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Economics

Does greater economic openness between nations lead towards economic growth and convergence?
Greater economic openness between nations does lead towards economic growth and convergence.All of thefirst world countries demonstrate greater economic openness then third world countries demonstrate. Although economic openness may be a solution to gain economic growth and convergence, free trade may not be the answer. There are two different views on free trade; the conservative view and the liberal view.
In an economic age in which speedy transactions of imports and exports are essential, free trade is a necessity for aiding worldwide economic development. Even today, the United States continues to support free trade, an example being NAFTA (North America Free Trade Agreement). The problem is that America’s generosity has caused the foreign industry to take over the U.S. marketplace. This unfortunately has resulted in high unemployment rates because consumers and firms can purchase foreign goods for a little less than domestic products.From a conservative viewpoint, the only remedy to decrease unemployment and stimulate our own economic growth is to abandon the free trade policy and raise tariffs. Free trade has only crippled the American work force, increased poverty, and added to our national debt.If other nations begin to support free trade, the same situation may be likely to occur.Today there are about 10 million unemployed citizens and 35 million Americans are living in poverty because of free trade.Foreign industry is taking advantage of us.Market-opening measures in Asia along with other countries across the world have been promoted by exporting opportunities.In any clothing store and you’ll find that most of the apparel comes from South Korea, China, Hong Kong, Sri Lanka, and the Philippines. It’s simply not feasible for the U.S. apparel industry to compete with the extremely low production costs in Third Worl…

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Economics

These figures in the table are comparing the different households that are in the low, middle and high income groups. This helps us to see which types of households are most economically disadvantaged. There are differences in the differences in the house hold types in the low, middle and high income groups. The low income groups are (2nd and 3rd Deciles). The middle income group is the (5th and 6th Deciles). The high income groups are (9th and 10th Deciles).

In the low income group, One-parent family in one-family households with dependent children (11%), I think that this was overrepresented. Lone persons were overrepresented (36%) this is a large proportion considering the fact that many people would have been on the pensions and receiving benefits from the government. This is shown in the figures, as the lowest income group receives most of their income from Government pensions and allowances (79%). A large proportion of the households in the low income group were household couples.

In the middle income group, one parent family in one-family households with dependent children (8%) was a reasonable level. But couples with dependent children only (34%) was clearly over represented. There will be many other types of households that are in the middle income group. The couples without children (22%) was under represented, because I think that there is a much larger proportion of couples in the middle income group without children. In principal source of income section most middle income earners, earn money from Wages and salaries (66%). This is reasonable.

In the high income group, one parent family in one-family households with dependent children (1%) this is under represented, because there has got to be more one parent families that have dependent children than 1%. Couples without children is over represented at (31%). I think that couples in the high income levels do not tend to have many children, but 31% is just exaggerati…

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