By Leonardo Campos Filho. Published 1999. ISBN 9781900039246
This paper explores the revival of regionalism in Latin America since the 1908s and links it to the new concept of open regionalism espoused by international agencies. The author then explores the creation of the Southern Cone Common Market (MERCOSUL) from the perspective of Brazil and the steps taken by the member countries to turn MERCOSUL into a customs union. Based on an analysis of trade flows in MERCOSUL, the author explores the potential net welfare benefits and analyses the argument that MERCOSUL has been net trade diverting.