OPINION | Openness of the Small Economies : Why Is It Necessary?

The previous economic history and economic theory unambiguously confirmed that no national economy can not survive in conditions of autarchic (closed) economy in which domestic consumption would be met exclusively with domestic production. On the contrary, there are many reasons and purposes for which a country establishes economic relations or links its national economy with the economies of other countries.

By Vera Karadjova and Snežana Dičevska


The previous economic history and economic theory unambiguously confirmed that no national economy can not survive in conditions of autarchic (closed) economy in which domestic consumption would be met exclusively with domestic production. On the contrary, there are many reasons and purposes for which a country establishes economic relations or links its national economy with the economies of other countries.

OPINION | Openness of the Small Economies : Why Is It Necessary?

First of all, no country produces everything which is necessary to meet the needs of the economy and the population. With this in mind it can be said that the basic reason for the existence of economic relations among countries in the world stems primarily from the need to supplement the production structure of the country. This is particularly the case for small economies with limited scope or type of resources. Each country is guided by comparative advantages and alternative costs and is so determined and specializes to produce those products that have comparative advantages, lowest alternative costs, and which may be offered for sale on the world market.

Another basic reason for linking the country’s economy with the economies of other countries in the world is the influence of foreign economic relations on the formation and distribution of gross domestic product. Thus, some countries achieve high production that they do not spend a whole inside the country (certainly on particular allocation system), but are able to lend a part of that production to other countries in the form of credit or otherwise. On the other hand there are countries, in particular least developed countries and developing countries that cannot meet the needs of the population and the economy using only its own production, and have inevitable need of foreign income to supplement domestic savings, which would be used for economic development. In such conditions the assumption which has to be included is that the borrowed foreign income be used for creation of economic conditions and manufacturing facilities that will be able to repay the borrowed funds. If borrowed funds are used irrationally, for example most of them for private and public consumption and a less part for investment spending, then it will create problems with the return of the external debt and reduce the possibilities of getting new loans for development.

Basic type of foreign economic relations is foreign trade relations, i.e. import and export of goods. Given that no country can meet the growing needs only with its own production but must be linked to other countries, and have to import or export goods and services. Only in exceptional cases such as wars, economic crises and so on, a country can be brought into a state to satisfy domestic consumption only with its own production.

Savings and Investment in SOE - Small Open Economies

Each country as a rule is striving to finance alone its development using its own savings without having to borrow abroad. Undeveloped and less developed countries often do not have such economic independence because by its own production barely cover existential needs, and their saving a so small to achieve independent economic development. These countries need to use someone else’s income, primarily for economic development. Developed countries from its side usually does have that kind of economic independence, i.e. they can with their own production and their own savings to provide consumption by volume, and can provide such a savings that can provide further economic development. However, in modern conditions of free flows on the international capital market developed countries also use someone else’s income to provide even faster economic growth, and foreign capital finds its interest in safer and faster growth.

Specifically speaking many conditions can be indicated that determine the foreign economic relations of the country with other countries. The main reason and requirement for external economic relations between countries is limited natural resources, or in other words the diversity of natural resources the countries dispose with. Striving to expand, to diversify domestic production, to produce as many different products, some countries have to import raw materials and inputs that do not have and to export those raw materials that have in quantities that exceed domestic needs. Different natural conditions for agricultural products also affect the connectivity of the national economy of a country with other countries. Even small economies can have specific and unique resources that can be exported to the world market or to specialize in a certain type of production and thus to engage in the international division of labor.

In this context as a requirement and reason for the spread of external—economic relations among countries in the world is also the transfer of technical-technological progress that goes from developed to less developed countries, starting by imports of new advanced equipment, through the purchase of patents and licenses, until establishment of long-term production cooperation and joint ventures, where despite the additional capital in less developed countries comes a new technique, technology, new management and marketing, new markets, etc.


Foreign economic relations occur in various forms, such as import and export of goods, performance and using services, lending and borrowing, equity joint ventures, state’s and population’s financial transfers, transfer of technological development etc. However, the basic and most important form of foreign economic relations is foreign trade relations, i.e. imports and exports of goods. In this sense, the trade balance is most important sub balance, the most important and biggest item in the balance of payments and that the participation of imports and exports in GDP measured the degree of linkage of the national economy with other foreign sides.

