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Since the trade balance (exports minus imports) is generally the biggest determinant of the current account surplus or deficit, the current account balance often displays a cyclical trend. During a strong economic expansion, import volumes typically surge; if exports are unable to grow at the same rate, the current account deficit will widen.
[1] [2] The term was coined by sociologists Robert K. Merton and Harriet Zuckerman [3] in 1968 [4] and takes its name from the Parable of the Talents in the biblical Gospel of Matthew. The Matthew effect may largely be explained by preferential attachment, whereby wealth or credit is distributed among individuals according to how much they ...
The stagflation of the 1970s saw a U.S. economy characterized by slower GDP growth. In 1988, the United States ranked first in the world in the Economist Intelligence Unit "quality of life index" and third in the Economic Freedom of the World Index. [13] Over the long run, nations with trade surpluses tend also to have a savings surplus.
The U.S. trade deficit in goods widened to a 2-1/2-year high in September amid a surge in imports, prompting some economists to trim their economic growth estimates for the third quarter.
Imports are an economic benefit to the importing nation because they provide the nation with real goods. Exports, however, are an economic cost to the exporting nation because it is losing real goods that it could have consumed. [62] Currency transferred to foreign ownership, however, represents a future claim over goods of that nation.
Imports and exports totaling the equivalent of nearly US$1.309.2 Trillion in 2017, which meant that Japan was the world's fourth largest trading nation after China, the United States and Germany. Trade was once the primary form of Japan's international economic relationships, but in the 1980s its rapidly rising foreign investments added a new ...
China's trade has been gradually declining for the past two years, though August's drops in export and imports were less severe than in July, when exports fell 14.5% from a year earlier while ...
Economic globalization is one of the three main dimensions of globalization commonly found in academic literature, with the two others being political globalization and cultural globalization, as well as the general term of globalization. [1] Economic globalization refers to the widespread international movement of goods, capital, services ...