The U.S. And Global Economy: A New Relationship : Planet Money The global economy used to have a simple rule: the US leads, everybody else follows. Things have changed.
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The U.S. And Global Economy: A New Relationship

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The U.S. And Global Economy: A New Relationship

The U.S. And Global Economy: A New Relationship

The U.S. And Global Economy: A New Relationship

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  • <iframe src="https://www.npr.org/player/embed/769102674/769114731" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
Thomas Northcut/Getty Images
The US and global economies
Thomas Northcut/Getty Images

Ever since the end of the Second World War, the United States has dominated the global economy. It once accounted for roughly half of global gross domestic product, and was for many decades the main export market for most other countries. For those reasons alone, where the US went, the rest of the world followed: if the US fell into a recession, it was nearly impossible for other countries and financial markets to insulate themselves from the fallout. The same applied when the US did well.

But things have changed over the last decade, in the wake of the financial crisis. Greg Ip, the chief economics correspondent at the Wall Street Journal explains why.

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