Jeffrey T Richelson - The Challenge of European Integration: Internal and External Problems of Trade and Money

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The Challenge of European Integration

The Political Economy of Global Interdependence

Thomas D. Willett, Series Editor

The Challenge of European Integration: Internal and External Problems of Trade and Money, edited by Berhanu Abegaz, Patricia Dillon, David H. Feldman, and Paul F. Whiteley

The Political Economy of European Monetary Unification, edited by Barry Eichengreen and Jeffry Frieden

International Economic Sanctions, William H. Kaempfer and Anton D. Lowenberg

The European Monetary System and European Monetary Union, Michele Fratianni and Jrgen von Hagen

Profit-Making Speculation in Foreign Exchange Markets, Patchara Surajaras and Richard J. Sweeney

The Political Economy of International Organizations: A Public Choice Approach, edited by Roland Vaubel and Thomas D. Willett

Speculation and the Dollar: The Political Economy of Exchange Rates, Laurence A. Krause

Crossing Frontiers: Explorations in International Political Economy , Benjamin J. Cohen

FORTHCOMING

Seeking Common Ground: Trade Dispute Settlement Policies in the Nineties, Andrew D. Anderson

Growth, Debt, and Politics: The Political Performance of Governments and the Third World Debt Crisis, Lewis W. Snider

The Challenge of European Integration

Internal and External Problems of Trade and Money

Edited By
Berhanu Abegaz
Patricia Dillon
David H. Feldman
Paul F. Whiteley

First published 1994 by Westview Press, Inc.

Published 2019 by Routledge
52 Vanderbilt Avenue, New York, NY 10017
2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN

Routledge is an imprint of the Taylor & Francis Group, an informa business

Copyright 1994 Taylor & Francis

All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers.

Notice:
Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe.

Library of Congress Cataloging-in-Publication Data
The challenge of European integration: internal and external problems
of trade and money / Abegaz ... [et al.].
p. cm.(The Political economy of global interdependence)
Includes bibliographical references.
ISBN 0-8133-2355-X
1. EuropeEconomic integration. 2. European Economic Community.
3. European federation. 4. European Economic Community countries
Commercial policy. I. Abegaz, Berhanu. II. Series.
HC241.C4 1994
337.1'4dc20 94-8109
CIP

ISBN 13: 978-0-367-29059-7 (hbk)

Contents

, Berhanu Abegaz, Patricia Dillon, David H. Feldman, and Paul F. Whiteley

, Barry Eichengreen

, I. M. Destler

, David H. Feldman

, Beth V. Yarbrough

, Gary C. Hufbauer

, Sylvia Ostry

, J. Michael Finger

, Geza Feketekuty

, Berhanu Abegaz

, Morris Goldstein and Jacob A. Frenkel

, Richard N. Cooper

, Thomas D. Willett

, Michele Fratianni

, Richard J. Sweeney

, Geoffrey Pridham

Paul F. Whiteley

, Per Magnus Wijkman

Guide

1. Tables
2. Figures

This book uses the European Community as a paradigm to address a wide-ranging set of issues concerning regional and multilateral approaches to trade liberalization and economic integration. The contributions are organized around broad themes including the state of the international economy, preferential trade arrangements, monetary integration, and the political dimensions of economic integration. The papers fall into three categories: lead papers which explore broad themes (Eichengreen, Yarbrough, Goldstein and Frenkel, Schmitter), comments on the theme papers, and short papers on selected issues raised but not fully addressed by the lead essays. The introduction by the editors provides a synthesis of the major findings and arguments, including their wider implications.

We are grateful to David Finifter and Thomas Willett for the invaluable support provided in the publication of this book. We acknowledge support from the Public Policy Program and the Department of Economics at William and Mary, the Delegation of the European Communities to the U.S., the Lowe Institute of Political Economy at Claremont McKenna College. Our thanks go to Wendy Watson, Sandy Hennessy and Mary Ferraro for assistance in preparing the manuscript.

Berhanu Abegaz
Patricia Dillon
David H. Feldman
Paul F. Whiteley

Berhanu Abegaz , Associate Professor of Economics, College of William and Mary.

Richard N. Cooper , Maurits C. Boas Professor of International Economics, Harvard University.

I. M. Destler , Professor, School of Public Affairs, University of Maryland, and Director, Center for International Security Studies.

Patricia Dillon , Associate Professor of Economics, Scripps College.

Barry Eichengreen , Professor of Economics, University of California at Berkeley.

Geza Feketekuty , Senior Policy Advisor to the United States Trade Representative and chairman of the OECD Trade Committee.

David H. Feldman , Associate Professor of Economics, College of William and Mary.

J. Michael Finger , Lead Economist, Trade Policy Division, the World Bank.

Michele Fratianni , Professor of Business Economics and Public Policy, Graduate School of Business, Indiana University.

Jacob A. Frenkel , Governor of the Bank of Israel.

Morris Goldstein , Deputy Director of the Research Department, International Monetary Fund.

Gary C. Hufbauer , Reginald Jones Senior Fellow, Institute for International Economics.

Sylvia Ostry , Chair, Centre for International Studies, University of Toronto.

Geoffrey Pridham , Director of the Centre for Mediterranean Studies, University of Bristol, and Reader, Department of Politics.

Philippe C. Schmitter , Professor of Political Science, Stanford University.

Richard J. Sweeney , Sullivan/Dean Professor of International Business and Finance, School of Business Administration, Georgetown University.

Paul F. Whiteley , Pamela C. Harriman Professor of Government and Public Policy, College of William and Mary.

Per Magnus Wijkman , Director, Economic Affairs Department, European Free Trade Association.

Thomas D. Willett , Horton Professor of Economics, Claremont Graduate School and Claremont McKenna College.

Beth V. Yarbrough , Chair, Department of Economics, Amherst College.

Part One
Introduction

1
Introduction: The Challenge of European Integration

Berhanu Abegaz , Patricia Dillon , David H. Feldman and Paul F. Whiteley

After World War II, most nationscertainly all the prosperous ones pursued the benefits of multilateral reduction in the barriers to international trade. Against the background of a bipolar political order (i.e., the first, second, and third worlds), the West expected a liberal trade regime, institutionalized in the General Agreement on Tariffs and Trade (GATT), to yield prosperity and stability in international economic relations.

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