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International Economics, Second Edition by Paul Torelli

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Epilogue (2013)

Economistsare the trustees, not of civilization, but of the possibility of civilization.

—John Maynard Keynes at his retirement toast from the editorship of Economic Journal, 1945

Inspired by the sentiment above, the preceding six chapters have explored economic concepts that should be helpful to businesspersons operating in today’s deeply interconnected global economy. To recap: the process of truly global economic integration stretches back some 500 years to the discovery of the New World, its pace quickening over the last two centuries (see Chapter 1). To understand the process of long-run growth as economies develop and globalize, the neoclassical growth model—with a special focus on the role of human capital and technology—is ...

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