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Exports are of two main kinds, goods and services, the former being known as visible items and the second as invisible. Over a period of time the total value of exports should balance with the total value of imports. To the extent that exports exceed imports we are said to have a favora...
However, economic policy aimed at reforming and developing the public sector is based on the import of institutions related to the production of public and mixed goods. In this paper, we show that neoliberal reforms threaten the welfare state in transition economies such as the Russian Federation....