Only in Ireland, where the economic model is based on openness to trade and foreign investment, is competitiveness a big part of the policy debate.
ECONOMIST: In place of devaluation, troubled members could try reform
Those with good policies (low inflation, a budget surplus and openness to trade) and good institutions (little corruption, strong rule of law, effective bureaucracy) benefited from the aid they got.
The 2011 Index of Economic Freedom, which is a joint project of The Heritage Foundation and The Wall Street Journal, ranked 183 countries based on 10 measures that evaluate such things as openness to trade and investment, government size, fiscal soundness, business and labor regulation, property rights, corruption, monetary stability and financial competition and transparency.
If ASEAN accelerates the move towards the ASEAN Free Trade Area and the ASEAN Investment Area, this would be a powerful endorsement of ASEAN's commitment to free trade and the region's openness to investment.
One problem is how to measure the openness of a country's trade policy: trade barriers can take many different forms.
ASEAN, the main issues are long-term: how eagerly will its members press for greater openness and co-operation in trade, investment and financial regulation?
Mexico's stance reflects the openness of its economy, at least to trade in goods (many service businesses in the country are in the hands of cosseted cartels).
Institutions like the World Trade Organization should be able to referee disputes and build confidence and openness.
Written by a top-notch cast of policy wonks, this book explains why countries benefit from openness and corrects some of the most common misconceptions about American trade.
Openness to the flows of capital, technology, information and trade, which can bring prosperity, but can also demand painful adjustments -- as East Asia's recent currency turmoil attests.
The U.S. Congress's refusal to give President Clinton "fast-track" trade negotiating authority is only the most publicized example of a trend throughout the region away from economic openness.
Now consider the potential size of a first-world economy in much of China--with sufficient openness and rule of law--plus the likely international links as its membership in the World Trade Organization kicks in.
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