Greater economic openness between nations does lead towards economic growth and convergence. All of the first world countries demonstrate greater economic openness then third world countries demonstrate. Although economic openness may be a solution to gain economic growth and convergence, free trade may not be the answer. There are two different views on free trade; the conservative view and the liberal view.

In an economic age in which speedy transactions of imports and exports are essential, free trade is a necessity for aiding worldwide economic development. Even today, the United States continues to support free trade, an example being NAFTA (North America Free Trade Agreement). The problem is that America's generosity has caused the foreign industry to take over the U.S. marketplace. This unfortunately has resulted in high unemployment rates because consumers and firms can purchase foreign goods for a little less than domestic products. From a conservative viewpoint, the only remedy to decrease unemployment and stimulate our own economic growth is to abandon the free trade policy and raise tariffs. Free trade has only cripple

The financial crisis that erupted in Asia in mid-1997 has led to sharp declines in the currencies, stock markets, and other asset prices of a number of Asian countries. It was hard to understand what these declines would actually do to the world market. This decline was expected to halve the rate of world growth in 1998 from the four percent that was projected pre-crisis to an estimated outcome of about 2 percent. The countries that are included in the East Asian crisis, known as "Tiger" economies, are Hong Kong, Indonesia, South Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand. For these countries to participate effectively in the exchange of goods, services, and assets, an international monetary system is needed to facilitate economic transactions. To be effective in facilitating movement in goods, services, and assets, a monetary system most importantly requires an efficient balance of payments adjustment mechanism so that deficits and surpluses are not prolonged but are eliminated with relative ease in a reasonably short time period. The Asian crisis of recent falls into this category of inefficient balance of payments facilitated by, its overcapacity and its lack of growth to the West, particularly depreciation of its currency. By competitively depreciating its currencies, Asia is exporting its deflation to the US. History The past ten or fifteen years have seen an unprecedented expansion in the extent to which the countries of the world are tied together, both by instant communication and by international trade, institutions, and markets, including financial markets. On the whole, this process of globalization has been an enormously positive development. It has opened new markets, enhanced competition, spurred innovation, and provided new opportunities for workers, farmers, and businesses around the world. For example more than 40 percent of US exports today are absorbed by developing countries, an extraordinary increase over past export patterns, and the jobs associated with these exports are high-paying, good jobs. The increasing productivity of our trading partners has helped keep inflation down and improve standards of living in the United States. And outside the US, probably hundred

Some common words found in the essay are:
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Approximate Word count = 1499
Approximate Pages = 6 (250 words per page double spaced)