Business and Economics in the European Union

In the wake of two brutal world wars that had ravaged the continent of Europe, the history of the European Union began in the 1950s. The modern European Union was originally established by six countries and is on the way to being the economical and political centre of the world. The European Union's main enlargement in membership occurred on the first of May 2004 from 15 to 25 states with a population in the excess of 457 million inhabitants mainly from Central and Eastern Europe. This enlargement was the transition of Central and Eastern European member states from socialism and central planning to liberal democracy and the free market (Barnes, 2006).
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