Economic Integration Case Study

- COMPONENT - 1

Economic Integration

Economic Integration is commonly defined as an economic arrangement between different regions marked by the reduction or elimination of trade barriers and the coordination of monetary and fiscal policies. The main objective of economic integration is to reduce costs for both consumers and producers, as well as to increase trade between the countries taking part in the agreement. Following are the different types of Economic Integration:

1) Preferential trade

2) Free trade areas

3) Custom Union

5)Common Market

4) Economic union

As our CIA demands us to emphasize on one type of Economic integration, I would now like to explain Custom Unions.

Customs Unions

Definition: Customs unions is a trade agreement which is characterised by a group of countries charging a common fixed set of tariffs to

Stage 1: Introduction

TV sets first became a popular consumer product in the post-World War II era in Britain and USA. Since then there have been remarkable advances in TV sets, colour being the most prominent. The TV manufacturing industry started in the late 1930s in U.K. and USA.The television industry has been one of the largest segments of the consumer electronics market in the USA and other developed economies for many years .It is an important electronic consumer product for middle-income countries and LDCs and many of these countries have been involved in producing the product, from its new to standardised stages.

Stage 2: Growth Initial production of black-and-white (B&W) television began in Britain and the United States. The B&W TV industry grew rapidly in the post-World War II period spurred by domestic prosperity and the availability of wartime technology and production experience. In the 1950s, the industry in the USA enjoyed a technical and capital advantage. This allowed it to develop and market its product free of effective foreign competition.

Stage 3: