Economic integration
Economic integration: all economies, except those practising autarky, are to some extent integrated, but the term is usually reserved for groups of economies that are manifestly combining their activities more quickly among themselves than with others. It is usual to distinguish between market-led integration (spontaneous integration without the formal involvement of governments) and policy-led integration (integration through intergovernmental frameworks). Another distinction is that between shallow and deep integration. The former is confined, for example, to the formation of a free-trade area in which each member retains autonomy in economic policies. The latter implies cooperation or harmonization of matters such as competition laws, monetary and financial policies, standards and other regulations, etc., as would be the case in a common market. See also globalization and internationalization.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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