Are Australian policymakers operating in a new global economy?

Developments including the rise of vertically specialised trade and the growing internationalisation of production, broader and deeper goods and financial market integration, the extension of international trade to the previously “non-tradeable” services sector, and the spread of international trade and finance to incorporate a growing number of countries suggest that in many respects Australian policymakers are now operating in a “new global economy”.Mark Thirlwell