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Why GDP is no longer a good measure

It is ill-suited to today’s digitally connected, globalised world

By Paul Wallace  

The February security conference in Munich saw US Vice President Mike Pence deliver a stern lecture to European members of Nato. The western alliance would be eroded, he said, if so many countries continued to shirk their fair share of defence spending, which is supposed to be at least 2 per cent of their GDP. Here was a reminder of how the big number with the little name can creep into every corner of life,…

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