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Global integration vs. regional integration
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Global integration vs. regional integration
Global integration
The task
Regional integration
Globalization is the process of international integration arising from the interchange of world views, products, ideas, and other aspects of culture.
Regionalization is the tendency to form decentralized regions. It represents a world that becomes less interconnected, with a stronger regional focus
Define the process of global integration and regional integration and what are the main causes and effects of these two processes.
Globalization
Causes and effects
Causes:
• Developed countries form regional blocks to protect their economies
• Geographical, cultural regions form a trade block
Causes:
• Improved communication
• Improved transportation
• Free trade agreements
• Global banking
• The growth of multinational companies
Globalization has involved greater openness in the international economy, an integration of markets on a worldwide basis, and a movement toward a borderless world, all of which have led to increases in global flows.
Effects:
• Intra-group trade
• Developing countries which join major regional arrangements will become more attractive features for foreign investors
• Develops regional blocks
Effects:
• Growth of foreign investment
• Technological innovation
• The growth of trade in services
• Growing competition on a global basis
• Division of labour
• Less job security
• Cultural impact
Thank you, for your attention!
Used bibliography:
- GLOBALIZATION OF THE WORLD ECONOMY:POTENTIAL BENEFITS AND COSTS AND A NET ASSESSMENT by Michael D. Intriligator
- BETWEEN REGIONALISM AND GLOBALIZATION:EUROPEAN UNION INTERREGIONAL TRADE STRATEGIES by Vinod Aggarwald and Edward Fogarty