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All these approaches are an adaptation from Smith's work of "Wealth of Nation". However, smith has presented a systematic analysis regarding the behavior of individuals. These individuals if taken with in the domestic sphere are the various business merchants and business organizations, while in the international market are the countries. Therefore, every individual and country perusing its self-interest and national interest are facing the various challenges in the competition of economic development (Peet). Therefore, now the foreign policy of states and the political dominance of any state have nothing to do with the business policies of any business company...
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