The Theory of Customs Unions

100 per cent Australia balance of payments balance-of-payments Belgian beer Belgian duty Belgian exports Belgian lace Belgian market Belgian steel Benelux countries cent duty close substitute consider consumption controls over payments cost of production currencies customs union Dollar area domestic financial policy Dutch cheese Dutch demand Dutch duty Dutch market duty on Belgian duty on imports Economic Union Method economic welfare elasticity example export trade formation French gain German beer German steel German toys high-cost importing country imports from Belgium imports of Belgian imports of German income increase industry joint labour loss of welfare low-cost machine tools marginal cost marginal utility marginal value mutual trade National Method Nether Netherlands and Belgium output overall balance partner countries price of Belgian Professor Viner quota removal result returns to scale secondary contraction sell Sterling area supply Suppose surplus tertiary adjustment trade barriers trade creation trade diversion trade expansion United Kingdom