Question

what is meant by unicentric economy system

Answer 1

Unicentric economic system refers to the freedom of exchange of goods and trade services across the borders with ease and no difficult norms. This is the basic fundamental theory behind globalization of economy. With the implementation of such a system, exchange of raw materials and processed goods between nations becomes a cakewalk. Import and Export is easy and liberal and this creates the unified base for global industrialization and more economic growth also.