Princeton, N.J.: Princeton University Press, 1978. US House of Representatives. An Act to Lower Interest Rates and Allocate Credit. Hearings on H.R. 212 before the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Currency and Housing, 94th Cong., first sess., February 4-6, 1975. Washington, D C : US Government Printing Office, 1975. US House of Representatives.
Increased flow of trade, know-how, people and ideas bridged the technology gap, improved institutional capacity and accelerated the accumulation of physical and human capital in emerging markets. The result was higher growth and lifting of millions out of poverty. 4. More importantly, globalisation-led productivity gains contributed to  a trend decline of inflation across countries.