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Difficulty: EasyEconomics in the Global Age

"We, the Heads of State/Government of Brunei Darussalam, Indonesia, Malaysia, the Philippines, Singapore, and Thailand... do hereby declare that... ASEAN shall establish an ASEAN Free Trade Area (AFTA) within 15 years... to increase ASEAN’s competitive edge as a production base geared for the world market."

— Agreement on the Common Effective Preferential Tariff (CEPT) Scheme for the ASEAN Free Trade Area, 1992

Which of the following developments in the late twentieth century is most directly reflected in the passage?

  1. The growth of regional trade agreements and economic blocsAnswer
  2. B
    The revival of mercantilist economic policies
  3. C
    The expansion of direct colonial rule in Asia
  4. D
    The total cultural homogenization of member nations

Answer

The growth of regional trade agreements and economic blocs
The establishment of the ASEAN Free Trade Area (AFTA) in 1992 is a prime example of the growth of regional trade agreements and economic blocs, which aimed to facilitate trade and increase competitiveness in the global economy during the late twentieth century.

Step-by-Step Solution

1
Analyze the provided source to identify the primary subject.
The source is an excerpt from the 1992 agreement establishing the ASEAN Free Trade Area (AFTA) with the goal of increasing competitiveness in the world market.
Identifying the main focus of the text helps link it to the correct historical concept.
2
Connect the document's subject to late-twentieth-century economic developments.
The creation of AFTA by ASEAN is a prime example of countries forming regional trade agreements and economic blocs to foster economic integration.
This is the primary learning objective under 'Economics in the Global Age' represented by the document.

Key Concept

The growth of regional trade agreements and economic blocs in the late twentieth century.
Estimated Time:1m 0s
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Topics

Economics in the Global Age

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