Trade Blocs Benefits: Free trade Comparative advantage- countries speciality Bigger market EU has benefit of collective bargaining-

ing- 8 seats in G8 and 3/5 in IMF (international money fund) means they have more power and influence and more likely to get their way

Consequences o Allows big companies to re-organize way they work: o Deindustrialisation- unemployment due to relocating o Mergers- smaller companies taken over by bigger ones e.g. Mini to BMW EU Unique economic and political partnership between 27 countries Benefits to UK: o o o o o o o o o o o o Part of worlds largest single market Enables free trade with no tariffs Common set of rules so quicker and easier trading EU members trade twice as much as normal Foreign Direct Investment (FDI)- investment in our economy from non-UK sources Businesses have wider range of employees especially with Schengen Agreement Single currency makes easier business dealings Carbon scheme allows states to sell surplus carbon credits to those who need Received agricultural subsidies and support from common Agricultural Policy (CAP) UK is listened to more as part of EU high power Able to live, study, travel, work in other countries easily Telecommunications cheaper

Negatives to UK: o o o o o Loses autonomy- no longer complete control over laws and economic policy Money being wasted or spent on other currencies Corruption of single currency like Greece CAP has inflated prices of agricultural goods Free movement of labour caused pressure on housing and jobs

Benefits to Poland: o o o o Increases stability and safety Easier travelling, jobs, study Free trading Competitive market lowers prices

Increased development ideas

Negatives: o o CAP reducing policies Less money for agriculture given

NAFTA (Canada, Mexico, USA) Benefits: o o o o o o Free trade Protect businesses from outside competition Common policies Protects intellectual properties (IP) GDP increases e.g. 50% growth in US and 46% in Mexico Cheaper wages as can employ from other country

Negative: o Movement of businesses loses work in original country