The paper "Characteristics of the International Economy" is a great example of micro and macroeconomic coursework. The international economy refers to the world’ s economy and comprises different economies of each of the countries of the world. It is important to understand that economies are related to one another. In the present day, no country can be able to survive as an island and thus each country depends on one another for one reason or another. One of the key concepts of the international economy is globalization. Globalization plays a key role in the growth of the international economy and is the process that facilitates individual economies to interconnect in such a way that the activities of one country are likely to affect the activities of the other country or even a number of countries.
Greater trade has been carried out between countries, restriction on the movement of people and goods across the borders has also been significantly reduced. The international economy is the result of such initiatives. The international economy has not only been advantageous to countries but it has also been beneficial to the individuals in those countries.
This is because the citizens of these countries are now able to sell and receive goods and services, from the various continents of the world. There are several factors that have facilitated the growth and expansion of the global economy during the past years, new technologies, a significant reduction on transport costs, the formation of trade blocs such as NAFTA which is the North American Free Trade, among other reforms that have been implemented in the late 1900s. Characteristics of the International Economy There are certain characteristics that are unique to an international economy.
However one of the greatest characteristics of the international economy are; Interdependence The concept of economic globalization links places and countries across the world through activities such as consumption, trade, and production. As the various economies have significantly become integrated through global trade, the economic growth of any country has become increasingly dependent on the economic growth of the other nations that are in the trade bloc.
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