This article speculates about the future of the world economy 100 years from now. It argues that the spread of markets is restricted by the reach of jurisdictional boundaries, and that national sovereignty imposes serious constraints on international economic integration. The political trilemma of the world economy is that international economic integration, the nation-state, and mass politics cannot co-exist. We have to pick two out of three. The article predicts that it will be the nation-state system that disappears, with global federalism taking its place.
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Volume (Year): 14 (2000) Issue (Month): 1 (Winter) Pages: 177-186 Download reference. The following formats are available: HTML
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Maurice Obstfeld & Alan M. Taylor, 2003.
"Globalization and Capital Markets,"
NBER Chapters,
in: Globalization in Historical Perspective, pages 121-188
National Bureau of Economic Research, Inc.
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Other versions:
Arribas, Iván & Pérez, Francisco & Tortosa-Ausina, Emili, 2008.
"On the Dynamics of Globalization,"
MPRA Paper
16007, University Library of Munich, Germany, revised 2008.
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