A feature of the global economy over the last half-century has been
the proliferation of regional trading arrangements (RTAs) and the
ongoing debate over the relationship between regionalism and
multilateralism. The economic analysis of regionalism has
increasingly come to focus on fundamental elements of international
economics.The economic analysis of RTAs evolved substantially
following Viner's key insight, which highlighted the possibility of
trade diversion. During the 1980s and 1990s the analysis broadened
to include trade-related issues and other areas. The debate
currently thrives as the European Union expands eastwards, the USA
looks to strengthen hemispheric relations, and East Asian countries
consider regional arrangements more seriously after the 1997
regional crisis. This volume is a careful selection of the major
contributions to the economic analysis of RTAs. It will be a
valuable reference source for students, policymakers and academics.
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