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Journal of Economic Literature: Vol. 49 No. 4 (December 2011)

JEL Volume. 49, Issue 4 | Previous ArticleNext Article

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European Integration at the Crossroads: A Review Essay on the 50th Anniversary of Bela Balassa's Theory of Economic Integration

Article Citation

Sapir, André. 2011. "European Integration at the Crossroads: A Review Essay on the 50th Anniversary of Bela Balassa's Theory of Economic Integration." Journal of Economic Literature, 49(4): 1200-1229.

DOI: 10.1257/jel.49.4.1200

Abstract

Bela Balassa's Theory of Economic Integration, published fifty years ago, is a remarkable, yet little known book. This essay reviews developments in the economic literature and in the process of European integration since the book's publication, showing that it was incredibly prescient. It anticipated by more than twenty years the modern literature on economic integration that emphasizes scale economies, imperfect competition, and economic geography. It also predicted that monetary union cannot function properly without political unification, a condition well illustrated by the recent euro-debt crisis that is likely to be a watershed in the history of European integration. (JEL B31, F15, F36, G01)

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Authors

Sapir, André (Free U Brussels)

JEL Classifications

B31: History of Economic Thought: Individuals
F15: Economic Integration
F36: Financial Aspects of Economic Integration
G01: Financial Crises