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These include Singapore, Hong Kong, South Korea and Taiwan – all of which are today considered developed economies. In the post-war period (1945–1960) examples include West Germany , France and Japan , which were able to quickly regain their prewar status by replacing capital that was lost during World War II .
An open economy [1] refers to an economy in which both domestic and international entities participate in the trade of goods and services. This type of economy allows for the exchange of products, including technology transfers and managerial expertise. However, certain services, such as a country's railway operations, may not be easily ...
The world economy or global economy is the economy of all humans in the world, referring to the global economic system, which includes all economic activities conducted both within and between nations, including production, consumption, economic management, work in general, financial transactions and trade of goods and services.
Economic liberalization, or economic liberalisation, is the lessening of government regulations and restrictions in an economy in exchange for greater participation by private entities. In politics, the doctrine is associated with classical liberalism and neoliberalism .
As technological advancements and economic development increase so do income levels and the conditions in which most people live. In absolute terms, people around the world, on average, are living better today than yesterday and in that sense, have experienced absolute mobility.
This is unlike a large open economy, the actions of which do affect world prices and income. For example, if the U.S. economy is in recession then the world economy is likely to suffer. On the other hand, a recession in a small open economy like Norway will likely not impact the world economy to a great extent.
Most economists would recommend that even developing nations should set their tariff rates quite low, but the economist Ha-Joon Chang, a proponent of industrial policy, believes higher levels may be justified in developing nations because the productivity gap between them and developed nations today is much higher than what developed nations ...
An absence of any of the conditions of perfect competition is considered a market failure. Regulatory intervention may provide a substitute force to counter a market failure, which leads some economists to believe that some forms of market regulation may be better than an unregulated market at providing a free market. [2]