Open and Closed, Prosperity and Stagnation

Roderick Macdonald ()
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Roderick Macdonald: UEH-ISB

Chapter Chapter 4 in Open and Closed Economies, 2022, pp 115-142 from Springer

Abstract: Abstract Examination of the economy of Vietnam suggests that opening the economy can increase prosperity. Examination of the economy of the Philippines suggests that closing the economy leads to stagnation. The two countries in the world with the greatest hope of succeeding as an isolated economy are China and the United States. Due to resource costs and business incentives, China would face increased costs across its economy and slowed innovation even if given free access to worldwide intellectual property. The United States of America would also face increased costs and slowed innovation due to market size.

Keywords: Open economy; Economic nationalism; Self-sufficiency; Growth; Remittances (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_4

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DOI: 10.1007/978-3-030-79534-4_4

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