About The Authors:

Vera Karadjova - Faculty of Tourism and Hospitality, Ohrid, Republic of Macedonia  and 
Snežana Dičevska - University “St. Kliment Ohridski”, Bitola, Republic of Macedonia

Publication Details:

This article is excerpt from a research paper titled "Investment Activity in Small Open Economies" by Vera Karadjova (Faculty of Tourism and Hospitality, Ohrid, Republic of Macedonia and Snežana Dičevska(University “St. Kliment Ohridski”, Bitola, Republic of Macedonia) | Technology and Investment, Vol.5 No.2(2014), Article ID:45625,14 pages: DOI:10.4236/ti.2014.52008

© 2014 by authors and Scientific Research Publishing Inc.This work is licensed under the Creative Commons Attribution International License (CC BY).http://creativecommons.org/licenses/by/4.0/
Name

-51,1,3D Technology,2,5G,9,Abkhazia,2,Academics,10,Accidents,20,Activism,1,Adani Group,4,ADB,12,ADIZ,1,Adults,1,Advertising,31,Advisory,2,Aerial Reconnaissance,13,Aerial Warfare,35,Aerospace,5,Afghanistan,88,Africa,111,Agile Methodology,2,Agriculture,20,AI Policy,1,Air Crash,10,Air Defence Identification Zone,1,Air Defense,6,Air Force,29,Air Pollution,1,Airbus,5,Aircraft Carriers,5,Aircraft Systems,5,Al Nusra,1,Al Qaida,4,Al Shabab,1,Alaska,1,ALBA,1,Albania,2,Algeria,3,Alibaba,1,American History,4,AmritaJash,10,Antarctic,1,Antarctica,1,Anthropology,7,Anti Narcotics,12,Anti Tank,1,Anti-Corruption,4,Anti-dumping,1,Anti-Piracy,2,Anti-Submarine,1,Anti-Terrorism Legislation,1,Antitrust,2,APEC,1,Apple,2,Applied Sciences,2,AQAP,2,Arab League,3,Architecture,2,Arctic,6,Argentina,7,Armenia,30,Army,3,Art,3,Artificial Intelligence,81,Artillery,2,Arunachal Pradesh,2,ASEAN,12,Asia,70,Asia Pacific,23,Assassination,2,Asset Management,1,Astrophysics,2,ATGM,1,Atmospheric Science,1,Atomic.Atom,1,Augmented Reality,7,Australia,56,Austria,1,Automation,13,Automotive,129,Autonomous Flight,2,Autonomous Vehicle,3,Aviation,63,AWACS,2,Awards,17,Azerbaijan,16,Azeri,1,B2B,1,Bahrain,9,Balance of Payments,2,Balance of Trade,3,Balkan,10,Balochistan,2,Baltic,3,Baluchistan,8,Bangladesh,28,Banking,52,Bankruptcy,2,Basel,1,Bashar Al Asad,1,Battery Technology,2,Bay of Bengal,5,BBC,2,Beijing,1,Belarus,3,Belgium,1,Belt Road Initiative,3,Beto O'Rourke,1,BFSI,1,Bhutan,13,Big Data,30,Big Tech,1,Bilateral Cooperation,19,BIMSTEC,1,Biography,1,Biotechnology,3,Birth,1,BISA,1,Bitcoin,9,Black Lives Matter,1,Black Money,3,Black Sea,2,Blockchain,32,Blood Diamonds,1,Bloomberg,1,Boeing,21,Boko Haram,7,Bolivia,6,Bomb,3,Bond Market,2,Book,11,Book Review,24,Border Conflicts,11,Border Control and Surveillance,7,Bosnia,1,Brand Management,14,Brazil,104,Brexit,22,BRI,5,BRICS,20,British,3,Broadcasting,16,Brunei,3,Brussels,1,Buddhism,1,Budget,4,Build Back Better,1,Bulgaria,1,Burma,2,Business & Economy,1192,C-UAS,1,California,5,Call for Proposals,1,Cambodia,7,Cameroon,1,Canada,54,Canadian Security Intelligence Service (CSIS),1,Carbon