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Open and Closed, Prosperity and Stagnation

In: Open and Closed Economies

Author

Listed:
  • Roderick Macdonald

    (UEH-ISB)

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.

Suggested Citation

  • Roderick Macdonald, 2022. "Open and Closed, Prosperity and Stagnation," Springer Books, in: Open and Closed Economies, chapter 0, pages 115-142, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-79534-4_4
    DOI: 10.1007/978-3-030-79534-4_4
    as

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