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• In the 18th century, nations were viewed as the central, and frequently only, economic players.
• ASEAN, NAFTA, CARAM, SAFTA are examples of regional agreements.
• Nation-to-nation economic relationships dominated the political policy making process, primarily driven by an ideology of national interest and a penchant for wealth accumulation.
• These robust beliefs led to grand economic strategies implemented on a purely national level.
• Merchantilism may be seen as the epitome of this type of policy making, but this mindset persisted throughout the 20th century.
• Conceptions of economic relationships have profoundly shifted in recent decades.
• While the nation remains the highest authority, regions and even cities have claimed a growing influence in driving and maintaining economic vitality.
• The world economy, distinguished by international trade flows and capital accumulation, has largely existed in the West since the 15th century.
• The contemporary economy can be viewed in different perspectives, but some investigates the current system as a global economy, whose core components have the institutional, organizational, and technological capacity to work as a unit in real time, or in chosen time.
• Regions are groups of countries located in the same geographically specified area or can be a union of two regions, organized to regulate and oversee flows and policy choices.
• The words “regionalization” and “regionalism” are not the same.
• This division of the planet into eight inhabited regions is distinct from the G8, or group of eight industrialized nations recognized by the United Nations (UN).
• “New regionalism” is identified with reformists who share the same values, norms, institutions, and system that exist outside of the traditional established mainstream institutions and systems.
• Regionalization refers to the regional concentration of economic flows while regionalism is a political process characterized by economic policy cooperation and coordination among countries.
• Organizations representing “new regionalism” rely on the power of individuals, non-governmental organizations (NGOs), and associations to link up with one another in pursuit of a particular goal or goals.
• The eight geographic regions of the world provide a helpful analytical and practical framework for national defense, commerce, and other geopolitical considerations.
• The United States Department of Homeland Security (DHS) has divided the planet into eight distinct inhabited regions, listed and detailed below.
• Regionalization and regionalism are not limited to states, as communities also engage in regional organizing called “new regionalism”.
• “New regionalism” can vary in form, from tiny associations that include no more than a few actors and focus on a single issue, to huge continental unions that address a multitude of common problems from territorial defense to food security.