Economy,9,CAREC,1,Caribbean,9,CARICOM,1,Caspian Sea,2,Catalan,3,Catholic Church,1,Caucasus,9,CBRN,1,Cement,1,Central African Republic,1,Central Asia,81,Central Asian,3,Central Eastern Europe,47,Certification,1,Chad,2,Chanakya,1,Charity,2,Chatbots,2,Chemicals,7,Child Labor,1,Child Marriage,1,Children,4,Chile,10,China,575,Christianity,1,CIA,1,CIS,5,Citizenship,2,Civil Engineering,2,Civil Liberties,5,Civil Rights,2,Civil Society,5,Civil Unrest,1,Civilization,1,Clean Energy,5,Climate,66,Climate Change,22,Climate Finance,2,Clinical Research,3,Clinton,1,Cloud Computing,44,Coal,6,Coast Guard,3,Cocoa,1,Cognitive Computing,12,Cold War,5,Colombia,15,Commodities,4,Communication,11,Communism,3,Compliance,1,Computers,40,Computing,1,Conferences,1,Conflict,106,Conflict Diamonds,1,Conflict Resolution,48,Conflict Resources,1,Congo,1,Construction,5,Consumer Behavior,4,Consumer Price Index,4,COP26,4,COP28,1,Copper,2,Coronavirus,107,Corporate Communication,1,Corporate Governance,4,Corporate Social Responsibility,4,Corruption,4,Costa Rica,2,Counter Intelligence,15,Counter Terrorism,81,COVID,9,COVID Vaccine,6,CPEC,8,CPG,3,Credit,2,Credit Rating,1,Credit Score,1,Crimea,4,CRM,1,Croatia,2,Crypto Currency,16,Cryptography,1,CSTO,1,Cuba,7,Culture,5,Currency,8,Customer Relationship Management,1,Cyber Attack,7,Cyber Crime,2,Cyber Security & Warfare,115,Cybernetics,5,Cyberwarfare,16,Cyclone,1,Cyprus,5,Czech Republic,3,DACA,1,DARPA,3,Data,9,Data Analytics,36,Data Center,2,Data Science,2,Database,3,Daughter.Leslee,1,Davos,1,DEA,1,DeBeers,1,Debt,12,Decision Support System,5,Defense,12,Defense Deals,8,Deforestation,2,Deloitte,1,Democracy,22,Democrats,2,Demographic Studies,1,Demonetization,6,Denmark. F-35,1,Denuclearization,1,Diamonds,1,Digital,39,Digital Currency,1,Digital Economy,10,Digital Marketing,6,Digital Transformation,11,Diplomacy,14,Diplomatic Row,2,Disaster Management,4,Disinformation,2,Diversity & Inclusion,1,Djibouti,2,Documentary,3,Doklam,2,Dokolam,1,Dominica,2,Donald Trump,48,Donetsk,2,Dossier,2,Drones,14,E-Government,2,E-International Relations,1,Earning Reports,3,Earth Science,1,Earthquake,7,East Africa,2,East China Sea,9,eBook,1,ECB,1,eCommerce,11,Econometrics,2,Economic Justice,1,Economics,43,Economy,108,ECOWAS,2,Ecuador,3,Edge Computing,2,Editor's Opinion,51,Education,65,EFTA,1,Egypt,27,Election Disinformation,1,Elections,42,Electric Vehicle,14,Electricity,7,Electronics,8,Emerging Markets,1,Employment,19,Energy,316,Energy Policy,28,Energy Politics,27,Engineering,24,England,2,Enterprise Software Solutions,8,Entrepreneurship,15,Environment,47,ePayments,13,Epidemic,6,ESA,1,Ethiopia,3,Eulogy,4,Eurasia,3,Euro,6,Europe,13,European Union,229,EuroZone,5,Exchange-traded Funds,1,Exclusive,2,Exhibitions,2,Explosives,1,Export Import,6,F-35,6,Facebook,9,Fake News,3,Fallen,1,FARC,2,Farnborough. United Kingdom,2,FATF,1,FDI,5,Featured,1351,Federal Reserve,2,Fidel Castro,1,FIFA