INTERNATIONAL ECONOMY / TUTORIALOUTLET DOT COM

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2. INTERNATIONAL ECONOMY / TUTORIALOUTLET DOT COM  International Economy FOR MORE CLASSES VISIT www.tutorialoutlet.com Uncorrected Proofs: Copyright Cornell University Introduction Constructing the International Economy RawiAbdelal, Mark Blyth, and Craig Parsons We have, as a rule, only the vaguest idea of any but the most direct consequences of our acts. Now the whole object of the accumulation of wealth is to produce results, or potential results, at a comparatively distant, and sometimes an infinitely distant date. Thus the fact that our knowledge of the world is fluctuating, vague, and uncertain, renders wealth a peculiarly unsuitable topic for the methods of classical economic theory. . . . About these matters there is no scientific basis on which to form a calculable probability whatever. We simply do not know. John Maynard Keynes, 1937 T he world is, as they say, complicated. The world economy is especially so. Unpredicted events often influence markets in improbable ways. Individuals and organizations—firms, governments—surprise observers by behaving in ways that appear contrary to their presumed material interests as events defy the categories and concepts we construct to contain them.

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