The Economy in Perspective
Think globally, obstruct locally … Protests against the latest round of negotiations sponsored by the World Trade Organization have thrust international trade into the headlines. Trade, perhaps the most fundamental economic activity, enables people to improve their well-being merely by exchanging some of what they already have. One might think that trade must be more complicated when it occurs between domestic and foreign partners, but geography really doesn’t matter at all. The economic value of a transaction is the same whether the border that separates trading partners is national, state, or city.
Suggested citation: "The Economy in Perspective," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-12, pp. 01, 12.01.1999.