Question

1. Is regional economic integration (e.g., NAFTA) good for America?
2. Name the three most known economically-integrated regions and analyze the consequences of the integration (are individual countries in the region better or worse off due to integration?).
3. Should the US consider an economic union with other countries and if so which ones? Why?
4. Should North Carolina consider becoming an independent country and why?
5. Would any US state be better off economically if it left the Federation?

Answer 1

The Regional economic integration is the agreement of free trade between the group of countries in a geographic region. Yes, regional economic integration (e.g., NAFTA) good for America because they are neighboring countries so they better develop their region by removing the tariff on trades, sharing their new market place or have common market, mitigate the risk together and shares the direct gains of the business. The employment generation would be more as the trade would be enhance by removing tariff.

The three most known economically-integrated regions and the consequences of the integration are as follows:

1. ASEAN: It is in Asia region. It has the agenda of Economic development across the region, social and cultural development across the region. They are achieving the agenda of development; it stabilizes the region economically as well politically. Disputes have been solved by it.

Its countries are in better position from the date of formation.

2. European Union: It is in European region. It has the agenda that humans are most important so they have created stable institutions of human rights, democracy, and law within the region. It is in the better position from the formation as they are capable market economy as they assume it as obligation. It works on the norms which can be of Community, Court of Justice, and Treaties. The countries are much higher in their positions and development.
3. African Union: It is in the African region. It has the agenda that promote the unity and solidarity, coordinate for achieving a better life for the peoples, defend their sovereignty and their territorial integrity and independence, eradicate every forms of colonialism and promote international cooperation. The counties are little better off but all the agendas are not fulfilled. The individual countries are less affected by it as the peace or integrity is challenge to them.

Yes, the US consider an economic union with other countries because Canada, Mexico, Cuba because they are in the common region and they do mitigate the risk in the market, it enhances the free trade practice which generates employment to the country and free trade would enhanced new the business activities in the US.

No, North Carolina should not consider becoming an independent country because growth and development is done by the integration with the regional countries. As the North Carolina is the small state in the USA so they need to have support from other countries for the development. Their economic conditions are limited so they need the better market place as well as trade partners for new business.

No, any US state cannot be better off economically if it left the Federation because of the inter-connectedness among them, financial entanglements and cross-subsidization.