World Cup,1,Fiji,1,Finance,18,Financial Markets,58,Financial Planning,1,Financial Statement,2,Finland,5,Fintech,14,Fiscal Policy,14,Fishery,3,Five Eyes,1,Food Security,27,Forces,1,Forecasting,2,Foreign Policy,13,Forex,4,France,33,Free Market,1,Free Syrian Army,4,Free Trade Agreement,1,Freedom,3,Freedom of Press,1,Freedom of Speech,2,Frigate,1,FTC,1,Fujairah,97,Fund Management,1,Funding,22,Future,1,G20,10,G24,1,G7,4,Gaddafi,1,Gambia,2,Gaming,1,Garissa Attack,1,Gas Price,23,GATT,1,Gaza,13,GCC,11,GDP,13,GDPR,1,Gender Studies,2,Geneal Management,1,General Management,1,Generative AI,7,Genetics,1,Geo Politics,105,Geography,2,Geoint,14,Geopolitics,8,Georgia,11,Georgian,1,geospatial,9,Geothermal,2,Germany,67,Ghana,3,Gibratar,1,Gig economy,1,Global Perception,1,Global Trade,95,Global Warming,1,Global Water Crisis,11,Globalization,3,Gold,2,Google,20,Gorkhaland,1,Government,128,Government Analytics,1,GPS,1,Greater Asia,170,Greece,13,Green Bonds,1,Green Energy,3,Greenland,1,Gross Domestic Product,1,GST,1,Gujarat,6,Gulf of Tonkin,1,Gun Control,4,Hacking,4,Haiti,2,Hamas,10,Hasan,1,Health,8,Healthcare,72,Heatwave,1,Helicopter,12,Heliport,1,Hezbollah,3,High Altitude Warfare,1,High Speed Railway System,1,Hillary 2016,1,Hillary Clinton,1,Himalaya,1,Hinduism,2,Hindutva,4,History,10,Home Security,1,Honduras,2,Hong Kong,7,Horn of Africa,5,Housing,16,Houthi,12,Howitzer,1,Human Development,32,Human Resource Management,5,Human Rights,6,Humanitarian,3,Hungary,3,Hunger,3,Hydrocarbon,3,Hydrogen,4,IAEA,2,ICBM,1,Iceland,2,ICO,1,Identification,2,IDF,1,Imaging,2,IMEEC,2,IMF,76,Immigration,19,Impeachment,1,Imran Khan,1,Independent Media,72,India,653,India's,1,Indian Air Force,19,Indian Army,7,Indian Nationalism,1,Indian Navy,27,Indian Ocean,24,Indices,1,Indigenous rights,1,Indo-Pacific,4,Indonesia,19,IndraStra,1,Industrial Accidents,3,Industrial Automation,2,Industrial Safety,4,Inflation,10,Infographic,1,Information Leaks,1,Infrastructure,3,Innovations,22,Insider Trading,1,Insurance,3,Intellectual Property,3,Intelligence,5,Intelligence Analysis,8,Interest Rate,3,International Business,13,International Law,11,International Relations,9,Internet,53,Internet of Things,34,Interview,8,Intra-Government,5,Investigative Journalism,4,Investment,32,Investor Relations,1,iPhone,1,IPO,4,Iran,202,Iraq,54,IRGC,1,Iron & Steel,4,ISAF,1,ISIL,9,ISIS,33,Islam,12,Islamic Banking,1,Islamic State,86,Israel,142,ISRO,1,IT ITeS,136,Italy,10,Ivory Coast,1,Jabhat al-Nusra,1,Jack Ma,1,Jamaica,3,Japan,88,JASDF,1,Jihad,1,JMSDF,1,Joe Biden,8,Joint Strike Fighter,5,Jordan,7,Journalism,6,Judicial,4,Justice System,3,Kanchin,1,Kashmir,8,Kaspersky,1,Kazakhstan,25,Kenya,5,Khalistan,2,Kiev,1,Kindle,700,Knowledge Management,4,Korean Conflict,1,Kosovo,2,Kubernetes,1,Kurdistan,8,Kurds,10,Kuwait,7,Kyrgyzstan,9,Labor Laws,10,Labor Market,4,Land Reforms,3,Land Warfare,21,Languages,1,Laos,2,Large language