The Blurry Frontiers of Economic Policy
Economic policies are set at the national level, where officials seek to benefit the domestic economy. But these policies are increasingly affecting other economies and the global system, giving rise to what might be called “policy externalities” – consequences that extend outside policymakers’ target environment.
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MILAN – Around the world, policies, technologies, and extended learning processes have combined to erode barriers to economic interaction among countries. Pick any indicator: trade relative to global GDP, capital flows relative to the global capital stock, and so forth – all are rising.