Open Economies, Closed Economies and a Case Study

Abstract

National leaders currently praise the advantages of free trade while simultaneously pursuing self-sufficiency and consumption of local produce. Theoretical and empirical economic research of the past 150 years returned mixed results regarding both free trade and foreign investment. This book uses a case study methodology to answer the question: can an economy open to trade and foreign direct investment increase the prosperity of the nation? The case study will contrast the economy of the Philippines from 1965 to 1994 with the economy of Vietnam from 1990 to 2014.