The emerging industry theory states that new industries in developing countries need to be protected from competitive pressures until they mature.
This theory, first developed in the early 19th century by Alexander Hamilton and Friedrich List, often serves as a justification for protectionist trade policies.
Developing country governments can take measures such as import duties, tariffs, quotas and exchange rate controls to give the fledgling industry time to develop and stabilize.
Autarky refers to a state of self-sufficiency and is commonly used to describe countries or economies that seek to reduce their dependence on international trade.
An absolute advantage is when a manufacturer can provide a greater quantity of a product or service for the same price or the same quantity at a lower price than its competitors.
The balance of trade (BOT) is the difference between the value of a country’s imports and exports over a given period and is the largest component of a country’s balance of payments (BOP).
The Bretton Woods Agreement and the system created a collective international currency exchange regime that operated from the mid-1940s to the early 1970s.
Cross elasticity of demand is an economic concept that measures the response of the quantity demanded of one good to a change in the price of another good.
Desperate workers are workers who have stopped looking for work because they did not find suitable employment options or were not shortlisted when applying for a job.
The causes of employee frustration are complex and varied.