ABSTRACT
The U.S. economy has the world’s largest gross domestic product (GDP). From the middle of the nineteenth to the middle of the twentieth century, it made sense to study the macroeconomics of the United States by focusing almost exclusively on the domestic market. That is no longer the case. The world economy has become much more integrated over the past 60 years. No understanding is complete without exploring the links between each country and the rest of the world. This chapter considers how business cycles spread across the world.
