A single market is a type of trade bloc which is composed of a free trade area (for goods) with common policies on product regulation, and freedom of movement of the factors of production (capital and labour) and of enterprise and services. The goal is that the movement of capital, labour, goods, and services between the members is as easy as within them. The physical (borders), technical (standards) and fiscal (taxes) barriers among the member states are removed to the maximum extent possible. These barriers obstruct the freedom of movement of the four factors of production.
A common market is a first stage towards a single market, and may be limited initially to a free trade area with relatively free movement of capital and of services, but not so advanced in reduction of the rest of the trade barriers.
The European Economic Community was the first example of a both common and single market, but it was an economic union since it had additionally a customs union.
Read more about Single Market: Benefits and Costs, List of Single Markets
Famous quotes containing the words single and/or market:
“Tired,
she looked up the path
her lover would take
as far as her eyes could see.
On the roads,
traffic ceased
at the end of day
as night slid over the sky.
The traveller’s pained wife
took a single step towards home,
said, “Could he not have come at this instant?”
and quickly craning her neck around,
looked up the path again.”
—Amaru (c. seventh century A.D.)
“Ae market night,
Tam had got planted unco right,
Fast by an ingle, bleezing finely,
Wi’ reaming swats that drank divinely;”
—Robert Burns (1759–1796)