Contends that it is widely believed that cheap labor in poor countries attracts foreign investors. Asserts that historical evidence indicates that past patterns of direct foreign investment in poor countries are inconsistent with the cheap-labor argument. Includes two figures and one table. (CFR)

Contends that the field of economic history is no longer a separate subfield of economics but an integral part of the entire discipline. Explains the concepts of monetary policy, labor force development, and economic growth in U.S. economic history. Concludes that the end of economic history is the beginning of better and richer economics. (CFR)