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ECONOMIC INTEGRATION IN EAST ASIA: WHY WE NEED TO ACCELERATE REGIONAL INTEGRATION AFTER THE ECONOMIC CRISIS OF 2008-09
Abstract
World trade dramatically expanded after the Second World War under the GATT system, which was succeeded by the World Trade Organization. The GATT sought a multilaterally increased world trade system. However, this system developed with a process of integration through regional agreements. This article focuses on microeconomic agents which promote regional economic integration and studies what agents have promoted the postwar integration. Researching into the theories of economic integration, this article focuses on the behavior of multinational corporations whose objective is to internalize their trade at the open markets. The multinationals seek economic integration because they want to completely cross tariff barriers, quotas and foreign exchange restrictions. This study tries to understand, from a political-economic point of view, the possibility of East Asian economic integration after the economic crisis of 2008-09.
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