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An import quota is a type of trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time. [1] Quotas, like other trade restrictions, are typically used to benefit the producers of a good in that economy ( protectionism ).
In the modern world, money is much more mobile than labor, so import of capital to a country almost certainly shifts the relative factor-abundances in favor of capital. The magnification effect says that a 10% increase in national capital may lead to a redistribution of labor amounting to a fifth of the entire economy (towards capital-intensive ...
Economic globalization refers to the widespread international movement of goods, capital, services, technology and information. It is the increasing economic integration and interdependence of national, regional, and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital ...
Measuring the balance of trade can be problematic because of problems with recording and collecting data. As an illustration of this problem, when official data for all the world's countries are added up, exports exceed imports by almost 1%; it appears the world is running a positive balance of trade with itself.
The outbreak of World War I during a period of unprecedented globalization and economic interdependence has often been cited as an example of how economic interdependence fails to prevent war or even contributes to it. [20] Other scholars dispute that World War I was a failure for liberal theory. [10] [21]
A country has demand for an import when the price of the good (or service) on the world market is less than the price on the domestic market. [ 4 ] The balance of trade , usually denoted N X {\displaystyle NX} , is the difference between the value of all the goods (and services) a country exports and the value of the goods the country imports.
The Commanding Heights: The Battle for the World Economy is a book by Daniel Yergin and Joseph Stanislaw first published as The Commanding Heights: The Battle Between Government and the Marketplace That Is Remaking the Modern World in 1998. In 2002, it was adapted as a documentary of the same title and later released on DVD.
Mercantilism is a nationalist economic policy that is designed to maximize the exports and minimize the imports of an economy. In other words, it seeks to maximize the accumulation of resources within the country and use those resources for one-sided trade.