Abstract
Recent literature on regional integration has stressed the key role that emerging trading blocs will have in shaping the world economy of the 21st-century. With the end of the Cold War, policymakers have refocused their attention on economic issues. Economic trends — such as rapid changes in research, technology, capital flow, and trade patterns — have assumed a new importance. Increasing competition in world markets has induced industrialized countries to cluster together in regional economic blocs. This has been the case with the European Community (EC), the North American Free Trade Agreement (NAFTA) signatories (the United States, Canada, and Mexico), and possibly Japan and its East Asian neighbors. However, these experiments in regional integration differ appreciably in nature. For instance, the EC explicitly seeks an economic and political union, whereas the NAFTA is simply a free trade area whose goal is the eventual elimination of restrictions on investment flows.
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