Global Economic Integration And International Integration

â€Å"An increasingly important feature of global economic integration is trade in intermediate inputs associated with the fragmentation of production across national borders.† In recent years as production processes have become more disintegrated into smaller pieces done in different locations, this process has appeared in the literature of international trade in several forms such as globalization, outsourcing, and international integration. The section 1 of the work will analyze how significant the label â€Å"made in† used to be in the past, where production was all integrated in a single plant or in one country, where the economies were closed to trade and when there used to be a â€Å"country product loyalty† by consumers due to technological advantages of some countries. Following the changes in the world, section 2 of this paper provides an overview on what factors changed in the last years that allowed countries to export from other countries at a cheaper price, and to specialize in certain production processes, leading to the globalization of the world with little barriers to trade and the creation of international institutions as WTO, NAFTA, etc. This will reflect upon the production of goods, increasing its fragmentation worldwide. Finally, in section 3, a closer approach to product fragmentation and its implications will delineate how did the relevance of â€Å"Made in† was affected by glo balization. Nowadays â€Å"Made in† has a different meaning, in the past it used to representShow MoreRelatedSouth Cooperation : A Bright Blueprint For The Future Of Underdeveloped Countries1646 Words   |  7 Pageshas its own special global economic background and the functions of these unions also undergo the mission of development. 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