European Economic Community and Free trade

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Difference between European Economic Community and Free trade

European Economic Community vs. Free trade

The European Economic Community (EEC) was a regional organisation which aimed to bring about economic integration among its member states. Free trade is a free market policy followed by some international markets in which countries' governments do not restrict imports from, or exports to, other countries.

Customs union

A customs union was defined by the General Agreement on Tariffs and Trade as a type of trade bloc which is composed of a free trade area with a common external tariff.

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David R. Henderson

David R. Henderson (born November 21, 1950) is a Canadian-born American economist and author who moved to the United States in 1972 and became a U.S. citizen in 1986, serving on President Ronald Reagan’s Council of Economic Advisers from 1982 to 1984.

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European Coal and Steel Community

The European Coal and Steel Community (ECSC) was an organisation of 6 European countries set up after World War II to regulate their industrial production under a centralised authority.

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European Economic Area

The European Economic Area (EEA) is the area in which the Agreement on the EEA provides for the free movement of persons, goods, services and capital within the European Single Market, including the freedom to choose residence in any country within this area.

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European Union

The European Union (EU) is a political and economic union of EUnum member states that are located primarily in Europe.

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Inner Six

The Inner Six, or simply "the Six", were the six founding member states of the European Communities.

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Legal person

A legal person (in legal contexts often simply person, less ambiguously legal entity) is any human or non-human entity, in other words, any human being, firm, or government agency that is recognized as having privileges and obligations, such as having the ability to enter into contracts, to sue, and to be sued.

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Liberty Fund

Liberty Fund, Inc. is a nonprofit foundation headquartered in Indianapolis, Indiana which promulgates the libertarian views of its founder, Pierre F. Goodrich through publishing, conferences, and educational resources.

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Single market

A single market is a type of trade bloc in which most trade barriers have been removed (for goods) with some common policies on product regulation, and freedom of movement of the factors of production (capital and labour) and of enterprise and services.

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