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 6: The Future of Deglobalization

Peter A.G. van Bergeijk

Abstract

Discusses and operationalizes theory of hegemonism in relation to emerging new economies and fragmentation of the world economy. Analyses development for UK, USA and China. Assesses conditions for the emergence of China as a new hegemon and concludes that China is not yet ready to pick up this role. Proposes a G2 of Chana and the EU that can engineer a more robust international governance that would allow for institutional contestation more flexible composition of the group of countries involved in global governance. Develops scenarios to assess possible developments of (de)globalization: ‘The end of the Liberal Peace’, ‘The deglobalization hoax’, ‘European hegemony’ and ‘The Return of Bretton Woods’. Provides lessons for ordinary people, businesses, social servants and researchers.

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