European Union: Theories and Analysis

Introduction

During the 1990s, discussion about trade policies and economics has typically centered around one word -- globalization. Another word that seems to play a huge role in these discussions is regionalism -- the idea that separate countries can join together in one group in order to create a formidable force in terms of global politics, economics and trade.

One such example of this a regionalism has been the European Union (EU). Although most people are familiar with Europe as separate countries -- England, France, Germany, Italy and the like -- when it comes to global trade and politics, the more common usage is that of the EU to refer to all member countries in Europe.

According to the media, the EU has become a powerhouse in its own right. Its member countries have combined to create a formidable force, particularly in terms of global trading. Furthermore, as a federation, the EU is proving to be a major player in terms of global politics. But does this mean that all is well in peaceful within the European Union? Does the fact that the member states have banded together meaning that everyone has benefited from the concept of the EU?

This paper will attempt to answer these questions by outlining the background and reason for formation of the EU and explain what the original intent was. We will then discuss the EU in terms of economics and trade (as these two topics are definitely interrelated); and we will discuss some theories behind the success or failure of the EU.

We will then consider it formation of the EU has actually been beneficial for its member states both separately and in its entirety.

Background And History

In order to better understand the theories and principles that drive the European Union, it w...

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...lmost 16 percent -- which is also larger that exports coming from the United States (at 12.6 percent) or Japan (at 7.7 percent) (Letiche, 2002). this has, needless to say, in the envy of many other nations.

Works Cited

Boas, Morten (2000). The trade-environment nexus and the potential of regional trade institutions. New Political Economy 5(3), 415-432.

De Grauwe, P. (1997) The Economics of Monetary Integration, 3d Edition. Oxford and New York: Oxford University Press.

Letiche, John M. (2002). Lessons from the Euro Zone for the East Asian Economics. Journal of Asian Business 11(3), 275-301.

Pattichis, Charalambos (2001). Trade, growth, and monetary union. Journal of Post Keynesian Economics 24(1), 125-147.

The Columbia Encyclopedia (2000). European Union. Sixth Edition.

Whitehead, Alan (1998). Spheres, Tiers and City States. New Statesman 127(4391), S18-S20.