1. What are the economic and political arguments for regional economic integration?

Given these arguments, why don’t we see more substantial examples of integration in the world economy?

2. Include an analysis of the various levels of economic integration from free trade area (like NAFTA) to customs union to common market (the EU before 2003), economic union (the EU after 2003), and finally political union (the US) in the discussion.

Regional economic integration happens to encourage the exchange among the members. It additionally helps in expanded degrees of collaboration, capital and work stream freely among member nations. Along these lines, it makes a success circumstance among the member nations. Lift in the economy of one nation pulls in labor from another member nation. It brings about the sending of pay earned by the worker to work to the parent nation and request along the increments in the parent nation. In this way, advancement of one nation energizes development among other members. It makes a political ability among governments to shape provincial financial partnerships to be profited by one another.  

Such understandings are currently being framed in all aspects of the world. However, a portion of the countries, for example, North Korea are not getting included because of their outrageous arrangements and concealed motivation of the legislature. Another noticeable purpose behind the countries to not go into the local monetary understanding is the dread from other prevailing countries, equipped for annihilating their local mechanical arrangement.  

As far monetary participation and incorporation is concerned, it occurs at various levels. The primary case of financial combination is the unhindered commerce zone where exchange among member nations happens with no duty or non tax boundaries. However, there is no any normal strategy towards the other non part nations. NAFTA is the case of a facilitated commerce zone. The restriction is no any regular approach is disposed of in customs association where a typical arrangement of exchange with non part nations is additionally executed. However, there is another constraint with the traditions association as there is no free development of capital and work among part nations. It required next degree of Economic coordination and the idea of regular market was created. It incorporated the free development of capital and work among the part nations with outer exchange strategy with nonmember nations.  

As opposed to all above financial reconciliations, monetary association is extraordinary and expansive in nature. It additionally evacuates inward boundaries, make normal arrangements and make basic outside strategy. It is a blend of a typical market and customs association. However, the administration is diverse among every one of the member nations with their own political framework.  

The obstruction of various political framework is expelled in collusion of political association for what it's worth in the USA. There is one government that controls all the states. The approaches of the government will override the arrangements of government at the state level in a situation of contention assuming any. Along these lines, political association is the most elevated level of partnership with financial and political participation and command. It is trailed by monetary association framed by European countries (EU) of today.

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