Dependency on the Rest of the World

Definition

This term refers to a country's reliance on other nations for resources, goods, or services. It can be due to various factors such as lack of natural resources, technology, or expertise.

Analogy

Think of it like a group project in school. If you're assigned a task that requires skills you don't have (like graphic design), you'll need to rely on your teammate who does have those skills. In this scenario, you are 'dependent' on your teammate just like countries can be dependent on each other.

Related terms

Globalization: The process by which businesses or other organizations develop international influence or start operating on an international scale.

Trade Deficit: An economic measure of a negative balance of trade in which a country's imports exceed its exports.

Colonialism: The policy or practice of acquiring full or partial political control over another country, occupying it with settlers, and exploiting it economically.