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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Explicit costs are monetary payments the firm must invest to nonowners of the firm to keep them for seeking other employment, for example, wages and salaries to its employees. Implicit costs are nonmo...

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The tendency to try to explain chance events is a strong tendency and characteristic of human intelligence. We seek to find relationships, explanations, and meaning in the environment that surrounds u...

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Literature has always served as the mirror of the society. It has not only reflected societal conditions, rather it has also broadly highlighted the voices of common people and the way the people with...

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Discussion 8 _International Relations

Discussion 8 _International Relations

Q 1) Is economic interdependence always a peaceful relationship? Can you imagine scenarios in which states fight over economic reasons such as natural resources? Or protectionist trade policies (trade wars)? 2) Under the GATT/WTO most protectionist trade policies have been looked down upon, citing that it hurts the overall global economy. When, if ever, should protectionist policies be encouraged? Why? Why are protectionist policies discouraged?

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Economic interdependence works as a deterrence but is not a complete guarantee for a peaceful relationship. In many cases, the economic relationship becomes the sole reason for conflict and one country trying to dominate over other countries due to the laters vast natural resources. There are many examples where states fight over economic reason such as natural resources. We all know about oil wars and crisis (war in Iraq). Trade protectionism is just the other name for the trade war.