Why should a country join a customs union?
Essay from the year 2008 in the subject Law - European and International Law, Intellectual Properties, grade: A, University of Edinburgh, course: Introduction to the European Union, 21 entries in the bibliography, language: English, abstract: In my essay, I deal with the issue: “Why should a country join a customs union?” Regarding to this question, I try to figure out a couple of facts which might encounter countries to join a customs union. After a brief statement of the economics in the international context I’ll consider the advantages and disadvantages of joining a customs union, compare the advantages and disadvantages and finally give a brief statement. For supporting my conclusions I’ll refer to the development in the EC.
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Advances in technology arises when consumers average cost benefit brief statement Chee common external tariff competition between firms consumer switched cost for products cost source cost supplier creating a customs customs union declining cost Disadvantages/no effect domestic investment domestic supplier Dynamic affects economic welfare Economies of large effect of trade efficiency which means establishing a customs European Community European Union export gains GATT Germany Global Globalisation Goldman Hence consumers high cost Hogendorn home country switch increased competition inefficiencies international context International Economics Intra-CU join a customs large scale production Larger markets leads Less efficient Lindert low cost external lower price Meerhaeghe National economics O’Keeffe order to survive output Oxford partner country price for products produced in country products produced Prosser reduces Regional Integration Sixth Edition Snider source of supply specialisation Static effect Stimulation of domestic technical technological third countries trade creation trade diversion World Economy World Trade