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This volume provides a comprehensive survey of the major economic issues that have helped shape the modern world. It includes discussions of contemporary research findings in macroeconomics and scrutinizes some of the most important debates in economic history. The author examines the many controversies relating to the role of government in a modern economy, long-run growth and development, the spread of the Industrial Revolution, the causes and consequences of the "Great Depression", the "Great Peacetime Inflation", the conduct of stabilization policy, international economic integration and globalization.