models,1,Laser Defense Systems,1,Latin America,80,Law,6,Leadership,3,Lebanon,10,Legal,11,LGBTQ,2,Li Keqiang,1,Liberalism,1,Library Science,1,Libya,14,Liechtenstein,1,Lifestyle,1,Light Battle Tank,1,Linkedin,1,Littoral Warfare,2,Livelihood,3,Loans,9,Lockdown,1,Lone Wolf Attacks,2,Lugansk,2,Macedonia,1,Machine Learning,7,Madagascar,1,Mahmoud,1,Main Battle Tank,3,Malaysia,12,Maldives,13,Mali,7,Malware,2,Management Consulting,6,Manpower,1,Manto,1,Manufacturing,15,Marijuana,1,Marine Engineering,3,Maritime,50,Market Research,2,Marketing,38,Mars,2,Martech,10,Mass Media,29,Mass Shooting,1,Material Science,2,Mauritania,1,Mauritius,2,MDGs,1,Mechatronics,2,Media War,1,MediaWiki,1,Medicare,1,Mediterranean,12,MENA,6,Mental Health,4,Mercosur,2,Mergers and Acquisitions,18,Meta,2,Metadata,2,Metals,3,Mexico,13,Micro-finance,4,Microsoft,12,Migration,19,Mike Pence,1,Military,110,Military Exercise,10,Military-Industrial Complex,3,Mining,15,Missile Launching Facilities,6,Missile Systems,56,Mobile Apps,3,Mobile Communications,11,Mobility,4,Modi,8,Moldova,1,Monaco,1,Monetary Policy,6,Money Market,2,Mongolia,11,Monkeypox,1,Monsoon,1,Montreux Convention,1,Moon,4,Morocco,2,Morsi,1,Mortgage,3,Moscow,2,Motivation,1,Mozambique,1,Mubarak,1,Multilateralism,2,Mumbai,1,Muslim Brotherhood,2,Mutual Funds,1,Myanmar,30,NAFTA,3,NAM,2,Namibia,1,Nanotechnology,4,Narendra Modi,2,NASA,13,National Identification Card,1,National Security,5,Nationalism,2,NATO,33,Natural Disasters,14,Natural Gas,33,Natural Language Processing,1,Nauru,1,Naval Base,5,Naval Engineering,23,Naval Intelligence,2,Naval Postgraduate School,2,Naval Warfare,50,Navigation,2,Navy,23,NBC Warfare,2,NDC,1,Nearshoring,1,Negotiations,2,Nepal,12,Netflix,1,Neurosciences,7,New Delhi,4,New Normal,1,New York,5,New Zealand,7,News,1245,News Publishers,1,Newspaper,1,NFT,1,NGO,1,Nicaragua,1,Niger,3,Nigeria,10,Nikki Haley,1,Nirbhaya,1,Non Aligned Movement,1,Non Government Organization,4,Nonproliferation,2,North Africa,23,North America,53,North Korea,58,Norway,5,NSA,1,NSG,2,Nuclear,41,Nuclear Agreement,32,Nuclear Doctrine,2,Nuclear Energy,4,Nuclear Fussion,1,Nuclear Propulsion,2,Nuclear Security,47,Nuclear Submarine,1,NYSE,1,Obama,3,ObamaCare,2,OBOR,15,Ocean Engineering,1,Oceania,2,OECD,5,OFID,5,Oil & Gas,382,Oil Gas,7,Oil Price,73,Olympics,2,Oman,25,Omicron,1,Oncology,1,Online Education,5,Online Reputation Management,1,OPEC,129,Open Access,1,Open Journal Systems,1,Open Letter,1,Open Source,4,OpenAI,2,Operation Unified Protector,1,Operational Research,4,Opinion,687,Opinon Poll,1,Optical Communications,1,Pacific,5,Pakistan,181,Pakistan Air Force,3,Pakistan Army,1,Pakistan Navy,3,Palestine,24,Palm Oil,1,Pandemic,84,Papal,1,Paper,3,Papers,110,Papua New Guinea,2,Paracels,1,Partition,1,Partnership,1,Party Congress,1,Passport,1,Patents,2,PATRIOT Act,1,Peace Deal,6,Peacekeeping Mission,1,Pension,1,People Management,1,Persian