An old man watching the Elbe river on the Charles bridge and reflecting upon his life, Prague.
Global free trade will reduce the wage and rental/interest rate gaps between countries.
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An old man watching the Elbe river on the Charles bridge and reflecting upon his life, Prague. |
| 1. Factor Price Equalization | Global free trade will reduce the wage and rental/interest rate gaps between countries.
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2. Stages of Economic Integration
Before integration
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Autarky |
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1. free trade area |
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2. customs union |
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3. common market |
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4. economic union |
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political union (Single constitution. No diplomatic rights for individual states.) |
3. How the international monetary system evolved
| Evolution of International Monetary System |  |