Trade and Openness During the Great Depression and the Great Recession
Chapter 2: Setting the Stage
Defines and discusses the concept of deglobalization and its use. Argues for a comprehensive simultaneous analysis of the Great Depression and the Great Recession. Establishes the existence of deglobalization along many dimensions by providing a detailed analysis of trade, investment, financial flows, openness and trade policies during the world trade collapse and the world trade slow down of the 2000s and predates Brexit and Trumpism. Shows that while the trade collapse started as a highly synchronized event, recovery is very heterogeneous. Illustrates the importance of a long historical perspective by means of an analysis of the growth rate of trade as well as the world trade elasticity that are used to identify recurring patterns in the wake of deglobalization that contradict mainstream arguments regarding the causes and consequences of the trade collapse and its aftermath during the Great Recession.
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