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Globalisation and Regional Integration: Economic Developments, Prospects and Limitations

Author

Listed:
  • Gabriel Felbermayr
  • Thomas Mayer
  • Gerhard Illing
  • Jürgen Pfister
  • Stephan Klasen
  • Michael Jakob
  • Heinz-Jürgen Axt
  • Harold James

Abstract

A central thesis of economics is that a lifting of restrictions on trade and capital flows around the world increases welfare. International agreements and customs unions pursue the goal of free trade. The European integration project itself is based on this idea, with its single market programme and the contractually established four freedoms: for trade, capital, people and services. Within the EU, this is complemented by the Monetary Union. However, there is increasing criticism of the thesis of the welfare-enhancing effects of free trade. The financial and euro crises have led to greater debate over the enlargement and deepening of the EU, including the European Monetary Union. The planned transatlantic free trade agreements also raise fundamental questions on the limits of economic integration. A conference under the direction of Wolfgang Quaisser at the Academy for Political Education in Tutzing from 10 to 12 July 2015 looked more closely at these issues. Some of the conference lectures are published is this issue.

Suggested Citation

  • Gabriel Felbermayr & Thomas Mayer & Gerhard Illing & Jürgen Pfister & Stephan Klasen & Michael Jakob & Heinz-Jürgen Axt & Harold James, 2015. "Globalisation and Regional Integration: Economic Developments, Prospects and Limitations," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 68(16), pages 03-30, August.
    • Handle: RePEc:ces:ifosdt:v:68:y:2015:i:16:p:03-30
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    References listed on IDEAS

    as
    1. Dani Rodrik, 2000. "How Far Will International Economic Integration Go?," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 177-186, Winter.
    2. Claudio Borio & Harold James & Hyun Song Shin, 2014. "The international monetary and financial system: a capital account historical perspective," BIS Working Papers 457, Bank for International Settlements.
    3. Maurice Obstfeld & Jay C. Shambaugh & Alan M. Taylor, 2005. "The Trilemma in History: Tradeoffs Among Exchange Rates, Monetary Policies, and Capital Mobility," The Review of Economics and Statistics, MIT Press, vol. 87(3), pages 423-438, August.
    4. Claudio Borio, 2014. "The international monetary and financial system: its Achilles heel and what to do about it," BIS Working Papers 456, Bank for International Settlements.
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    More about this item

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development

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