What would the economic implications?

Question

What would the economic implications for both exporting countries and importing countries be if the world were not so interdependent? how would a world with less interdependence would affect your life?

Answer 1

The standard of living in the countries would decrease because you they would both loose their competitive advantage.

When countries cut them selves off, they become like a person who is trying to live in the woods, fending for them selfs, not only is it going to more difficult for them, but society as a whole will miss their contribution.

Answer 2

John R:

I think he meant for "Competitive Advantage" to actually be Comparative Advantage.

Good answer, though!!