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Economic interdependence is the mutual dependence of the participants in an economic system who trade in order to obtain the products they cannot produce efficiently for themselves. Such trading relationships require that the behavior of a participant affects its trading partners and it would be costly to rupture their relationship. [ 1 ]
The literature analyzing the economics of free trade is extremely rich with extensive work having been done on the theoretical and empirical effects. Though it creates winners and losers, the broad consensus among economists is that free trade is a large and unambiguous net gain for society.
Autarky is the characteristic of self-sufficiency, usually applied to societies, communities, states, and their economic systems. [1]Autarky as an ideology or economic approach has been attempted by a range of political ideologies and movements, particularly leftist ones like African socialism, mutualism, war communism, [2] communalism, swadeshi, syndicalism (especially anarcho-syndicalism ...
The word became common in the late 1970s and early 1980s as part of UK prime minister Margaret Thatcher's economic policies. She was drawing on the work of the pro-privatization Member of Parliament David Howell , who was himself drawing on the Austrian-American management expert Peter Drucker 's 1969 book, The Age of Discontinuity .
Word of Life (Swedish: Livets Ord) is a megachurch in Uppsala and an international association of churches, within the Swedish Word of Faith movement. Livets Ord is the foremost example of the Neo-charismatic movement in Sweden, closely related to Word of Faith, and it may be viewed as a Swedish expression of similar Pentecostal elements in American Christianity.
Such complex interdependence can be seen as a negative and a positive among states. Often, states may use such relationships for the greater good of themselves or, at times, the greater good of the other. Economic Coercion through complex interdependence can allow the states to ensure a better world order for all states involved and humanity. [17]
Ecology is the branch of biology which deals with the relations of organisms to their surroundings and to other organisms. The ancient Jain scriptural aphorism Parasparopagraho Jīvānām (All life is bound together by mutual support and interdependence) is refreshingly contemporary in its premise and perspective. It defines the scope of modern ...
Free trade areas between groups of countries, such as the European Economic Area and the Mercosur open markets, establish a free trade zone among members while creating a protectionist barrier between that free trade area and the rest of the world.