There seem to be two big processes going on in the world economy, processes that at the same time seem to contradict and follow from eachother.
At one side is the process of globalisation, that is the rising integration of economies from all over the world. Economic crises are on a global scale now instead of a national, international trade and investment are skyrocketing (although not as high as before 1914) and in general all economies seem to depend on eachother's wellbeing.
On the other hand there seems to be a shift to regional international integration, the integration of economies that are located in the same area or continent. The best example of this is still the EU, which completely integrates most European states but at the same time forms a fortress to the outside world (with protectionist measures). Other examples are the Nafta, Asean and the difficult (or stillborn?) project of integrating of the two America's.
While regional integration seems to reduce global integration in many cases, it could just as well be argued that it has the same causes as globalisation.
So what do you think will have the future, regional or global integration? (or neither of the two)