Europe and East Asia in the context of regionalization: Theory and economic policy

Much academic interest has recently centered on economic regionalism as a framework of international economic relations. The European Community (EC) has been a focal point. Other regional economic organizations (APEC, NAFTA), have been subjects of debate. This paper discusses three principal argumen...

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Bibliographic Details
Published in:Journal of Asian economics 1993, Vol.4 (2), p.255-270
Main Author: Lorenz, Detlef
Format: Article
Language:English
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Summary:Much academic interest has recently centered on economic regionalism as a framework of international economic relations. The European Community (EC) has been a focal point. Other regional economic organizations (APEC, NAFTA), have been subjects of debate. This paper discusses three principal arguments: (1) the “natural”/“optimal” regional grouping, (2) transaction cost advantage in a regional model, and (3) the balancing of intraregional and extra-regional economies. Indeed, the argument is most certainly for an international regime of an “open,” not a “fortress” economic regionalism. This paper examines the subject relative to economic theory and policy.
ISSN:1049-0078
1873-7927
DOI:10.1016/1049-0078(93)90042-B