An open economy is an economy in which a significant percentage of the goods and services are traded internationally. The degree of openness of an economy usually depends on the amount of overseas trade in which the country is involved or the political policies of its government. Thus the British economy is relatively open, as the economy is significantly dependent on foreign trade; the American economy is relatively closed as overseas trade is not very important to its economy. Research Open Economy
The Probert Encyclopaedia was designed, edited and programed by
Matt and Leela Probert
Abbreviations
Research Open Economy
