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Describe Contagion Theory, Convergence Theory, and Emergent-Norm Theory

question 92

Essay

Describe contagion theory, convergence theory, and emergent-norm theory.What are the points of similarity and difference between these three theories? Discuss the strengths of each theory, as well as the points that may be criticized.


Definitions:

Foreign Economies

Economies outside of a reference country or the global network of national economies interacting through international trade.

Stocks and Bonds

Financial instruments that represent ownership in a company (stocks) and loans made to an entity (bonds).

Unemployment

The condition of being without a job while actively searching for employment.

Market Wage Rate

The prevailing rate of pay for given jobs in a labor market, determined by the supply of and demand for labor.

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