| Business Economics: The European Community and the world economy (1217 words) |
 | The transformation of the European Community in the past thirty years provides illuminating insight into the interaction between economic and political factions and is an outstanding example of political economy at work in its widest sense. |
| The European Community was conceived originally by its founding fathers as a political entity designed above all to prevent the occurrence of wars among the European nations with its bloodshed, loss of life and physical destruction. |
| While the scope of the European Coal and Steel Community and the European Atomic Energy Community were restricted to coal and steel industries and nuclear industries, respectively, the European Economic Community covered all aspects of economic, social and political activity. |
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