International Economic Co-operation

Running head: INTERNATIONAL ECONOMIC CO-OPERATION
International Economic Co-operation
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1
INTERNATIONAL ECONOMIC CO-OPERATION
International economic cooperation refers to the economic and the scientific ties that
exists in between the individual countries. It is on the basis of principles pertaining to
equality along with the mutual advantage. The process helps in representing intensification
pertaining to international division of the labour1. The technological revolution that has taken
place across the world has accelerated process pertaining to international division of the
labour. International economic cooperation acts as a pervasive kind of the co-operative
behaviour within global system. This essay argues that international economic cooperation
can helps in sustaining the growth of the countries in the world. This essay discusses the
significance of international economic cooperation and the countries that get the benefits with
the help of this system. The essay also talks about the structuring of the cooperative efforts in
relation to international economic cooperation.
The development pertaining to world economy can be said to be associated with that
of the concept of internationalisation. The main subjects of economic cooperation are the
nation states, unions, world financial centers along with the transnational corporations.
International economic cooperation has increased the interdependence of the various
countries along with the business entities at that of the different levels2. Globalization came
about in the end of 20th century that acted as highest stage pertaining to internationalisation
process. Regional economic cooperation has expanded geographically within Europe, Africa,
Asia along with Middle East.
1 Oatley, Thomas. International political economy. Routledge, 2015.
2 Woolcock, Stephen. European Union economic diplomacy: the role of the EU in external economic relations.
Routledge, 2016.

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INTERNATIONAL ECONOMIC CO-OPERATION
An important integration group can be said to be European Union that was inclusive
of 28 nation states at the beginning of the year 2014. In the early stages, the European
integration was brought about owing to the common problems present in the national
economies. The development of that of North American Free Trade Area (NAFTA) can be
said to be different from that of European model of the integration3. NAFTA has proved to be
useful in bringing about the unity of Unites States along with Canada with that of Mexico.
Mexico has shown lower economic integrators as compared to the partners and hence depth
of that of US-Canadian integration can be said to be higher when compared to the Mexican
one.
International economic cooperation has helped in the durable growth of that of world
economy. Globalization has been able to bring about benefits in the world along with greater
amount of interdependence. Greater interdependence helps in taking care of the fact that the
financial integration has been more inclusive that has worked for the benefit of everyone
living in the world. It can help in bringing about sustained growth of the economy in the
world that can bring about the reduction of poverty in the world4. The regional initiatives
taken in relation to international economic cooperation has helped in enhancing the self-
reliance of the participating countries. The open trade regimes in the era of international
economic cooperation has helped in promoting the efficiency along with the growth of the
countries. The countries that have strong export sector can recover quickly from the impact of
the adverse shocks.
3 Hoffman, Michael ES. "Principles for Post-War International Economic Cooperation." Journal of World
Trade 52, no. 1 (2018): 15-35.
4 Krugman, Paul. "Crises: The price of globalisation?." In Economics of Globalisation, pp. 31-50. Routledge,
2017.