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New World Order

Labor, Capital, and Ideas in the Power Law Economy

Authors: Erik Brynjolfsson, Andrew McAfee, and Michael Spence
July/August 2014
Foreign Affairs

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Recent advances in technology have created an increasingly unified global marketplace for labor and capital. The ability of both to flow to their highest-value uses, regardless of their location, is equalizing their prices across the globe. In recent years, this broad factor-price equalization has benefited nations with abundant low-cost labor and those with access to cheap capital.

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