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Conclusion

Economic theory and comparisons between open and closed economies show that international trade raises living standards by providing significant benefits. In the late 20th century, rapid global economic growth was driven by advances in science and technology. Countries formed closer economic ties and their interests became more intertwined. Nations compete based on comprehensive strength led by their economies, science, and technology; and prioritize growing their economies and gaining advantageous positions in the world economy.

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27 views

Conclusion

Economic theory and comparisons between open and closed economies show that international trade raises living standards by providing significant benefits. In the late 20th century, rapid global economic growth was driven by advances in science and technology. Countries formed closer economic ties and their interests became more intertwined. Nations compete based on comprehensive strength led by their economies, science, and technology; and prioritize growing their economies and gaining advantageous positions in the world economy.

Uploaded by

ravi kansara
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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CONCLUSION:Economic theory indicates that international trade raises the standard of living.

A comparison between the performance of open and closed economies confirms that the benefits of trade in practice are significant.

In the second half of the 20th century, the world economy entered an unprecedented period of rapid growth together with rapid advances in science and technology. Countries and regions have formed ever- closer trade and economic relations, and their economic interests are more and more intertwined. Big nations are engaged in competition in comprehensive national strength, with the economy as the basis and science and technology as the lead, and they all give priority to invigorating the economy and striving for a most advantageous position in the world economy.

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