EVOLUTION OF GLOBAL FINANCE

foreign affiliates accounting for about a third of total world gross
domestic product (GDP).

Oil shocks, stagflation, and public sector inefficiencies in the

1970s gave rise to new approaches to managing the economy, in
particular monetarism, new classical economics, and supply-side
economics. Today, controversies still remain over which, if any,
of these approaches provide accurate models of how the world
really works.

NOTE

1 Doremus, P.N., Keller, W.W., Pauly, L.W. & Reich, S. (1999) The Myth

of the Global Corporation

. Princeton University Press, Princeton N.J.