Gulf,19,Peru,5,Petrochemicals,1,Petroleum,19,Pharmaceuticals,14,Philippines,17,Philosophy,2,Photos,3,Physics,1,Pipelines,5,PLA,2,PLAN,4,Plastic Industry,2,Poland,8,Polar,1,Policing,1,Policy,8,Policy Brief,6,Political Studies,1,Politics,52,Polynesia,3,Pope,1,Population,6,Portugal,1,Poverty,8,Power Transmission,6,President APJ Abdul Kalam,2,Presidential Election,30,Press Release,158,Prison System,1,Privacy,18,Private Equity,2,Private Military Contractors,2,Privatization,1,Programming,1,Project Management,4,Propaganda,5,Protests,11,Psychology,3,Public Policy,55,Public Relations,1,Public Safety,7,Publications,1,Publishing,7,Purchasing Managers' Index,1,Putin,7,Q&A,1,Qatar,114,QC/QA,1,Qods Force,1,Quad,1,Quantum Computing,3,Quantum Physics,4,Quarter Results,2,Racial Justice,2,RADAR,2,Rahul Guhathakurta,4,Railway,9,Raj,1,Ranking,4,Rape,1,RBI,1,RCEP,2,Real Estate,6,Recall,4,Recession,2,Red Sea,5,Referendum,5,Reforms,18,Refugee,23,Regional,4,Regulations,2,Rehabilitation,1,Religion & Spirituality,9,Renewable,17,Report,4,Reports,47,Repository,1,Republicans,3,Rescue Operation,1,Research,5,Research and Development,24,Restructuring,1,Retail,36,Revenue Management,1,Rice,1,Risk Management,5,Robotics,8,Rohingya,5,Romania,2,Royal Canadian Air Force,1,Rupee,1,Russia,310,Russian Navy,5,Saab,1,Saadat,1,SAARC,6,Safety,1,SAFTA,1,SAM,2,Samoa,1,Sanctions,5,SAR,1,SAT,1,Satellite,14,Saudi Arabia,129,Scandinavia,6,Science & Technology,392,Science Fiction,1,SCO,5,Scotland,6,Scud Missile,1,Sea Lanes of Communications,4,SEBI,3,Securities,2,Security,6,Semiconductor,18,Senate,4,Senegal,1,SEO,5,Serbia,4,Services Sector,1,Seychelles,2,SEZ,1,Shadow Bank,1,Shale Gas,4,Shanghai,1,Sharjah,12,Shia,6,Shinzo Abe,1,Shipping,10,Shutdown,2,Siachen,1,Sierra Leone,1,Signal Intelligence,1,Sikkim,5,Silicon Valley,1,Silk Route,6,Simulations,2,Sinai,1,Singapore,16,Situational Awareness,20,Small Modular Nuclear Reactors,1,Smart Cities,7,Social Media,1,Social Media Intelligence,40,Social Policy,40,Social Science,1,Social Security,1,Socialism,1,Soft Power,1,Software,7,Solar Energy,14,Somalia,5,South Africa,20,South America,46,South Asia,467,South China Sea,35,South East Asia,74,South Korea,58,South Sudan,4,Sovereign Wealth Funds,1,Soviet,2,Soviet Union,9,Space,46,Space Station,2,Spain,9,Special Forces,1,Sports,3,Sports Diplomacy,1,Spratlys,1,Sri Lanka,23,Stablecoin,1,Stamps,1,Startups,43,State of the Union,1,Statistics,1,STEM,1,Stephen Harper,1,Stock Markets,23,Storm,2,Strategy Games,5,Strike,1,Sub-Sahara,3,Submarine,16,Sudan,5,Sunni,6,Super computing,1,Supply Chain Management,47,Surveillance,13,Survey,5,Sustainable Development,18,Swami Vivekananda,1,Sweden,4,Switzerland,6,Syria,112,Taiwan,30,Tajikistan,12,Taliban,17,Tamar Gas Fields,1,Tamil,1,Tanzania,4,Tariff,4,Tata,3,Taxation,25,Tech Fest,1,Technology,13,Tel-Aviv,1,Telecom,24,Telematics,1,Territorial Disputes,1,Terrorism,77,Testing,2,Texas,3,Thailand,11,The