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Economic integration

After looking at this topic, some of you might think that economic integration has something to do with integration that students learn in calculus classes. Economic integration is not related to integration from calculus. Economic integration is an arrangement among nations that typically includes the reduction or elimination of trade barriers and the coordination of monetary and fiscal policies. This can happen globally, but it can also occur between neighbors, for example, towns. Usually, countries impose tariffs on imports to give priority to companies in their country. However, it is better for the world’s economy when there are no tariffs between countries. In other words, the reduction of trade barriers and import tariffs have to be made worldwide.

One example can be Donald Trump’s, the United States president, “America First” economic policy. Trump imposed tariffs on imports from many countries. Even though he said that it was for America’s economic benefit, the policy did not really benefit America’s economy.

For economic integration, there are different stages. The ideal stage is to complete economic integration. In this stage, all economic policies are integrated. We live in a world where conflicts between countries still exist, and it is difficult to solve these conflicts. Nevertheless, worldwide, many people are working hard for globalization. Hopefully, all countries get united and become one nation in the future where complete economic integration is achieved.