history of economic integration:

Tax on imported goods

the free movement of goods, capital, services, technology and information

factors of economic integration:

drivers of global economy:

the International exchange of goods and services

Assigned or fixed number or quantity of imported goods

an arrangement among nations to work together to come up with policies that would eliminate trade barriers and a common goal to strengthen trade and for the coordination of monetary and fiscal policies.

Protecting one’s economy from foreign competition by creating trade barriers

forum for the meeting of representatives from 23 member states.

types of economy in global economy

based on services and production of ideas rather than goods

A situation where countries trade with many other countries and where trade barriers are being lessen to let countries free from restrictions on the flow of goods and services.

Group of goods often move proportionally to each other and when this relation is very clear among different markets

Exchange of goods and services between 2 or more parties without the use of money

EGONOMIC MODELS DURING THE INDUSTRIAL REVOLUTION:

It occurs when prices among prices among different locations of related goods follow similar patterns over a long period of time.

Protective barriers measure:

Reducing trade barriers to make international trade easier between countries

It focused on trade goods through multinational trade agreements conducted in many rounds of negotiations.

means of production are under collective ownership

global economy AKA

is an independent multilateral organization that became responsible for trade in services, nontariff-related barriers to trade

It's owners or shareholders are generally national goverments, although other international institutions and other organizations occasionally figure as shareholders.

It is chartered by more than one country and therefore are subjects to international law

nation’s wealth and power come from increasing exports and trade

domestic laws implemented to protect local or infant industries against foreign businesses.

factory system that lead to mass production in a faster and easy way

property is owned by the government and given to all of people not just wealthy individuals

all natural resources and means of production are privately owned

were established to assist and offer various ways and strategies to countries for economic cooperation particularly for global financial system management.

invention of steam engine

What is happening in the Global Economy

key players of economic globalization:

HISTORY OF MARKET INTEGRATION: