These two statistics have different profiles in part because the US is not a closed economy.
Brazil is still a very much a closed economy, with exports accounting for just 12 percent of GDP.
But Harberger was looking at a closed economy where capital did not flow freely around the world as it does today.
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Protected by a closed economy, the 27 dominant state banks are inefficient.
The millions in this country who have climbed from poverty into the middle class, they could not do so in a closed economy controlled by the state.
The good news is that social-protection rules are as feasible, and in the end no more costly, in a globalised economy than they are in a closed economy.
In principle, there is no reason to expect employment or unemployment to be any higher or lower in an open economy than in a closed economy or, for that matter, in a rich economy as compared to a poor economy.
The only difference is that open economies with floating currencies may experience that fall in incomes through currency depreciation and thus higher prices for consumer goods while a closed economy will suffer a decline in wages as expressed in the local currency.
Australia's was a relatively closed economy until 1992, underperforming to its potential.
Being a large closed economy it has less to lose by moving too early in terms of trade diversion to other Asian exporters, says Booth.
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While many countries have differed in their statist approach, it has all been variations of the same team with a much-needed emphasis on social services and income distribution, sometimes coupled with a more closed economy.
That growth relied on a state-led development model, financed with foreign debt within a semi-closed economy.
Conversely, it is the ambitious opportunities for crony capitalism that fade into obscurity because a closed-loop bitcoin economy not requiring meatspace exchanges would emerge and accelerate.
It retains a closed capital account and limits foreign participation in its economy.
The total number of banks the Feds have shut down this year because of bad loans and a sour economy has reached 138, after regulators closed six banks this week in Florida, Georgia, Illinois and Kansas.
When India's economy was closed, the country was a moribund, hopeless place.
Investors are more focused on the short-term problems in Europe and a slowing economy in the US. European equity markets closed around 3% lower on average, with Germany down 10% in a week.
But the mine closed in the 1980s a major blow to Leadville's economy.
Last week, the US Dow Jones average closed at a record high, furthering gains last year despite the sluggish US economy.
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