Economic union

An economic union is a type of trade bloc which is composed of a common market with a customs union. The participant countries have both common policies on product regulation, freedom of movement of goods, services and the factors of production (capital and labour) and a common external trade policy. When an economic union involves unifying currency it becomes a economic and monetary union.

Purposes for establishing an economic union normally include increasing economic efficiency and establishing closer political and cultural ties between the member countries.

Economic union is established through trade pact.

List of economic unions

Note: Every economic and monetary union includes an economic union.

Additionally the autonomous and dependent territories, such as some of the EU member state special territories, are sometimes treated as separate customs territory from their mainland state or have varying arrangements of formal or de facto customs union, common market and currency union (or combinations thereof) with the mainland and in regards to third countries through the trade pacts signed by the mainland state.

Economic Union (political party)

The Economic Union (German: Wirtschafts Vereinigung) was a political party in the German Empire.

History

The party first contested national elections in 1907, when it won five seats in the Reichstag. The 1912 elections saw it increase in strength to ten seats.

Following World War I it merged into the German People's Party.

Ideology

The party represented conservative members of the middle class. It supported agrarian and social legislation.

References