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Chapter 6 Normative Comparisons of Customs Unions and Other Types of Free Trade Association

In: Globalization and Emerging Issues in Trade Theory and Policy

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  • Murray C. Kemp

Abstract

Purpose – The chapter examines whether the well-known Kemp–Wan proposition about customs unions is valid for free trade associations (FTAs). Methodology/approach – The chapter employs the assumption of perfect competition but with considerable generality. Findings – It is shown that the Kemp–Wan proposition is valid for any form of FTA. It is also shown that sense can be made of the common conjecture that a customs union is more beneficial to the world economy than a comparable but distinct FTA. Originality/value – The findings are of significance in view of the recent tendency of governments to prefer FTAs to customs unions.

Suggested Citation

  • Murray C. Kemp, 2008. "Chapter 6 Normative Comparisons of Customs Unions and Other Types of Free Trade Association," Frontiers of Economics and Globalization, in: Globalization and Emerging Issues in Trade Theory and Policy, pages 77-86, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:fegzzz:s1574-8715(08)05006-9
    DOI: 10.1016/S1574-8715(08)05006-9
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