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An economic union requires giving up some political autonomy to succeed. What are some examplesof political power countries must give up to be members of an economic union?
Now, countries have to leave some political freedom when they become part of economic union like they cannot have their individual monetary policy to help move their political agendas, countries cannot use trade barriers to help infant industries, they can even control immigration within the union, etc.
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Chapter 20
Globalization and Protectionism
Introduction
How Markets Work
Markets and Welfare
The Economics of the Public Sector
Topics for Further Study
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When a country joins an economic union, it has to give up some political autonomy. An example of that is the European Union and the idea of the euro. In countries that are involved in the European Union. They have to give up the right to their monetary control over their monetary policy and follow the decisions of the European Union and independent countries like they're United States. That isn't part of a economic union. Um, it doesn't have to do that because we have our own, as you can see by the Federal Reserve Bank America.
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