Openness is defined by the online dictionary as the willingness or readiness to receive. On an economic scale, it is defined as the ratio of a nation’s exports and imports as a percentage of its gross domestic product (GDP).
In today’s global economic environment it is essential for countries to possess “openness” in order to survive and remain competitive. No country could survive in isolation. Trade amongst nations provides many benefits including: greater choice for the consumer, increased competition resulting in lower prices, expanded markets and customer bases, and global investment opportunities. Trade allows countries to specialize in producing the goods in which they have a comparative advantage and trade with other countries for the goods in which they do not, creating efficiency gains. Although regulation of trade is essential, it is a necessary component of survival and growth in today’s economy.
As a society, we always view people that have an open mind in a positive light; it is a good characteristic to possess. We must use the same opinion and mind set when viewing the openness of countries to trade. I am open and welcoming to any countries that would like to trade with the US. We can benefit greatly from the products, service or expertise that other countries have to offer.
How open to openness are you?
No comments:
Post a Comment