Globalization Cycles

Maurice Obstfeld

No 14378, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: Mark Twain is reputed to have remarked that history does not repeat itself, but it often rhymes. While the Global Financial Crisis of 2008-2009 was not a catastrophe on the order of World War I, there is a broad similarity in the sequelae to both of these events – a failed attempt to return to pre-trauma normalcy, followed by a process of international economic disintegration in the face of changed geopolitical realities. In this essay, I explore three questions that this similarity raises. Does globalization inherently foster domestic or international dynamics that eventually lead to political backlash? If so, are these dynamics inevitable, or can complementary economic policies nurture a stable globalization? And finally, since policies are endogenous, when are policy approaches and institutions that complement and support globalization likely to arise?

Keywords: Globalization; Deglobalization (search for similar items in EconPapers)
JEL-codes: F52 F53 F60 N20 N40 (search for similar items in EconPapers)
Date: 2020-02
New Economics Papers: this item is included in nep-his and nep-int
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