Economic Policies During The World War II

Economic growth is an increase in the capacity of an economy to produce goods and services from one period of time to another. In simple terms, it refers to an increase in aggregate productivity.

Regional agreements and export-import aid by developed nations to developing nations have provided some relief through the U.S. Export-Import Bank (Ex-Im Bank), the North American Free Trade Agreement (NAFTA), the Association of Southeast Asian Nations (ASEAN), and the European Union/Common Market, among others (Carbaugh, 2013).

Economics growth is, it the short run an increase in real GDP and in the long run an increase in the productive capacity of an economy (the maximum output that the economy can produce). GDP stands for Gross Domestic Product which is the country’s production of goods and services valued at market price in a given time period. Real GDP is when these figures are corrected for inflation using a base year (The UK uses 2003 as its base year). It can be measured in three different ways; the output measure is the value of the goods and services produced by all sectors of the economy; agriculture, manufacturing, energy, construction, the service sector and government. The

Over the years, wars have increased. Today, countries like Iraq are devastated from wars and some people think it helps the economy even though it clearly doesn’t. World War II was horrible and ever since World War III is trying to be prevented as well. The economy needs a boost but wars decrease it by a tremendous margin and some countries are striving to regain their economy and population. The US still thinks that the Middle Eastern countries are hoarding oil, but they’re not helping in any possible way. Wars decline the economy in many ways. It increases taxes, decreases population, and causes inflation.

participants in this conference created three organizations to help regulate the international economy. The first is the International Monetary Fund (IMF) which was established with the idea of regulating monetary policy. One of the benchmarks of the IMF is the stabilization of exchange rates and the loaning of money to help stabilize countries with balance of payments deficits. The second organization established was the General Agreement on Tariffs and Trade (GATT) whose main focus was on a liberal trading order.

The economy in the GCC countries is highly open, but with a low level of intra-regional trade. Countries with lowest openness levels in the GCC were Saudi Arabia and Kuwait, and their openness levels were 35% and 47% (Sturm & Siegfried, 2005) (Table 3). According to openness standards, the GCC countries should undoubtedly be a

Shakur, S. (2012, January 1). Impact of Global Trade Liberalization on Regional Trade Balances | Shakur | International Journal of Economics and Finance. Retrieved March 14, 2014,

Economic growth refers to the rate of increase in the total production of goods and services within an economy. Economic growth increases the productivity capacity of an economy, thereby allowing more wants to be satisfied. A growing economy increases employment opportunities, stimulates business enterprise and innovation. A sustained economic growth is fundamental to any nation wishing to raise its standard of living and provide a greater well being for all. Gross domestic product (GDP) is the monetary value of all final goods and services produced over a year. It is the total value of production within the economy. The total value of production is the total value of the final goods or services less the cost of

The degree of trade openness has been a topic of debate in the literature in recent years for its effect on the growth of countries. There are many measures Some authors argue that trade openness is positive because to diversify the supply and provision of goods and services to a emergency.

Part II : Protectionism Last year the rapid economic growth in China accompanied by an “open door “ policy on the part of the regime, can be viewed in Western nations as a source of major investment and trading opportunities. However, China 's size and its political complexion can also be interpreted as a potential threat. This fear of China leads to the path of protectionist atmosphere. After a introduction about protectionism, the section II will show that Anti-dumping measure is a protectionist measure. Then, section III will present some theoretical models in favor of free trade. Section IV will examine most common fears about China. Section V will sum up with the necessity of using trade as “economic development aid”. I. Introduction:

It’s apparent by data presented by Rivera and Oliva (2004) and linked with data available in table 1 that since after the world war policies adopted to ensure unrestricted flow of products and services consequently lead to global competition and innovation which benefits all involved. Krugman (1986) further elaborates that with such trade liberalisation that there are a number of key benefits. Firstly, due to economies of scale enjoyed by nations, economies are able to gain from their comparative advantage. Secondly, there is a rise in intra-industry trade, increasing product differentiation enabling consumer satisfaction to be increased. Finally as Porter (1990) establishes, trade liberalisation ensures nations adopt sound economic policies to increase competitive advantage to ensure foreign investment occurs in their economy.

After the end of the World War II the world faced the challenges of economic and social recovery. The majority of developing countries based their economies on Import Substitution Industrialization (ISI), a state-oriented approach to a trade and economic policy. ISI supports the replacement of import with domestic production in order to reduce foreign dependency. This protectionist policy dominated in developing countries, especially in Latin America and sub-Saharan Africa, during the first 30 years after the World War II. By 1980s, when the main gains of ISI were exhausted and it demonstrated its inefficiency, the countries of East Asia adopted a new development strategy. Consequently, this new export-oriented and market-friendly strategy, the so-called East Asian model, has determined the successful economic and trade policy of East Asian countries during the next several decades. To understand the reasons of the shift from ISI to the East Asian model, it is necessary to carefully examine and contrast these two approaches and their supporting theories.

Government plays and integral role in ensuring that developing countries have a fair and sustainable share of the benefits of the international trade environment. There is a large contrast between a system operating in a free market type environment versus one with heavy government regulations and intervention. It is important to examine industrial policy, strategic trade policy, trade problems facing developing nations, import substitution and export-led growth.

What is economic growth? Economic growth is the increase of goods and services produced over a period of time. This is important because as the economy grows people begin to prosper and have higher standards of living. Studies have also shown that as people begin to prosper they become more concerned with their environment and with their health. In areas where incomes levels have increased, money is being invested on cleaner air and water. A higher income provides for a higher quality of life by allowing people to have the funds to make their lives better.

To begin with, economic growth is defined as an increase in the economy’s total production of goods and services that can result from the discovery of new natural resources, an increase in skilled labor force, technology innovation and more efficient production processes.