Trade Blocs sets forth the latest thinking about regionalism and helps to clarify the divergent views fuelling current debate. Alasdair Smith summarizes strategic trade theory, focusing on imperfect competition and growth. Jim Rollo addresses enlargement in the newly liberalizing economies of Eastern Europe. Masami Yoshida, Ichiro Akimune, Masayuki Mohara, and Kimitoshi Sato trace Asian regionalism, which works despite the absence of formal intergovernmental structures. Regional integration is now concerned with much more than trade. Stephen Thomsen looks at evolving corporate structures and investment. Benn Steil illustrates the dilemmas in relation to the financial services sector. Finally, deep integration can progress to full economic union, including monetary union. The breakdown in the European monetary exchange rate system in 1992-93 has not stopped European countries from laying the foundations for closer union and coordination of macroeconomic policy. David Currie and John Whitley discuss the benefits of closer union and suggest greater policy convergence. Vincent Cable is Head of the International Economics Programme at the Royal Institute of International Affairs. David Henderson is the former Head of the Economics and Statistics Department at the Organization for Economic Cooperation and Development in Paris.