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Topical Terminology > Integrated World Economy



1 Definition

Integrated World Economy

For Integrated World Economy we have a term and definition in International Economics.



Integrated World Economy (International Economics)

A hypothetical, theoretical benchmark in which both goods and factors move costlessly between countries. The IWE is associated with a retangular diagram depicting allocation of factors to countries, showing conditions for FPE. The name was coined by Dixit and Norman (1980), but the concept and technique was introduced by Travis (1964).




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