Financial crises and trade wars: has globalization failed to deliver?

David A. Deese and Sam Biasi

Chapter 3 in Research Handbook on Trade Wars, 2022, pp 47-62 from Edward Elgar Publishing

Abstract: This chapter asks how and why the underlying international political economic context of the US-China trade war - economic and financial globalization, has become unstable and set the context for such conflicts. Essentially, globalization in all its dimensions appears to have advanced to where self-destruction is likely, if not inevitable.  Globalization has disrupted the sectoral composition of economies worldwide, enabled the scapegoating of globalization by populist political leaders; and triggered protectionist nationalist responses that complicate international coordination and cooperation. The increasing frequency and damage of international crises is a fundamental, if less recognized, independent variable at the very heart of explaining why globalization has both aggravated inequalities across societies and helped to erode the liberal democratic international order.

Keywords: Asian Studies; Economics and Finance; Geography; Politics and Public Policy (search for similar items in EconPapers)
Date: 2022
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