International Economic Integration

adaptation advantage agencies aims applied areas assumed autonomous balance of payments bilateral equilibrium capital movements centralization changes chapter commodities competition consequence considered convertibility convex countries concerned country's current transactions customs union decentralization decrease deficit demand discussed disequilibrium division of labour duction economic policy elasticities employment equal European example exchange rates exist expenditure extent factors of production financial policy flows foreign free trade free-trade prices governments hence higher import duties increase indifference curve indirect industries influence instruments of economic international economic policy International Monetary Fund international trade investment marginal cost means ments milliards monetary equilibrium Netherlands number of countries obtained ophelimity curve optimum organization payments equilibrium perfect competition political population possible price level price ratios problem production curve quantitative restrictions quantity rate of exchange raw materials reduction regulation situation stability supply surplus tangent tariffs taxes United wage welfare workers world market x₁