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Economic interdependence is the mutual dependence of the participants in an economic system who trade in order to obtain the products they cannot produce efficiently for themselves. Such trading relationships require that the behavior of a participant affects its trading partners and it would be costly to rupture their relationship. [ 1 ]
Such complex interdependence can be seen as a negative and a positive among states. Often, states may use such relationships for the greater good of themselves or, at times, the greater good of the other. Economic Coercion through complex interdependence can allow the states to ensure a better world order for all states involved and humanity. [17]
There is not yet an authoritative definition of geoeconomics that is clearly distinct from geopolitics. The challenge of separating geopolitics and geoeconomics into separate spheres is due to their interdependence: interactions among nation-states as indivisible sovereign units exercising political power, and the predominance of neoclassical economics' "logic of commerce" that ostensibly ...
Economic integration is the unification of economic policies between different states, through the partial or full abolition of tariff and non-tariff restrictions on trade. The trade-stimulation effects intended by means of economic integration are part of the contemporary economic Theory of the Second Best : where, in theory, the best option ...
Globalization is the process of increasing interdependence and integration among the economies, markets, societies, and cultures of different countries worldwide. This is made possible by the reduction of barriers to international trade, the liberalization of capital movements, the development of transportation, and the advancement of information and communication technologies. [1]
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 ...
The concept of institutional complementarity has deep roots in the social sciences. [2] Whereas the sociological approach of the interdependence of different institutions has left the actions of the individuals largely outside the analysis, the modern approach, developed mainly by economists, has been based on the analysis of the constraints facing the actions of the individuals acting in ...
Costas Panayotakis has argued that the economic inequality engendered by neoliberalism creates inequality of political power, undermining democracy and the citizen's ability to meaningfully participate. [334] Despite the focus on economic efficiency, some critics allege that neoliberal policies actually produce economic inefficiencies.