ix Preface At the time of this writing, the United States (the world, actually) is cele- brating the fiftieth anniversary of Neil Armstrong’s first steps on the moon. One of the most famous pictures of all time, arguably, is the picture of the earth from the moon taken during an earlier Apollo space flight. That picture not only symbolizes man’s quest into space but also shows us how small and fragile the earth is in the grand scheme of the cosmos. Our journey through the following pages is a look at why and how the nations of our small, fragile sphere in the cosmos cooperate, or not, with each other in a global economy. There is a saying that if we don’t learn from history, we are bound to repeat it. There is a lot of truth in that statement as history has shown us many times. It is important for us to begin by looking backward at the his- tory of the global economy. The Chronology and Introduction will take you on a journey back in time to explore what history has to tell us how the global economy of today took shape. Chapters 1 and 2 set the background, identifying the rules and back- drops by which the nations of the global economy participate. Rules keep us organized. The global economy is no different. Chapter 1 provides a set of rules that guides us in determining if the global economy is functioning at its best or falling short. Chapter 2 gives the background against which the nations are participating. We get an opportunity in chapter 2 to deter- mine if the nations themselves are functioning so that they can fully par- ticipate and benefit in the global economy. Chapter 3 considers the fulcrum on which the global economy teeters. Albeit brief, it could arguably be considered the most powerful of the chap- ters. In chapter 3, we will explore the vital concepts of trade: absolute advantage and comparative advantage. Without trade, there is no global economy. Why do nations trade? How can all nations trade and be part of the global economy? We will answer all these questions.
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