"There are no examples of sustained high growth in the postwar period that do not involve integration into the global economy. The systematic reduction of barriers to trade and investment in the last 55 years, and the dramatically falling costs of transportation and information and communications technologies, have combined to raise the level of that integration. It is the combined effect of these trends that has made the global economy an increasingly powerful source of potential growth."
~Nobel economist Michael Spence, in today's WSJ
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