As globalization continues apace, market segmentations are diminishing, distance is shrinking and the boundaries between nation states are becoming increasingly blurred. National economies are closely interlinked through manychannels and we rarely view things from a single country's view, adopting a global perspective instead. It is therefore imperative to understand how the world economy functions. This book utilizes up to date empirical evidence to illuminate the mechanics of the world as a single entity. The author explores the properties of the world economy, the diverse mechanisms of interdependence, shocks and disturbances, economic processes and structures, and the institutional arrangements that guide these processes. Key topics covered include: world GDP, growth and global product and factor markets China as a new global player the roots and impact of financial and currency crises the performance of the developing countries over time (which have gained, which have lost?) conflicts between the national interest and global concerns (protectionism, locational competition for mobile factors of production, environmental issues) the institutional arrangements for the world economy (IMF, WTO). The World Economy:

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