The Second Era of Globalization is Not Yet Over:An Historical Perspective

20 Pages Posted: 24 Jul 2017

See all articles by Michael D. Bordo

Michael D. Bordo

Rutgers University, New Brunswick - Department of Economics; National Bureau of Economic Research (NBER)

Multiple version iconThere are 2 versions of this paper

Date Written: 2017-07-01

Abstract

The recent rise of populist anti-globalization political movements has led to concerns that the current wave of globalization that goes back to the 1870s may end in turmoil just like the first wave which ended after World War I. It is too soon to tell. The decline and then levelling off of trade and capital flows in recent years reflects the drastic decline in global real income during the Great Recession. Other factors at work include the slowdown in the growth rate of China and the reversal of the extended international supply chains developed in the 1990s, as well as increased financial regulation across the world after the crisis. This suggests either a pause in the pace of integration or more likely a slowing down, rather than a reversal.

JEL Classification: F6, N1

Suggested Citation

Bordo, Michael D., The Second Era of Globalization is Not Yet Over:An Historical Perspective (2017-07-01). Globalization and Monetary Policy Institute Working Paper No. 319. Available at SSRN: https://ssrn.com/abstract=3006522 or http://dx.doi.org/10.24149/gwp319

Michael D. Bordo (Contact Author)

Rutgers University, New Brunswick - Department of Economics ( email )

New Brunswick, NJ
United States

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Register to save articles to
your library

Register

Paper statistics

Downloads
17
Abstract Views
78
PlumX Metrics