Review:
Economic Integration
overall review score: 4.2
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score is between 0 and 5
Economic integration refers to the process of combining different economies into a single economic area with common policies and regulations.
Key Features
- Trade agreements
- Common market
- Customs union
- Monetary union
- Political cooperation
Pros
- Promotes economic growth
- Enhances efficiency through specialization
- Reduces trade barriers and costs
- Fosters political cooperation and peace
Cons
- Can lead to disparities between countries
- Loss of national sovereignty in some aspects
- Potential for unequal distribution of benefits