Open economy

Updated: Aug 20, 2021

An economy which has transactions with the rest of the world. These may include trade in goods and services, movements of capital, transfers of information and technical know-how, and migration of labour. Most economies are at least partially open for some of these forms of contact. See also autarchy; closed economy.

Reference: Oxford Press Dictonary of Economics, 5th edt.

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James Knight
Editor of Education
James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.