By Fritz Machlup (auth.)
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Extra resources for A History of Thought on Economic Integration
Details on the classification of economic thought by the sources of the contributions will be set forth in the introduction to Part Three. ECONOMIC AND POLITICAL THOUGHT Apart from Marxian economics, the literature of economics has for almost two centuries attempted to make as clean-cut a separation of economic from social and political thought as its writers were capable of achieving. This general statement holds, notwithstanding the now fashionable bow to interdisciplinary research, for the majority of fields and areas of specialisation.
Should we allow it to be used for policies and institutions flagrantly impeding integration? We cannot prevent people from using words any way they like, but we may warn against misleading and deceptive usage. 7 I propose that the term monetary 7 'The hallmark of monetary integration as defined here is a permanent, unalterable fixity of parities. ' Bela Balassa, 'Monetary Integration in the European Common Market', in Alexander K. , Europe and the Evolution of the International Monetary System (Leiden: A.
We should note that different degrees of integration may have been reached (a) within the old region; (b) between the old region and one newly joined with it; (c) between the old region and the rest of the world; and (d) between the extended region (the combined area) and the rest of the world. If other regional blocs exist, even more combinations would be interesting, especially the degree of integration (e) between the extended region and the other regional blocs. If we then accept the idea that the degree of integration may be estimated (or at least a rough impression formed) separately for each area and for each combination of areas, we shall find it possible to speak of a relatively high degree of integration within area A, a lower degree with area A + B, a still lower one within A + B + C, and so on until we have the entire world.