Forms of globalisation: from ‘capitalism unleashed’ to a global green new deal

Jonathan Michie
Additional contact information
Jonathan Michie: Kellogg College, Oxford, UK

European Journal of Economics and Economic Policies: Intervention, 2018, vol. 15, issue 2, 163-173

Abstract: What is termed ‘globalisation’ has taken many forms over the centuries. The last time we had a ‘free market’ form of globalisation, such as is largely in force across the world today, was in the run up to the First World War; goods, people and capital crossed borders, as the leading industrial economies sought economic advantage in a process that ultimately spilled over into armed conflict. This led to a retrenchment between the world wars, with most governments focusing more on their own domestic economies and policy agendas. Following the Second World War, an era of ‘managed globalisation’ has been dubbed the ‘Golden Age of Capitalism’. This was followed by the era, launched by the Thatcher and Reagan administrations, of deregulation, privatisation, financialisation and demutualisation – of ‘capitalism unleashed’. That led to the 2007–2008 global financial crisis and the 2009 Great Recession. We now need to shape a new historical era, focused on environmental and social sustainability. This will require new economic thinking, and a policy agenda around a global green new deal.

Keywords: globalisation; global financial crisis; green new deal (search for similar items in EconPapers)
JEL-codes: E02 E32 E44 E61 F62 (search for similar items in EconPapers)
Date: 2018
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.elgaronline.com/view/journals/ejeep/15-2/ejeep.2018.02.08.xml (application/pdf)
Restricted access

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:elg:ejeepi:v:15:y:2018:i:2:p163-173

Access Statistics for this article

European Journal of Economics and Economic Policies: Intervention is currently edited by Torsten Niechoj

More articles in European Journal of Economics and Economic Policies: Intervention from Edward Elgar Publishing
Bibliographic data for series maintained by Phillip Thompson ().