Trade and Openness During the Great Depression and the Great Recession
Chapter 3: Deglobalization is Not New!
Identifies phases of deglobalization for the period 1880-2023 and motivates the selection of the 1930s and 2000s for further research. Provides a discussion of similarities and differences in the general context of these periods, including financial crisis, income distribution, emerging economies strength of hegemonism, (financial) innovation, globality, transportation costs, interconnectedness, reserve currency holdings, breakdown of global financial stability, structure of international trade and the extent of protectionism. Provides detailed graphical comparisons of determinants of trade collapse deglobalization (share of manufacturing, political system, developmental level and size of economies) at the eve of the Great Depression and the Great Recession. Discusses and evaluates empirical studies on the impact of Make America Great Again and Brexit.
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