Week 7 -  What is the ultimate goal of regional economic integration

ONE PARAGRAPH ANSWERING THE BELOW QUESTION” What is the ultimate goal of regional economic integration (REI)? Identify a potential benefit and a drawback of REI. Greece is a member of the European Union and the Eurozone and received an economic bailout that resulted in economic pain.  Discuss this situation in light of the second question.  Is integration worth it to Greece or should they leave the Eurozone? Support your answer by sourcing your work and citing the text. ANOTHER PARAGRAPH EXPLAINING WHAT YOU THINK OF THINK OF THIS PERSON POSTING. Regional economic integration or REI is the process whereby countries in a geographic region cooperate to reduce or eliminate barriers to the international flow of products, people, or capital (Wild, PG 201). The ultimate goal of regional economic integration is to not only increase cross-border trade and investment but also to raise living standards for their people (Wild, PG 201). Regional economic integration sometimes has additional goals, like protection of intellectual property rights or the environment, or even eventual political union (Wild, PG 201). A group of nations in a geographic region that is undergoing economic integration is called a regional trading bloc (Wild, PG 201). Nations engage in specialization and trade because of the potential for gains in output and consumption. Higher levels of trade between different nations can result in greater specialization, increased efficiency, consumption and higher standards of living (Wild, PG 213). Seeming that this relates to REI, a potential benefit of REI is employment opportunities  Regional integration can expand employment opportunities by enabling people to move from one country to another to find work, or simply, to earn a higher wage (Wild, PG 213). With this there is also potential drawbacks. Even though REI tends to benefit countries, it can also have substantial negative effects (Wild, PG 213).  A potential drawback could be shifts in employment. The...