Economic integration is the unification of economic policies between different states, through the partial or complete abolition of tariff and non-tariff restrictions on trade. The trade-stimulation effects intended through economic integration are part of the contemporary economic Theory of the Second Best: where, in theory, the best option is free trade, with free competition and no trade barriers at all.
Economic integration is the unification of economic policies between different states, through the partial or complete abolition of tariff and non-tariff restrictions on trade. The trade-stimulation effects intended through economic integration are part of the contemporary economic Theory of the Second Best: where, in theory, the best option is free trade, with free competition and no trade barriers at all.
Source: Wikipedia "Economic integration" · CC BY-SA 4.0
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