Globalisation and Regional Integration: Economic Developments, Prospects and Limitations

A central thesis of economics is that a lifting of restrictions on trade and capital flows around the world increases welfare. International agreements and customs unions pursue the goal of free trade. The European integration project itself is based on this idea, with its single market programme and the contractually established four freedoms: for trade, capital, people and services. Within the EU, this is complemented by the Monetary Union. However, there is increasing criticism of the thesis of the welfare-enhancing effects of free trade. The financial and euro crises have led to greater debate over the enlargement and deepening of the EU, including the European Monetary Union. The planned transatlantic free trade agreements also raise fundamental questions on the limits of economic integration. A conference under the direction of Wolfgang Quaisser at the Academy for Political Education in Tutzing from 10 to 12 July 2015 looked more closely at these issues. Some of the conference lectures are published is this issue.