An open economy is an economy in which there are economic activities between the domestic community and outside (people, and even businesses, can trade in goods and services with other people and businesses in the international community, and funds can flow as investments across the border). Trade can take the form of managerial exchange, oftechnology transfers, and of all kinds of goods and services. (However, certain exceptions exist that cannot be exchanged - the railway services of a country, for example, cannot be traded with another country to avail this service, a country has to produce its own.) This contrasts with a closed economy in which international trade and financecannot take place.
There are a number of economic advantages for citizens of a country with an open economy. One primary advantage is that the citizen consumers have a much larger variety of goods and services from which to choose. Additionally, consumers have an opportunity to invest their savings outside of the country.
If a country has an open economy, that country's spending in any given year need not equal its output of goods and services. A country can spend more money than it produces by borrowing from abroad, or it can spend less than it produces and lend the difference to foreigners.[1] As of 2014 no totally closed economy exists. open economy means economy integrated into
the world economy. Such integration involves a number of dimensions that include the trade of goods and services, financial markets, the labor force, ownership of production facilities, and the dependence
on imported materials.
As a rough measure of the importance of international trade in a nations econ-
omy, we can look at the nations exports and imports as a percentage of its gross
domestic product (GDP). This ratio is known as openness.
Openness=Exports+ Imports)/GDP
As nations become more interdependent,
labor and capital should move more freely across nations.
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3. The mercantilists. David Hume's price specie-flow doctrine
The Mercantilists
During the period 15001800, a group of writers appeared in Europe, which was
concerned with the process of nation building. According to the mercantilists, the
central question was how a nation could regulate its domestic and international
affairs so as to promote its own interests. The solution lay in a strong foreign-trade
sector. If a country could achieve a favorable trade balance (a surplus of exports over
imports), it would realize net payments received from the rest of the world in the form
of gold and silver. Such revenues would contribute to increased spending and a rise in
domestic output and employment. To promote a favorable trade balance, the mercan-
tilists advocated government regulation of trade. Tariffs, quotas, and other commercial policies were proposed by the mercantilists to minimize imports in order to protect a
nations trade position.
By the eighteenth century, the economic policies of the mercantilists were under
strong attack. According to David Humes price-specie-flow doctrine, a favorable
