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CHAPTER 8
CHAPTER OVERVIEW
This chapter investigates the theoretical and empirical aspects of regional trading arrangements. The chapter begins
by discussing the nature and stages of economic integration: (1) free trade area, (2) customs union, (3) common
market, (4) economic union, and (5) monetary union.
Of particular importance are the economic effects of a regional trading arrangement. The chapter analyzes the
short-run effects of trade creation and trade diversion. Next are the long-run effects which include economies of
scale, competition, and stimulus of investment.
The rise of the European Union (EU) is emphasized in this chapter. Of particular importance are the reasons for
the EU, the path of economic integration the EU has followed, and the effects of the EU.
Next discussed is the North American Free Trade Agreement (NAFTA). Emphasis is placed on the case for and
case against NAFTA and also the empirical evidence regarding NAFTA three years after its inception. The chapter
concludes by examining the hurdles that the transition economies have faced in implementing market economies.
1. The General Agreements on Tariffs and Trade represent trade liberalization on a nondiscriminatory basis.
Participating nations acknowledge that tariff reductions agreed to by any two nations will be extended to all
other members. Trade liberalization on a discriminatory basis occurs when nations form preferential trading
arrangements in which tariff reductions are limited to member nations.
2. Economic integration refers to the process of eliminating restrictions on international trade, payments, and
factor mobility. The stages of economic integration include free trade area, customs union, common market,
economic union, and monetary union.
3. The formation of a customs union results in static, or once-and-for-all, welfare effects. Included is a
welfare-increasing trade creation effect and a welfare-reducing trade diversion effect. A country's decision to
participate in the customs union depends on which of these effects is the most significant. Over the long run,
the formation of a customs union affects national welfare via economies of scale, investment incentives, and
the level of competition.
4. One major problem confronting the CAP is that agricultural efficiencies differ among members of the European
Community. This has led to internal disputes over the level of support provided to member farmers. The
export subsidies of the CAP have also been criticized by nonmember countries.
5. Empirical studies suggest that the static welfare effects of the EU's formation have generally been favorable
for member countries. The benefits associated with trade creation appear to offset the losses associated with
trade diversion.
2 Instructor's Manual
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motorboat had been towed behind the ship and they resumed their
places in the Sleuth and cast away.
Tony Prito and the others took their places in the Napoli while Chet
and Biff returned to the Envoy. One of the captured boats turned out
to be none other than Biff's own craft, which the gangsters had been
using while they were prisoners in the cave. Thus the journey home
began.
Although there was rejoicing in the other boats and much good-
natured badinage was passed about, the Hardy boys found it difficult
to be cheerful. Red's words had brought back to them their fears
concerning the safety of their father and they dreaded the news that
might await them when they returned to Bayport.
"If there is no news from him, I think we should go to Chicago and
search for him," said Frank gravely.
"I'm with you in that. But perhaps it won't be so bad. Red may have
been only trying to frighten us."
"I hope so. If that was his object he sure succeeded."
"At any rate, we found the missing chums."
"Another feather in our cap, eh?" grinned Frank. "If dad does come
back safely he won't have any reason to be ashamed of his sons."
"The Mortons and the Hoopers will be glad. The whole city will be in
a fuss over what happened to Chet and Biff."
This proved to be the case. When the three motorboats returned to
Barmet Bay and finally docked at Bayport they found a cheering
throng awaiting them, for the news had been sent to the city by the
revenue men from Rock Harbor, and the anxieties of the boys'
families were set at rest. The Hoopers and Mortons, in particular,
had been almost frantic with worry and Chet and Biff were given a
welcome befitting heroes of an expedition given up for lost for many
years.
Nor were the Hardy boys and their chums forgotten in the welcome.
Chet and Biff gave full credit to the Hardys for the part they had
played in the round-up of the gangsters. When Frank and Joe were
finally able to break away from the crowd and make their way back
home, the news of the exploit was beginning to spread rapidly
through the city.
When they came within sight of the familiar house they broke into a
run. They raced up the front steps. They flung open the front door
and burst into the hallway, almost knocking over Aunt Gertrude, who
was dusting.
