Trade Flows and Trade Policy After '1992'

The completion of the European Community's single market programme will stimulate the European economy and affect the rest of the world principally through its effects on trade among EC member states and on the Community's external trade. Although there has been much discussion of the effects of '1992' on economic welfare, there has been relatively little detailed analysis of the trade issues involved. This volume offers a major re-appraisal of the effect of completing hte EC's single market programme on trade among EC member states and also on the Community's external trade. Individual chapters assess the effects of '1992' on EC and world trade and welfare and analyse its effects on competition if transport costs and taste differences remain after completing the internal market. Detailed case-studies show that integration has complex effects on trade flows and prices and stress the importance of devising a satisfactory international trade policy for the completed market. Other chapters estimate the elasticities of demand for imports within the EC and examine the effects of industrial policy.