My third topic is on the impact of economic independence and interdependence on peaceful periods and focusing on the relation between the economic independence of and countries and periods in time. This includes the effect of trade and economic cooperation.
Economic independence and interdependence are critical concepts in international relations, influence the peace and conflict among nations. I will write about the relationship between economic independence, interdependence, and peaceful periods, through the historical context and the evolution of economic relations among countries over time. Additionally examining the impact of trade and economic cooperation.
Historical Context and Evolution
Many nations have pursued economic independence as a means of securing and safeguarding national interests. Economic independence entails the ability of a nation to sustain itself financially without relying on external parties limiting dependence on others [2]. Economic independence is usually sought after to minimize vulnerability to external economic pressures and maintain autonomy in decision-making processes [5]. The concept of economic independence has changed over time, influenced by changing politics such as shifts in power, technological advancements, and shifts in global economic structures such as the rise of free trade agreement [3].
Impact of Economic Independence and interdependence on Peaceful Periods
Economic independence has been shown to be a significant factor in peaceful periods among nations. Nations that possess a high degree of economic independence are less likely to have external economic influence and manipulation, reducing the likelihood of engaging in conflicts driven by economic motives [2]. Additionally, economic independence creates internal stability, allowing nations to endure external economic shocks without resorting to aggressive measures [5]. Countries with strong domestic economies are better equipped to deal with social and economic challenges, thereby promoting peace and stability within [3]. Economic interdependence creates common goals between countries, encouraging collaboration in achieving shared objectives like stability and economic growth. Supporters argue that as there are more disadvantages to conflict than advantages, conflict is discouraged by the shared economic stakes [4]. It also promotes the establishment of organizations and procedures for resolving disputes, offering options for discussion and compromise in order to resolve differences and avert possible conflicts. inequalities in economic power as well as by the unequal distribution of trade benefits. These factors additionally contribute to economic power imbalances. Particularly in areas where economic inequality is prominent, economic imbalances have the potential to intensify complaints and fuel confrontations [1].
Vulnerabilities and Dependencies: When there is an economic crisis or disagreement, the complex economic relationships between nations may give develop vulnerabilities and dependencies that could exacerbate tensions. Changes in commodity prices or disruptions in international supply chains can have an impact on economies abroad, causing hardship and raising the risk of conflict [6].
Trade and Economic Cooperation
Trade enables nations to take advantage of their unique advantages and achieve economic efficiency. By trade, countries may purchase commodities and services in which they lack an advantage over others while specializing on manufacturing those in which they do. Countries can maximize output, consumption, and general welfare thanks to this specialization [4]. Additionally, trade increases consumer choice and welfare by providing access to a greater range of goods and services. Additionally, by establishing mutual dependencies among trading partners, trade promotes economic interdependence. Countries become economically entwined when they depend on one another for basic resources and goods, creating chains of interdependence. Despite the benefits of trade and economic cooperation, several obstacles hinder the advancement. Trade imbalances, by unequal trade flows and regular deficits or surpluses, can strain relations between trading partners and undermine the benefits of economic cooperation. Protectionist policies, such as tariffs, quotas, and subsidies, distort trade patterns and inhibit the free flow of goods and services [4]. Additionally, political tensions and rivalries can hinder efforts to create economic cooperation and promote peace, as countries may prioritize national economic interests over collective goals.
Sources
- https://www.cairn.info/revue-d-economie-politique-2012-2-page-299.htm
- https://scholars.unh.edu/cgi/viewcontent.cgi?article=2554&context=dissertation
- https://www.merriam-webster.com/dictionary/interdependence
- https://www.emerald.com/insight/content/doi/10.1108/REPS-10-2018-010/full/html
- https://www.sciencedirect.com/topics/computer-science/economic-independence
- https://dictionary.cambridge.org/dictionary/english/interdependence
- https://cupola.gettysburg.edu/cgi/viewcontent.cgi?article=1002&context=gazette