Here is an essay on ‘Economic Integration’ for class 11 and 12. Find paragraphs, long and short essays on ‘Economic Integration’ especially written for school and college students. Essay # 1. Meaning of Economic Integration: The modern industrial system rests upon such techniques that can be employed economically only if the production takes place on a very large scale. This [...]
A customs union results in the abolition of tariffs among the member nations while at the same time having a common tariff against the rest of the world. The formation of a customs union involves certain problems. Unless a satisfactory and agreed mechanism is evolved to overcome these problems, it cannot work in an efficient manner. The main problems faced [...]
Before J. Viner developed the theory of customs union, there was a general belief that customs union raises the level of welfare as customs union is a movement towards freer trade at least within a specific area. Viner pointed out that the conclusion concerning increase in welfare due to customs union is not necessarily true. He analysed the production effects [...]