By Fritz Machlup (auth.)
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The Meaning of the Term and its Scope 33 In the first sense global is meant to be the opposite of regional in sense (ii), in the second sense global is meant to be the opposite of sectoral. Universal has been used to mean (i) worldwide; (ii) comprising all parts (or sectors) of the relevant region. In the first sense universal is a synonym for global in sense (i), in the second sense it is the opposite of partial. Sectoral has been used to mean (i) limited to particular industries or sectors of the economy or economies concerned; (ii) gradual, proceeding successively from sector to sector.
This is an especially strong preconception with regard to sales taxes, turnover taxes, and value-added taxes; bureaucrats in the finance ministries as well as businessmen are convinced that these taxes ought to be refunded to exporters and collected from importers if they are not to impair the competitive position of the industries concerned. That this is wrong, at least if the tax rates are not different for different goods, has been known since Ricardo and has been repeatedly restated, most recently by Gottfried Haberler.
It would be unnecessarily confining to estimate the degree of integration just for the economic activities within the regional bloc. The concept makes sense for any The Meaning of the Term and its Scope 29 and all combinations of territories, even if we are still far from knowing how to measure it. ECONOMIC INDEPENDENCE AND THE FEAR OF FOREIGN BLACKMAIL A particular motive for extension of an integrated area merits brief attention: the desire to have an outside source of supply of a 'strategic' produce or material incorporated into the area and thus to achieve 'independence'.