Fed Reserve Bank of Dallas - Annual Report 2005

The Federal Reserve Bank of Dallas's Annual Report 2005 includes the essay "Racing to the top: How global competition disciplines public policy." All over the world, consumers are getting more of what they buy from other countries. Since 1987, exports have jumped from 16 percent to 27 percent of the global economy, it says.

The United States and other countries have benefited significantly from globalization. It has meant increased competition-which is good. Competition sharpens the wits and

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