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Social networks and economic development

September 9, 2010

Social networks exist and thrive on a scale and to an extent unimaginable even 25 years ago. The cellphone and the internet help well-trained and well-educated individuals multiply exponentially the return on investments in schooling and acquired skills. And the entire world benefits, too. Frictionless information markets, made possible by the world’s nearly spontaneous adoption of English as the language of business, makes the phenomenon of social networking perhaps the single most important factor in economic development.

– Carl Schramm, Up from Poverty

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