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Historically, the idea of the open economy shares a relationship with the idea of globalization. This process of people, businesses, and governments connecting and interacting with one another across all countries and continents is a direct correlation to the idea of open economies. There are several historical events that have affected these ideologies simultaneously. For example, the Silk Road, which connected Eastern Asia with the Middle East and Europe. Another example would be global wars such as World War I and World War II, which had the effect of creating alliances and partnerships between countries, tying them economically to one another. Open economies are influenced by political views as well. Economic openness, as a political economic concept began in the 19th century and was characterized two schools of thought. Opponents of open economies believe that it could weaken national economies due to its competitive nature, while proponents of open economies believe that economic openness would positively impact trade and stimulate job growth and economic opportunities.

Fundamentals of Economics

Economy of Malaysia

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War and oil prices

War and National debt

Economic benefits of wars

Russian ruble values

Globalisation

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