Economic and Social Groupings Essay - 1244 Words

Global social and economic groupings have significant beneficial effects for their members. Discuss the extent to which you agree with this statement (40) It is beneficial to us when assessing said statement to begin by considering the main reasons for the formation of social and economic groupings. First and foremost considering the 4 main types of alliances. Between Free Trade Areas and Customs Unions it is fair to say that the main goal is to restrict imports from non-member countries, in turn allowing the economies of the member countries to flourish and provide for themselves, amongst themselves, in terms of trade. Common Markets on the other hand keep import tariffs in place, instead allowing the free movement of labour and†¦show more content†¦This is feared to possibly lead towards cultural homogenisation, as member countries begin to lose their identities certainly politically, as the EU becomes a supposed super-state. While others will argue that this social grouping allows for a more peaceful situation between all member countries, this was especially true following World War 2; which in itself lead to the creation of the EU. As well as arguing that the EU allows for more accessible travel, allowing European citizens to discover different cultures and live in better harmony. Another well know grouping is NAFTA, a free trade agreement created in 1994 between the United States, Canada and Mexico. This created one of the largest free trade areas of the world. Its success has been astounding boosting trade between the member countries from $306bn to $930bn. However in more recent assessments it has been suggested that in the long haul it has been more damaging than helpful for Mexico; as an LEDC at the time some suggest it may have exploited. Suggestions are based on the assumptions that as a result of the NAFTA agreement Mexicos rate of development has been hindered. The most basic measure of economic progress, especially for a developing country like Mexico, is the growth of income (or GDP) per person. Out of 20 Latin American countries (South and Central America plusShow MoreRelatedThe Era Of Co Operation And Developing International Relations1654 Words   |  7 Pagesendorsed the sub-regional grouping like â€Å"Growth Quadrangle.† It decided to introduce direct flights among the seven SAARC nations and resolved to continue cooperation in fighting terrorism. Now, it needs to expand its activities appreciably try to have meaningful interaction not only with ASEAN but also with Japan, a major world economic power on the Asian belt. This essay discusses about South Asian Association for Regional Co-Operation (SAARC). After reading this essay you will learn about HistoryRead MoreIs the Nuclear Family Universal?803 Words   |  4 Pagesnuclear family universal? 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