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» Economics » Tariff » Topics begins with C » Common Market

Page modified: Wednesday, July 13, 2011 03:00:55

Common Market one calls a form of the economic integration between states in the political economy. A Common Market is present, if beyond a customs union the unrestricted mobility of the factors of production is carried out.

Conditions for a Common Market

A perfect Common Market presupposes that any transportation obstacles are eliminated. On the one hand this to markets for their trade refers by the dismantling of not barriers to trade (e.g. Standards, laws) in relation to the customs union to be still further facilitated is. These elements are partly counted however already to the customs union in the broader sense.

Most important additional element of a Common Market in relation to the customs union is the abolishment of any mobility obstacles with workers and capital. One speaks therefore of a free factor movement. Whereupon e.g. the four liberties converted in the European union (liberty of being, service, person and capital traffic) are based.

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