For any economy to run successfully, better economic practices should be embraced. Many failures in economic policing have resulted in very huge trade deficits not only to responsible states but also to regions and the world as a whole. Therefore, it is of great importance that possible strategies are formulated to run individual, regional, and global economies.
Approaches by both Keynesian and monetarist have collectively bee used in many economies concurrently since they both posses’ positive and possible positive economic impacts. However, these theories have several weaknesses too. They have been used for a very long time and from then current ways of running economies, there is a very big difference. Therefore, some necessary adjustments are recommended to such techniques to concur with the modern economic demands. This will by great margins boost the ability of countries to deal with their trade deficits.
Use of protectionism to do business in the international market is of no great help in the modern world (Sicilia et al.113). Many countries are aware of such selfish behavior and are not willing to trade with protectionist. Recently, the UK has accused the USA of this unfair practice. This accusations have introduced suspicion in trading between these two countries. The result is decreased trade that transmits the effect to the trade balances of both countries. This simply implies that protectionism is of less importance though it is advocated for by some countries especially in desperate economic situations.
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