The Main Strands of the Idea
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Fritz Machlup: New York University
Chapter 4 in A History of Thought on Economic Integration, 1977, pp 43-102 from Palgrave Macmillan
Abstract Every serious discussion of economic integration, national, multinational, or worldwide, is based on concepts and issues of international-trade theory. Movements of goods, services, people, capital funds, and moneys across natural or political frontiers are what interregional and international economic relations are all about — and all of these movements are part and parcel of economic integration. Trade is usually regarded as the quintessence of economic integration, and division of labour in several of its aspects as its underlying principle. This holds for intranational as well as international trade.
Keywords: Free Trade; Economic Integration; Factor Price; Custom Union; Capital Movement (search for similar items in EconPapers)
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