1.     What are the characteristics of each regional integration bloc?

Define and explain the four stages of regional economic integration:  

1)     Free trade area -(no barriers between them) A group of countries committed to removing all barriers to the free flow of goods and services between each other, but pursuing independent external trade policies.

2) Customs union-  (common external tariff w/ non-mbr countries) A form of regional economic integration that combines features of free trade area with common trade policies toward nonmember countries

3) Common market-A form of economic integration whereby members move forward to establish not only free trade in goods and services but also free movement of factors of production.

4) Economic union- ??(common social programs and coordinated macroeconomic policies) ultimately leads to common defense and foreign policies into a political union/behaving as a single country.

5) Political Union- ??economic and political integration whereby countries coordinate aspects of their economic and political systems