B. INTERDEPENDENCE IN THE GLOBAL ECONOMY

The first section described the short-run impact of international trade and policy changer in the open economy. These are crucial for open economies combating implementation and fellatio But Castries must also keep their eye on the cations of their policies for long-run economic growth. Particularly for small countries, the concerns about economic-growth policies are paramount.’ Sometimes, it is useful to think of an individual region within the United States (suchas a state or.metropolitan area) as a small open economy with a fixed ‘exchange rate,

But economic growth involvement than just capital. It reqt.nr. moving toward the technological frontier by MIopring the bcs technological practices. It requires d~loping institutional chat ture investment and the spirit of enterprise, Other issues trade policies. intellectual property rights, policies toward -direct investment. and the overall macroeconomic climate-are essential ingredients in the growth of open economies.

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