over the last two decades, but it was still, in 1990, only about 7 percent of world output. The share was higher, at 15 …,' which are about 60 percent of world output. Given all the attention that 'globalization' has received from scholars …

international capital flows, and the resulting production has increased as a share of world output, but it was still only about 8 … world, accounting for about half of the world's stock in 1960. Since then, other countries have become major direct … investors. The U.S. share is now less than a quarter of the world total and the United States has become a major recipient of …