By Robert Z. Lawrence
In this capstone quantity within the INE sequence, the authors overview the growing to be strain for deeper overseas integration, discover the strengths and weaknesses of different techniques to facing those pressures, and current concrete proposals to assist in achieving an international group that would stability openness, range, and team spirit. A quantity of Brookings' Integrating nationwide Economies sequence
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Additional resources for A vision for the world economy: openness, diversity, and cohesion
Multilateral negotiations under the auspices of GATT began in 1947, and in seven rounds, the most recent of which, the Uruguay Round, was formally signed in April 1994, dramatically lowered tariffs. In recent years the Fund and the Bank have provided advice and incentives to developing countries that have complemented multilateral liberalization. 1 Stretching the Limits of Shallow Integration In the 1950s and 1960s, trade negotiations focused heavily on removing barriers at the borders of countries.
The End of the Cold War For much of the postwar period, fully fledged shallow integration brought together like-minded democratic countries who shared most fundamental values or who were willing to downplay their disagreements because of the precarious balance of international power. Meanwhile the communist countries struggled to maintain their own integration regime around the Council for 11 One telling example was the realization by Europeans that they had provided third countries with new levels of access to the European banking and financial services markets through the creation of the single banking passport created by the second banking directive.
The European Community of the early 1980s became aware that its much celebrated Common Market was not so common after all. Nontariff barriers, national regulations, and private practices with a strong national bias had replaced many of the official barriers that had been removed in July 1968. The business community helped reveal the unsatisfactory and incomplete nature of liberalization measures. In particular, the European Business Roundtable, a nonprofit coalition of the leading European high-technology companies, commissioned analyses and published reports assessing the cost that differences in domestic regulations and standards were imposing on European companies.