countries. Moreover, by opening the trade barriers, the possibility to invest in foreign countries emerged, which created jobs, introduced new technology and improved infrastructure (Lukas,2003, p. 89). Sachs and Warner (1995, p. 36) state in their paper that openness and growth are interconnected. They found, for example, that in the years between 1970 and 1989 developing countries with open economies had an average grow rate of 4.5 percent per year, while countries with closed economies had a grow…
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