The paper "International Economy and the Factors that Favours its Development in the 19th Century" is a great example of micro and macroeconomic coursework. The international political economy is a way in which the economy gets analysed through a discipline that lies within the political sciences docket. The economy is greatly influenced by social and cultural practices. It is also referred to as the global political economy. Politics played a big role back in the 19th century. Mainly during the world war where there was a drastic decline in transport cost. This elevated the chances of having a successful and germination of the economy.
The international economy is the state of the trade where the goods and services are exchanged over the international borders of different territories. The success of international trade was a great step towards the nourishment of the international economy. Political economics advocates that, for the success of businesses across borders and within the borders, there should be sprouting of new global markets. These markets require the companies to provide services, labour and goods as well as law materials. The global economy has taken a new shape where the GDP reflected some notable increment.
The success of an economy is when the goods and services are easily accessible at lower opportunity costs and marginal costs. This is when there is a mutual exchange of benefits. These benefits are the ones that are used to ensure that international trade remains competitive and essential. Due to these reasons, the international economy has some features that are constantly being improved. This essay will focus on the features of the international economy and some of the factors that participated in the development of the international economy during the 19th century. The features of the international economy in the 19th century Trade agreements There has been a huge development of trading agreements between different territories.
The establishment became an essential feature till today where the modern governments are signing for preferential trading agreements. There are also developed special economic zones where the country’ s laws are overridden by the customs regulations that are more libertarian (Chung, 2006).
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