Controversy: Regionalism Versus Multilateralism  

Oleh:

Lahiri, Sajal

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 108 no. 449 (Jul. 1998), page 1126-1127.
Fulltext: 1126.pdf (54.01KB)

Isi artikel

Regionalism can broadly be defined as a tendency towards some form of preferential trading arrangements between a number of countries belonging possibly to a particular region. The word `preferential' is the key word here and it necessarily implies that countries not belonging to a particular regional arrangement are discriminated against. The controversy regarding the desirability of regionalism is not a new one. The discriminatory aspect of regional agreements led Jacob Viner to question, in his famous 1950 book,1 the then conventional wisdom that such agreements are necessarily welfare improving by drawing attention to the possibility of significant `trade diversion'. Subsequent formation of the European Common Market gave fresh impetus to the controversy in the 1950s and the 1960s when many attempts were made at different parts of the world to form regional trading blocks. Most of these agreements, with the notable exceptions of the European Common Market, did not really get off the ground. Those attempted arrangements are sometimes called the `old' or `first' regionalism.

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