Baw2 Essay Example | Topics and Well Written Essays - 6000 words

Baw2 - Essay Example D. & Donghyun, P. (eds). London, UK: World Scientific Publishing. 25 Sanchez, V. (May, 2006). â€Å"A Comparison of EU-NAFTA Integration Regimes: From a Trade Bloc to an Institutional Development Model† [PDF]. Available at (Accessed: April 11, 2010). 25 Vega-Canovas, G. (1999) â€Å"NAFTA and the EU: Towards Convergence?† in Regional integration and democracy: expanding on the European experience by Anderson, J. J. (ed). Oxford, England: Rowman & Littlefield Publishers. 25 Young, S. (1998). â€Å"Globalism and regionalism: complements or competitors?† in International economic integration: critical perspectives on the World economy by Jovanović, M. N. (ed). London, UK: Routledge. 25 Soon after the wave of liberalisation pulled down the iron walls that various economies had built around themselves, the idea of conjuring trade blocs leapt up. Liberalisation had wiped out all notions which went against international trade and had highlighted upon the advantages that the participating nations could draw from it. It discouraged the past policies of implementing barriers to trade through unnecessary imposition of quotas and tariffs. Hence, a natural consequence of the measure had been the availability of a wider basket of consumption goods and eventually, a rise in the average standard of living (Jenkins, 2000). But one point that had been almost ignored at the time was that, opening up of the economies also made them susceptible to various external disruptions, so that the contagion effect which had been negligible so far, now became a significant problem. As the adjoining graph, capturing fluctuations in the economic growth rate of the world, would reveal, the dist urbances had been wider post 1990s than they had been in the period prior to that. The peaks and trenches in the growth rate are clearly evident, signifying that the economies