Abstract

The entire foundation of the world economy has been dramatically altered in the last few years by three sweeping historic transformations: the near equality of three economic superpowers, namely, the United States, Japan, and an economically uniting Europe; the end of the Cold War; and the concomitant rise of economic issues to the top of the global agenda. This article describes each of these historic transformation and then explores what they mean for the future of the world economy.