Regional Integration
In a world of free trade, regional integration has become a major contributor to falling prices on various products and services that are marketed to consumers around the world. The integration of countries helps to stimulate growth in the global economy which affects each country in its bloc in a positive and negative way. These countries within the regional integration have a comparative advantage because of their purchasing power, which enables them to produce an efficient and effective product to its consumers whom are located around the world. The objective here today, is to discuss the advantages and disadvantages of regional integration and its economic development stages in promoting global business.
Regional integrations Role:
Globalization is shaping the lives of people and their environment by way of culture and technology. Due to the advancement in technology, the world has become a smaller place to live and do business in. This technology has created advantages and disadvantages for citizens in many countries. Perhaps, the primary reason for regional integration is to better manage this multifaceted economy, which consists of various political, economical, and social changes. According to Evan A. Feigenbaum Deputy Assistant Secretary of State South and Central Asian Affairs
Well, capital no longer flows from just a few major markets but from many. Technology and also skills are more diffused. The private sector plays the critical role in driving investment. And again, the rising power of Asia has inextricably altered the shape of world markets and created major shifts in production, capital flows, and trade (Feigenbaum, 2007, paragraph 8). ...