7 Key Words

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7 Key Words by Mind Map: 7 Key Words

1. Theory

1.1. Refers to a set of statements/principles being invented to explain a group of facts & phenomena especially the one that constantly put to the test.

1.2. Extensively accepted & can be used to make foresee about natural phenomena.

2. Neo

2.1. Recent or new; Followers

3. Linear

3.1. Straight line

4. Regional Integration

4.1. Integration: To join parts into a whole. A process of combining/accumulating. It means bringing together, combination and unification of separate parts into whole. For eg : integration from ASEAN or UN European.

4.2. Political integration: The centralization of power within a polity in terms of State and Government and it also refers to the action that tries to join a separate part to create a new entity.

4.3. Regional integration: unification of smaller and separated nation-states to become a bigger and stronger entity; on voluntary basis; covers political, economical and socio-cultural; givin up of parts of national (individual) interests for collective interest. For eg : imposition & removal of import/export taxes &tarffs.

5. Economic Integration

5.1. Is a term used to describe how different aspects between economies are integrated. As economic integration increases, the barriers of trade between markets decrease.

5.2. Objectives: to integrate their economics in order to have a bigger market, resources pooling and sharing or for other strategic reason.

5.3. Definition 1. Deniau- a creation of definite geographical area which there is certain unity in the conditions of trade. 2. Bella Balasa (1960, Hungarian Economist)- a process whereby various measures lead to the suppression of discrimination between economics units of national states and the resulting forms of economic integration is characterized by the absence of discrimination in various areas.

5.4. Voluntary integration: surrender parts of national interest, economic cooperation, unification & unity of tariff rates, removal of barriers, eradication of trade discrimination, economic integration, single market, common currency, economic union.

6. Partial Integration (Phase towards Full Integration)

6.1. 1. Preferential Trading Area (PTA); a trading bloc which grants preferential access for certain products from participating countries through reduction of tarifs BUT not by completely eliminating them. For eg: EU & ACP.

6.2. 2. Free Trade Area; abolishment of all types of tariffs and forms of trade protection with &each other For eg: ASEAN Free Trade Area (AFTA).

6.3. 3. Custom union; elimination of discrimination of commodity movement within the union area & use of common tariff rate by member states in trades with nations outside union area. For eg: European Union (EU) trade witha non EU states.

6.4. 4. Common market; free movement of capital labour. For eg: EU.

6.5. 5. Economic and monetary union; common policies of economics, fiscal and monetary. For eg: EU.

7. Sovereignty

7.1. Latin: superatu means supreme

7.2. Refers to the supreme/ultimate political authority; matter to no higher power when it comes to decision making process and policy implementation.