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 3: Deglobalization is Not New!

Peter A.G. van Bergeijk


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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