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IMBALANCES OF THE GLOBAL ECONOMY
It is now widely acknowledged that the increasing international integration and liberalization of the past decades has ushered in an era of turbulence and uncertainty in the global economy.  The growth and fragility of financial markets, the impact of their excesses upon real economies, the disruptive effects of China’s dramatic rise, the scale of America’s foreign debt and the effects of intensifying competition on national labour markets all point to continuing instability in the decades ahead. What follows is a survey of some of the most salient trends in the world economy today and a sketch of the directions they may indicate.
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