Includes bibliographical references.

Machine generated contents note: Introduction to the second edition: -- The small effect of EU membership on -- British economic welfare -- Note on the revised edition -- 1 Introduction: Reasons to assess the costs and benefits of Britain's EU membership -- The debate -- Why the economic costs and benefits should be assessed -- European monetary union -- Assessing costs and benefits -- Political and economic issues -- A cultural difference in approach to markets -- Costing membership and the meaning of withdrawal -- Organisation of the Paper -- 2 The EC single market and the world trading system -- The 'internal' market in the context of the European Union -- A comparison of the EC single market and the world trade system after the Uruguay Round -- 3 Possible alternatives to EU membership -- The alternatives: a critique -- Mechanisms of withdrawal from the European Union -- 4 Economic costs and benefits of withdrawal -- Putting the EU into perspective -- Gains and losses -- 5 Better off out? Some conclusions -- Tariff barriers and the CAP -- Non-tariff barriers to trade -- Other economic costs of EU membership -- Consequential effects of primary costs and benefits -- Fears associated with leaving the EU -- What could the EU do? -- What do the economic costs (or benefits) of withdrawal signify? -- Appendix A: Economic assessments -- I The common agricultural policy -- Sources of error -- II EU import duties -- Calculating average tariffs -- Dependence of British industries on exports to the EC -- III Foreign direct investment -- Impact of FDI on the British economy -- IV International transactions in services -- Costs and benefits of withdrawal -- Appendix B: The basis of comparison: the world trading system -- Introduction -- The Uruguay Round, GATT 1994 and the Marrakesh Agreement -- Disputes settlement under the WTO regime -- Relationship between the EC and GATT -- About the IEA.