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Misthinking Globalisation: Twentieth-Century Paradigms and Twenty First-Century Challenges

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  • Richard Pomfret
  • Richard Baldwin

Abstract

type="main"> Accounts of globalisation fail to distinguish the current globalisation from that which followed the industrial revolution. Before the industrial revolution most economic activity was local, with production and consumption bundled in the close geographic proximity. In the first globalisation, production and consumption unbundled on an unprecedented global scale as natural and man-made trade costs fell. In the second unbundling the production process itself is being unbundled globally, with traditional ‘made in’ labels losing meaning as supply chains become more and more complex.

Suggested Citation

  • Richard Pomfret & Richard Baldwin, 2014. "Misthinking Globalisation: Twentieth-Century Paradigms and Twenty First-Century Challenges," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 54(3), pages 212-219, November.
    • Handle: RePEc:bla:ozechr:v:54:y:2014:i:3:p:212-219
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    File URL: http://hdl.handle.net/10.1111/aehr.12046
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    Cited by:

    1. Raphael A. Auer & Claudio Borio & Andrew Filardo, 2017. "The Globalisation of Inflation: The Growing Importance of Global Value Chains," CESifo Working Paper Series 6387, CESifo.
    2. Richard Pomfret & Patricia Sourdin, 2017. "Where Will Your Next Holden Come From? The 2004 EU Enlargement and Trade with Australia," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 50(2), pages 181-194, June.

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