Which regional organisation created a large shared economy by allowing free movement of goods, services, capital and, in many cases, people among its member states?

Introduction / Context:
A "shared economy" in a regional context typically refers to an integrated economic area where member countries remove many internal barriers and coordinate policies. In Europe, one organisation has gone beyond simple trade agreements to create a single market with free movement of goods, services, capital and, for many members, people. This question tests recognition of which organisation achieved this high level of economic integration.

Given Data / Assumptions:

• The question asks which organisation created a shared economy among its members.
• Options: NAFTA, ASEAN, WTO and European Union (EU).
• A shared economy here implies a deep single market, not just a basic trade pact.

Concept / Approach:
The European Union has developed a highly integrated single market with common laws and standards across many policy areas. It allows free movement of goods, services, capital and people within its internal borders, creating a large shared economic space. NAFTA is mainly a trade agreement focusing on tariffs and specific trade rules, ASEAN is a looser regional grouping in Southeast Asia, and WTO is a global organisation setting trade rules but not a regional single market.

Step-by-Step Solution:
Step 1: Understand that a "shared economy" in this sense points to a single or common market setup, not just a free trade area. Step 2: Recall that the EU has created such a single market, with many policies harmonised across member states. Step 3: Recognise that NAFTA, although it liberalised trade among the United States, Canada and Mexico, did not create a political and economic union on the same level as the EU. Step 4: Note that ASEAN has free trade elements but remains less integrated than the EU, and WTO is a global rules-based organisation rather than a regional shared economy. Step 5: Choose the European Union as the correct answer.

Verification / Alternative check:
Information about the EU's single market clearly states that it aims to ensure the free movement of goods, capital, services and people within the internal market. This is often contrasted with simpler free trade agreements like NAFTA, which reduce tariffs but do not create comparable levels of political or legal integration. This comparison confirms that the EU is the organisation that created the kind of shared economy described in the question.

Why Other Options Are Wrong:
NAFTA: It reduced trade barriers among its members but did not establish a single market with complete free movement of people or deeply harmonised regulations.
ASEAN: Although ASEAN has developed economic cooperation and some trade liberalisation, it has not achieved the same degree of integration as the European Union's single market.
WTO: The World Trade Organization sets global trade rules and settles disputes but is not a regional grouping with a shared internal economy in the sense of a common market.

Common Pitfalls:
Some candidates confuse any trade agreement with a shared economy. It is important to distinguish between a free trade area, a customs union and a full single market. The EU is known for having gone the furthest in this direction, so remembering the phrase "EU single market" will help you quickly identify the correct option in similar questions.

Final Answer:
The regional organisation that created a large shared economy through a highly integrated single market is the European Union (EU).