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Economic sovereignty - Coggle Diagram
Economic sovereignty
What is Economic sovereignty
Economic sovereignty means a country can make its own economic decisions without relying too much on other countries. It controls its own money, businesses, and resources to help its people.
Economic sovereignty means a country can make its own economic decisions without relying too much on other countries. It controls its own money, businesses, and resources to help its people.
Economic sovereignty means a country can manage its own economy without too much outside control. It decides how to use its money, businesses, and resources to help its people.
Effects of Economic Sovereignty
Positive Effects
• A country can control its own resources and industries.
• More local jobs and businesses grow.
• Less dependence on other countries.
• Stronger economy and stable growth.
Negative Effects
-Limited access to foreign goods and technology.
-Higher prices if imports are restricted.
-Risk of isolation from global trade.
-Slower economic growth if policies are not well managed.
Pros and Cons of Economic sovereignty
Pros
Own Rules – The country decides its own money and business rules.
Supports Local Businesses – Helps local companies grow.
Controls Own Resources – Keeps its own land, oil, and other wealth.
Safer Economy – Other countries can’t easily pressure it.
More Steady – Global money problems affect it less.
Cons
Less Buying & Selling – Fewer trades with other countries.
Higher Costs – Foreign products cost more.
Less Foreign Money – Other countries invest less.
Slow Business Growth – Local businesses may not improve.
Trade Problems – Other countries may stop trading.