Free trade is a trade policy that does not restrict imports or exports as well as the idea of the free market as applied to international trade. In government, free trade is predominantly advocated by political parties that hold liberal economic positions while economically left-wing and nationalist political parties generally support protectionism, the opposite of free trade.
A developing country is a country with a less developed industrial base and a low Human Development Index (HDI) relative to other countries. However, this definition is not universally agreed upon. There is also no clear agreement on which countries fit this category. A nation's GDP per capita compared with other nations can also be a reference point.
A special economic zone (SEZ) is an area in which the business and trade laws are different from the rest of the country. SEZs are located within a country's national borders, and their aims include increased trade balance, employment, increased investment, job creation and effective administration. To encourage businesses to set up in the zone, financial policies are introduced. These policies typically encompass investing, taxation, trading, quotas, customs and labour regulations. Additionally, companies may be offered tax holidays, where upon establishing themselves in a zone, they are granted a period of lower taxation.
The category of newly-industrialized country (NIC) is a socioeconomic classification applied to several countries around the world by political scientists and economists. They represent a subset of developing country whose economic growth is much higher than other developing countries; and where the social consequences of industrialization, such as urbanization, are reorganizing society.
The Washington Consensus is a set of 10 economic policy prescriptions considered to constitute the "standard" reform package promoted for crisis-wracked developing countries by Washington, D.C.-based institutions such as the International Monetary Fund (IMF), World Bank and United States Department of the Treasury. The term was first used in 1989 by English economist John Williamson. The prescriptions encompassed policies in such areas as macroeconomic stabilization, economic opening with respect to both trade and investment, and the expansion of market forces within the domestic economy.
International political economy (IPE), also known as global political economy (GPE), refers to either economics or an interdisciplinary academic discipline that analyzes economics and international relations. When it is used to refer to the latter, it usually focuses on political economy and economics, although it may also draw on a few other distinct academic schools, notably political science, also sociology, history, and cultural studies. IPE is most closely linked to the fields of macroeconomics, international business, international development and development economics.
The economy of Asia comprises more than 4.5 billion people living in 49 different nation states. Six further states lie partly in Asia, but are considered to belong to another region economically and politically. Asia is the fastest growing economic region, as well as the largest continental economy by both GDP Nominal and PPP in the world. China, Japan, India, South Korea and Indonesia are currently the top five economies in Asia. Moreover, Asia is the site of some of the world's longest modern economic booms, starting from the Japanese economic miracle (1950–1990), Miracle on the Han River (1961–1996) in South Korea, economic boom (1978–2013) in China and economic boom in India (1991–present).
In economics, BRIC is a grouping acronym that refers to the countries of Brazil, Russia, India and China, which are all deemed to be at a similar stage of newly advanced economic development. It is typically rendered as "the BRICs" or "the BRIC countries" or "the BRIC economies" or alternatively as the "Big Four". A related acronym, BRICS, adds South Africa. There are arguments that Indonesia should be included into grouping, effectively turning it into BRIIC or BRIICS.
The economy of India is a developing mixed economy. It is the world's seventh-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP). The country ranks 139th in per capita GDP (nominal) with $2,134 and 122nd in per capita GDP (PPP) with $7,783 as of 2018. After the 1991 economic liberalisation, India achieved 6-7% average GDP growth annually. Since 2014 with the exception of 2017, India's economy has been the world's fastest growing major economy, surpassing China.
Economic integration is the unification of economic policies between different states, through the partial or full abolition of tariff and non-tariff restrictions on trade.
Economic liberalization is the lessening of government regulations and restrictions in an economy in exchange for greater participation by private entities; the doctrine is associated with classical liberalism. Thus, liberalization in short is "the removal of controls" in order to encourage economic development. It is also closely associated with neoliberalism.
The Indian Century is the possibility that the 21st century will be dominated by India, similarly to how the 20th century is often called the American Century, and the 19th century as Pax Britannica. The phrase is used particularly in the assertion that the economy of India could overtake the economy of the United States and economy of China as the largest national economy in the world, a position it held from 1 to 1500 A.D. and in 1700 A.D.
Darrell West is an American author, political scientist, and political commentator. West is the vice president and director of governance studies and director of the center for technology innovation at the Brookings Institution. He holds the Douglas Dillon Chair in governance studies, and has written about technology policy, mass media, and campaigns and elections in the United States. He is Editor in Chief of the Brookings technology policy blog, TechTank. He is the author of 24 books, and they have won four book awards and been translated into Chinese, Japanese, and Korean. Some of his publications can be found at www.InsidePolitics.org/DWPubs.html.
A potential superpower is a state or a political and economic entity that is speculated to be – or to have the potential to soon become – a superpower.
Anne Osborn Krueger is an American economist. She was the World Bank Chief Economist from 1982 to 1986, and the first deputy managing director of the International Monetary Fund (IMF) from 2001 to 2006. She is currently professor of international economics at the Johns Hopkins School of Advanced International Studies in Washington, D.C.
The Carnegie Moscow Center is a think tank and research center that focuses on domestic and foreign policy, international relations, international security, and the economy. It is a regional affiliate of the Carnegie Endowment for International Peace in Washington, DC and a nonprofit organization.
The International Growth Centre (IGC) is an economic research centre based at the London School of Economics, operated in partnership with University of Oxford's Blavatnik School of Government.
Beyond the Crash: Overcoming the first crisis of globalisation is a 2010 book by former UK prime minister Gordon Brown. The work argues that the only way to fully overcome the financial crisis of 2007–2010 is with further coordinated global action. Brown states that a shared "global compact" on jobs and growth should be central to effective action, with different regions called on in different ways to contribute to rebalancing the global economy while boosting growth. The book includes first-hand accounts of events leading to previous successful cases of international collaboration on economic affairs. There are specific suggestions about the different ways in which the world's nations and regions can help secure global growth, jobs and poverty reduction. A secondary theme of the work is that better global oversight is needed for the international financial system. Brown suggests that to function at their best, banks and markets need shared morals.
Yaga Venugopal Reddy, better known as Y. V. Reddy, is an Indian economist and a retired Indian Administrative Service (IAS) officer of the 1964 batch belonging to Andhra Pradesh cadre. Reddy served as governor of the Reserve Bank of India (RBI) from 6 September 2003 until 5 September 2008.
