International Economic Integration

advantage agencies aims applied autonomous balance of payments capital movements changes co-ordination COLIN CLARK commodity competition consequence considered convertibility country concerned country's current transactions customs union decentralization decrease deficit demand developing countries discussed disequilibrium dollars economic policy efficiency elasticities employment equal European European Economic Community example exchange rates exist expenditure extent factors factors of production flows foreign free trade free-trade prices governments groups hence higher implies import duties increase indirect indirect taxes industries influence instruments of economic international economic policy International Monetary Fund international trade investment less marginal cost means ments monetary national income number of countries obtained ophelimity curve optimum organization payments equilibrium perfect competition population possible price level price ratio problem production curve quantitative restrictions quantities rate of exchange reduction regulation situation spending equilibrium supply tariffs taxes transfer Treaty of Rome United Nations wage welfare world market