common market with the added feature that additional policies -- monetary, fiscal, welfare -- are also harmonized across the member countries.

During the 1948 referendum campaigns, the Economic Union Party* argued that closer economic ties with the United States would give Newfoundland the economic stability it needed to remain an independent country with responsible government. The organization, headed by businessman Chesley Crosbie, offered a popular alternative to confederation.

The highest level of economic integration between sovereign countries, in which members proceed beyond the requirements of a common market to unify their fiscal, monetary, and socioeconomic policies. Belgium and Luxembourg, for example, have been joined in an economic union since 1921.

Entrepreneurial mode Excess reserves!-- google_ad_client = "pub-3085938629359085"; google_ad_width = 160; google_ad_height = 600; google_ad_format = "160x600_as"; google_ad_type = "text"; google_ad_channel ="6419150166"; google_color_border = ["FFFFFF","807890","FFFFFF"]; google_color_bg = ["FFFFFF","F4F4F4","FFFFFF"]; google_color_link = ["0033FF","510E67","800080"]; google_color_url = "000000"; google_color_text = "000000"; //--!-- google_ad_client = "pub-3085938629359085"; google_ad_width = 160; google_ad_height = 600; google_ad_format = "160x600_as"; google_ad_type = "text"; google_ad_channel ="6419150166"; google_color_border = ["FFFFFF","807890","FFFFFF"]; google_color_bg = ["FFFFFF","F4F4F4","FFFFFF"]; google_color_link = ["0033FF","510E67","800080"]; google_color_url = "000000"; google_color_text = "000000";

Economics Economies of scale