Middle East,649,Think Tank,316,Tibet,3,TikTok,1,Tobacco,1,Tonga,1,Total Quality Management,2,Town Planning,2,TPP,2,Trade Agreements,14,Trade War,10,Trademarks,1,Trainging and Development,1,Transcaucasus,19,Transcript,4,Transpacific,2,Transportation,47,Travel and Tourism,13,Tsar,1,Tunisia,7,Turkey,74,Turkmenistan,10,U.S. Air Force,3,U.S. Dollar,2,UAE,139,UAV,23,UCAV,1,Udwains,1,Uganda,1,Ukraine,109,Ukraine War,21,Ummah,1,UNCLOS,7,Unemployment,1,UNESCO,1,UNHCR,1,UNIDO,2,United Kingdom,82,United Nations,28,United States,752,University and Colleges,4,Uranium,2,Urban Planning,10,US Army,12,US Army Aviation,1,US Congress,1,US FDA,1,US Navy,18,US Postal Service,1,US Senate,1,US Space Force,2,USA,16,USAF,21,USV,1,UUV,1,Uyghur,3,Uzbekistan,13,Valuation,1,Vatican,3,Vedant,1,Venezuela,19,Venture Capital,4,Vibrant Gujarat,1,Victim,1,Videogames,1,Vietnam,24,Virtual Reality,7,Vision 2030,1,VPN,1,Wahhabism,3,War,1,War Games,1,Warfare,1,Water,17,Water Politics,7,Weapons,11,Wearable,2,Weather,2,Webinar,1,WeChat,1,WEF,3,Welfare,1,West,2,West Africa,19,West Bengal,2,Western Sahara,2,White House,1,Whitepaper,2,WHO,3,Wholesale Price Index,1,Wikileaks,1,Wikipedia,2,Wildfire,1,Wildlife,3,Wind Energy,1,Windows,1,Wireless Security,1,Wisconsin,1,Women,10,Women's Right,11,Workers Union,1,Workshop,1,World Bank,35,World Economy,32,World Peace,10,World War I,1,World War II,3,WTO,6,Wyoming,1,Xi Jinping,9,Xinjiang,2,Yemen,28,Yevgeny Prigozhin,1,Zbigniew Brzezinski,1,Zimbabwe,2,
ltr
item
IndraStra Global: OPINION | Openness of the Small Economies : Why Is It Necessary?
OPINION | Openness of the Small Economies : Why Is It Necessary?
The previous economic history and economic theory unambiguously confirmed that no national economy can not survive in conditions of autarchic (closed) economy in which domestic consumption would be met exclusively with domestic production. On the contrary, there are many reasons and purposes for which a country establishes economic relations or links its national economy with the economies of other countries.
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiOxIAadLGEz5Uw2IgGUrObbmySFFHSQipvQ1ujt9DZjA7lgzwM9018AihxXEtT1U-bLOJEGJwlnyExYA0EshLuaVyvBDUZgW69bbaakjhyphenhyphenaTSEYuqy7Cy5K_ynJS3HmQ7JUJX9k7Nu1vtD/s640/Feb+20162-001.jpg
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiOxIAadLGEz5Uw2IgGUrObbmySFFHSQipvQ1ujt9DZjA7lgzwM9018AihxXEtT1U-bLOJEGJwlnyExYA0EshLuaVyvBDUZgW69bbaakjhyphenhyphenaTSEYuqy7Cy5K_ynJS3HmQ7JUJX9k7Nu1vtD/s72-c/Feb+20162-001.jpg
IndraStra Global
https://www.indrastra.com/2016/02/OPINION-Why-is-it-Necessary-Openness-of-the-Small-Economies-002-02-2016-0033.html
https://www.indrastra.com/
https://www.indrastra.com/
https://www.indrastra.com/2016/02/OPINION-Why-is-it-Necessary-Openness-of-the-Small-Economies-002-02-2016-0033.html
true
1461303524738926686
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content