Deglobalization 2.0
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Deglobalization 2.0

Trade and Openness During the Great Depression and the Great Recession

Peter A.G. van Bergeijk

Deglobalization 2.0 argues that Trump and Brexit are the symptoms, and not the causes, of a long sequence of alternating phases of globalization and deglobalization driven by increasing income inequality and the retreat from the global stage by a contested hegemon. Providing rich empirical details, Peter van Bergeijk investigates similarities and differences between the Great Depression of the 1930s and the Great Recession and its aftermath of a slowdown in global trade. Providing an overview of recent findings and a discussion of contributions from several disciplines, the book investigates scenarios for the future of the economic world order and proposes possible solutions.
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Chapter 2: Setting the Stage

Peter A.G. van Bergeijk

Abstract

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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