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Regionalism And Globalization: The Case Of The European Union

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Chapter Summary

The European Common Market was clearly a creature of economic liberalization that removed protectionist barriers and promoted free trade among member states. In terms of its emphasis on reduction and elimination of tariffs, and on the four essential freedoms of movement - of goods, services, capital, and labor - the European project can be thought of as a design for market integration on a regional basis. At the same time, the transborder movement of people within the Common Market initiated fundamental social changes that are commonly associated with globalization. Finally, European integration has been at the forefront of the larger globalization process in creating specialized supranational institutions vested with an array of functional tasks. Well before the World Trade Organization (WTO) came into being, the European Commission and specialized bodies of the Council of the European Union (EU) were engaged in promoting and accelerating economic interaction between EU member states.

Keywords: European Commission; European Common Market; European regionalism; European Union (EU); globalization; World Trade Organization (WTO)



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