During the last half of the twentieth century, the global economy has been undergoing monumental change, as the world is dividing into three regional economic zones: the Pacific rim; North America.; and, the European Community (EC). Though it is important to analyze the relationships between these three economic players, it is also ~ecessary to study the relationships among the member nations of each bloc to determine the effect on the nations participating in the bloc as well as the activities of the single; unit. The tight economic relationship formed when several sovereign nations form a union, like the EC, has a great impact on each country's domestic economic policies.



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