The Impact of Open vs Closed Economies on Innovation and Consumer Access

Open or Closed Economy Student’s Name: Institution: Course: Instructor: Date: Open or Closed Economy Globalization has made it easier for economies and consumers to access goods and services from international markets. The debate on open and closed economies focuses on the level of interaction between the economy and external markets. Open markets advocate for increased market access that increase the importation and export of goods to other economies. The goal of such an economic approach is to promote the transfer of goods, technologies, and innovation across nations to facilitate growth (Kobrin, 2020). On the other hand, a closed economy limits international trade by placing restrictions through legal and structural structures. The closed economy focuses on developing self-sufficient systems that produce all and only what the cons