No
An economy that does not import or export goods
no
By open economy it means that economy in which private people are allowed to participate in making economic decisions while,by closed economy it means the economy in which the government is the one planning for the whole society
That's what I'm trying to ask you!
CHINA!
closed economy
It is a free STATE that is closed by slavery. You know..... like when there is a free state, there is NO slavery. Therefore, it is like slavery is closed, that is way it is called closed to slavery.
GM, Gotchalks, Mervans
The economy is no longer closed and all other assumptions hold.
The US economy is a mixed economy (in fact, almost every country today has a mixed economy.) I suggest wikipedia for a history of US economy.
Mexico has. With a market, export-oriented economy, Mexico ranks as the 11 largest economy in the world with a GDP (2011) of US$1.19 trillion and a GDP per capita of US$15,100. On the other hand, Cuba has an almost closed, command economy which needs many changes to become competitive in today's globalized world; it is ranked as 68 in the world with a GDP (2011) of US$114 billion and a GDP per capita of US$9,900.
The US economy is closest to a capitalist economy system, although the US has been known to implement a few socialist policies (like more government intervention)