Look back at the global economy in 1950 and you'll find these conditions:

The shock of a great depression, two world wars, and restrictions on immigration had led to little economic interconnectedness between countries.

The United States was the world's greatest economic power, producing 27% of the world's Gross Domestic Product (GDP).

The world's poorest economies were China and India, each making up only 4% of the world's GDP.

Now look at the state of the global economy more than a half-century later and you'll see that much has changed:

International institutions, radical changes in communication and information technology, and stronger national commitments to globalization have led to increased economic interconnectedness.

In 2006, the U.S. share was only 22% of the global GDP.

China and India are experiencing unprecedented economic gains. By 2040, the economy of China could become larger than the economies of the United States, Western Europe, and Japancombined.

These are just some of the many dramatic changes that are underway as globalizationthe process of the world's diverse countries coming together and sharing experiences, events, and tradecontinues to be a force in our economic climate.

The origins of this globalized economy, its effects on important contemporary concerns, and its future trends are just a few of the intriguing issues you explore in America and the New Global Economy.

Taught By Professor Timothy Taylor, M.Econ., Stanford University