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Unformatted text preview: -Outward looking-Countries focused on exporting goods-Mostly free trade economies-E.g. China, Hong Kong-More focused on growth Import-substitution-Inward Looking-a trade and economic policy based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products-not as open compared to export-oriented countries-E.g. Japan How many years does it take for a country to grow? (Rule of 70 or 72) / x% = 8 years How does a country grow?-Depends on its export and import strategy Why do we trade? What do we trade? What are the gains from trade? How is growth shared among the population within a country?...
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This note was uploaded on 01/25/2012 for the course ECONOMICS 300:04 taught by Professor Choudhary during the Fall '11 term at Rutgers.
- Fall '11
- International Economics