De la première à la seconde globalisation

Michel Aglietta and Jacques Le Cacheux

Revue de l'OFCE, 2007, vol. n° 102, issue 3, 155-204

Abstract: The current globalization process contrasts with the first globalization, in the second half of the XIXth century, with respect to international flows of production factors and to monetary arrangements: during the first globalization, Great Britain, the then dominant power, was a high saving, high population country, exporting capital and labour, and maintaining a stable, coherent international monetary system, the gold standard; in the first decade of the XXIrst century, the US is a low saving economy, and demographic dynamism is mostly in the rest of the world. With the US a net importer of capital, and international monetary arrangements not conducive to equilibrating evolutions, the current globalization is unsustainable. With the help of the OLG-CE, world model INGENUE, we explore a sustainable world growth regime based on equilibrating capital flows, from rich and ageing countries to poorer and demographically more dynamic regions. JEL Classification: C68, D91, F21.

Keywords: globalisation; international capital flows; overlapping generations; computable; general-equilibrium models; world growth regimes (search for similar items in EconPapers)
JEL-codes: C68 D91 F21 (search for similar items in EconPapers)
Date: 2007
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Working Paper: De la première à la seconde globalisation (2007)
Working Paper: De la première à la seconde globalisation (2007)
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