"Lands sakes!" she exclaimed. "Can't you boys ever learn to come
into a house properly? I never seen the like in all my born days! Go
right back out that door and come in again like gentlemen!"
"Home again!" exclaimed Frank, with a grin. Then he turned
anxiously to his aunt. "Any word yet from dad?"
"He's in the library!" sniffed Aunt Gertrude.
"In the library!" exclaimed the boys, in astonishment.
"Yes, in the library. And what of it? Where did you expect he'd be?
Up in the attic?"
But the Hardy boys did not wait to reply. With a whoop of delight they
rushed through the living room and into the library, where they found
Fenton Hardy seated at the table. Their father got up quickly as they
rushed at him, and in a moment all three were shaking hands and
chattering in gladness and relief.
"We heard you'd been caught by the gang!" gasped Frank.
Fenton Hardy smiled. "It was the other way around," he corrected
them. "The gang was caught by me."
"And we caught the rest of them!"
"Not Red Hawkins and his crew?"
The Hardy boys nodded. Their father gazed at them in incredulous
astonishment for a moment. Then he slapped them heartily on the
back and indicated the chairs near by.
"And I thought they'd clear out when they knew Baldy and the others
were behind the bars! Why, this rounds up the entire pack! Tell me
about it. But—first of all, have Chet and Biff been found?"
The boys nodded.
"We found them on Blacksnake Island. That's how we rounded up
the gang. They captured Chet and Biff in mistake for us. They had
'em in a cave."
Then, in the seclusion of the study, the Hardy boys told of their
search for the missing chums, of their deduction that the boys might
have gone to Blacksnake Island, of their arrival on the island and the
finding of the gangsters and their cave.
Fenton Hardy listened to the recital with sparkling eyes, for he
realized that his sons had played a part that made him proud of
them, and when the tale was finished his approval was evident by
the manner in which he pounded the desk with his fist.
"Fine!" he declared. "It was real detective work in the first place and
real grit and courage from then on. I'm very proud of my boys."
"But all the time," added Frank, "we were worried about you. The
men said you had been captured in the West."
"It was a false report," said their father. "They thought they had
captured me, but it wasn't for long. I played into their hands once,
just to find out where they were all hiding. But I had another
detective to shadow me and when I found out where the gang were
gathered I gave the signal and we rounded them up."
"And now I hope the whole kit and bilin' of you will stay at home for a
while!" declared a voice from the doorway. "I declare I never did see
such a family for the men-folks to go gallivantin' around the country
and never stayin' at home. It's a wonder to me, Laura, that you put
up with it."
"Well," smilingly replied Mrs. Hardy, who had entered the room with
Aunt Gertrude, "with three first-rate detectives in the family, I'm afraid
I can't expect anything else. And they always come home again."
Aunt Gertrude sniffed.
"I'll guarantee that if I visit here much longer I'll see that those two
boys haven't much chance for more detectiving!" she announced. "I'll
cure 'em, so I will. It's no business at all for boys."
Mrs. Hardy smiled serenely.
Fenton Hardy winked gravely at his sons, so Aunt Gertrude's threat
did not greatly disturb them.
There were to be more exciting adventures in store for the Hardy
boys, and what some of these were will be related in the next volume
of this series, entitled "The Hardy Boys: Hunting for Hidden Gold," a
strenuous story of the West.
"You're welcome to try, Aunt Gertrude," said Mr. Hardy; "but I'm
afraid you'll never cure my sons of wanting to be detectives. I've set
them the example, you see."
"More's the pity," sniffed Aunt Gertrude. "Why couldn't you have
been a plumber? It's safer."
"But not as exciting," said Fenton Hardy, with a laugh.
THE END
By FRANKLIN W. DIXON
THE HARDY BOYS: THE TOWER TREASURE
THE HARDY BOYS: THE HOUSE ON THE CLIFF
THE HARDY BOYS: THE SECRET OF THE OLD MILL
THE HARDY BOYS: THE MISSING CHUMS
THE HARDY BOYS: HUNTING FOR HIDDEN GOLD
GROSSET & DUNLAP, PUBLISHERS, NEW YORK
*** END OF THE PROJECT GUTENBERG EBOOK THE MISSING
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