Economic dependence
Economic dependency is an unending situation in which countries, economies and economic agents depend on each other and a variety of different economic and non-economic factors for economic and non-economic reasons. The functioning of the world economy is banked on many economic and non-economic factors, which is caused by rising economic integration via international trade and domestic trade [Collins Dictionary].
A situation in which the success of one thing depends on the success of another. This may occur within a company. For example, a project may not have funding unless another project is successful. Likewise, it may occur within an economy; for example, an agricultural economy may be excessively dependent on the value of corn such that if the price of corn drops it can have serious repercussions on that economy. Many companies and economies seek to diversify to avoid economic dependence [The free Dictionary].
Economic interdependence is a system by which many companies are economically dependent upon each other. On a macroeconomic level, this can involve many countries being economically dependent upon each other as well. This interdependence is a product of labor specialization, meaning that when so many products are produced in one nation, jobs become more specialized and economic interdependence is bound to form. When this happens, companies must become part of a trading network, and they depend upon each other to supply products that they cannot produce themselves. One by-product of economic interdependence is globalization. This is where each nation and their economies are dependent on other nations for products and goods. For example, the United States today depends on China to provide it with many goods [Study.com].
Economic dependency. Collins dictionary. Retrieved from: https://www.collinsdictionary.com/submission/7268/economic+dependency
Economic dependence. The free Dictionary. Retrieved from: https://financial-dictionary.thefreedictionary.com/Economic+dependence
Economic Interdependence: Definition, Causes & Effects. Study.com. Retrieved from: https://study.com/academy/lesson/economic-interdependence-definition-causes-effects.html