Philadelphia Fed Business Review, 1st Quarter 2005

The Federal Reserve Bank of Philadelphia has published its regular Business Review for the First Quarter 2005. In "Preparing for the 21st Century Economy," President Anthony Santomero talks about two trends he deems to be of particular importance.

First is the steady increase in international trade that has spilled over from the second half of the 20th century into the new millennium. Second is the revolution in information and communications technology that has spurred productivity and spawned a

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