A shrinking world 2 — global markets

The previous chapter was concerned with global institutions and governance. This chapter examines markets, regional trade blocs and customs unions. The European Union (EU) and the North American Free Trade Association (NAFTA) are the two best known but there are a number of others. The EU differs from other free trade associations in that it is concerned not only with trade but also with ever closer political ties between its members. It is the political integration within the EU that has caused much heart searching within the UK over the past decade, heart searching that has increased with the introduction of a common currency, the euro by a number of EU members.