Trade Openness and its Impact on GDP per Capita: A Comparative Study of USA and Lao PDR

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Geeta

Contents
Question 1...................................................................................................................................................2
Question 2...................................................................................................................................................3
Question 3...................................................................................................................................................4
Question 4...................................................................................................................................................4
Bibliography................................................................................................................................................4
Question 1
The percentage of Trade as a part of GDP or Trade / GDP describes the extent to
which an economy relies on trade as a means to earn income or to procure goods.
Trade Openness is often used as a proxy for trade liberalization which is a step
towards free trade. Free Trade is one of the tenets of globalization. Trade
liberalization allows citizens to trade freely and access goods and services from
the global markets, instead of just the local, regional or national markets.
(Vujakovic, 2009)
There are several measures and indices that measure globalization on various
parameters. Other Measures of globalization include Foreign Investment such as
Foreign Direct Investment (FDI) as a percentage of Gross Domestic Product..
These metrics measure the monetary value of investment received from outside
of the country. A country may receive low Foreign Direct investment due to,
among other reasons, protectionist laws against foreign investments within the
country. Protectionist laws are usually made in order to prevent foreign nationals
against holding assets in the country. Other measures include Portfolio
Investments such as holding in equity markets by foreign investors. (Vujakovic,
2009)
Question 2