Economic Integration among the Less Developed Countries: Myth and the New International Realities

Abstract

The increasing  interdependence among nations of the world in the 21^st Century implies that no nation of the world is self-sustaining or capable of living in complete isolation from the rest of the world. Nation states, thus, integrate their economies regionally or globally  with the expectation of  achieving greater economic growth. This paper evaluates economic       integration among the Less Developed Countries (LDCs) using the Customs Union Theory and Structuralist paradigm as analytical framework. The paper identifies stages or levels of economic integration and discusses obstacles to integration among LDCs. The paper argues that despite efforts by LDCs to integrate, economic integration remains somewhat unrealistic due, largely, to complicated array of problems and opportunities. The eventual realignment of national economies in the increasingly borderless economy will turn some of the LDCs into big emerging markets – a precondition for economic integration.