Political arguments for regional economic integration

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What are the economic and political arguments for regional economic integration like the EU and NAFTA? Given these arguments, why don’t we see more substantial examples of economic integration in the world economy?

Please include an analysis of the various levels of economic integration from free trade area (like NAFTA) to customs union to common market (the EU before 2003), economic union (the EU after 2003), and finally political union (the US) in the discussion.

Reference no: EM131396917

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