  ...Download file to see next pagesRead More
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