Open Economies, Closed Economies and a Case Study

Roderick Macdonald (), Prosper Bernard and Michel Plaisent
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Roderick Macdonald: UEH-ISB
Prosper Bernard: University of Quebec
Michel Plaisent: ESG-UQAM

Chapter Chapter 1 in Open and Closed Economies, 2022, pp 1-26 from Springer

Abstract: Abstract National leaders currently praise the advantages of free trade while simultaneously pursuing self-sufficiency and consumption of local produce. Theoretical and empirical economic research of the past 150 years returned mixed results regarding both free trade and foreign investment. This book uses a case study methodology to answer the question: can an economy open to trade and foreign direct investment increase the prosperity of the nation? The case study will contrast the economy of the Philippines from 1965 to 1994 with the economy of Vietnam from 1990 to 2014.

Keywords: Autarkeia; Economic nationalism; Isolationism; Open economy; Closed economy; Free trade; Foreign direct investment; Quotas; Tariffs; Prosperity (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-79534-4_1

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DOI: 10.1007/978-3-030-79534-4_1

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