Abstract
AbstractWe assume an imperfectly competitive world with n commodities and address the question of whether or not (regional) trade blocs are viable. To answer this fundamental question, we use a notion of stability, offered by Greenberg (1990), and show that regional trade blocs are not viable as they are not stable. On the other hand, we demonstrate that a global trade bloc is viable. Therefore, our results provide theoretical support for advocates of global free trade.
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