The neoclassical and neo-Keynesian economists believe countries do not compete. The firms do. Paul Krugman, the noted economist, asserts that “countries are not to any important degree in competition with one another” (Ezell & Atkinson, 2010). But the political, social, and economical climate is dynamically shifting. The emerging of the BRIIC countries is a testament to globalization. It also signifies a balance of soft powers – the dominance and emergence of economic gain – from the industrial countries to the emerging countries.
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Courtesy: ITIF
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