1Department of Economies, Polytechnic of Namibia, (Namibia University of Science and Technology), Windhoek, Namibia.
2PhD Program in Applied Management and Decision Sciences Walden University, USA.
The paper covers areas and topics regarding trade through definition of a set of economic concepts, their implications as they relate to economic growth and poverty reduction and moreover distribution of wealth. Furthermore, The paper also includes the Prebisch theory and the Product cycle theory, as well as the induced Global Polarity theory. The paper delves on concepts of import substitution measurements and its effects on trade partnerships. It mentions labour unions, foreign exchange, international trade and national and international financial policies, anti-corruption measurements and the establishment of a global common currency and their effects on national and global economy. An attempt is made in this paper to discuss the role of the global economy from the global poverty reduction perspective. The paperprovides set of policies that can be used in the creation of a stable and sustainable global economy by reducing the global poverty.
