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De la première à la seconde globalisation


  • Michel Aglietta
  • Jacques Le Cacheux


The current globalization process contrasts with the first globalization, in the second half of the XIXth century, with respect to international flows of production factors and to monetary arrangements: during the first globalization, Great Britain, the then dominant power, was a high saving, high population country, exporting capital and labour, and maintaining a stable, coherent international monetary system, the gold standard; in the first decade of the XXIrst century, the US is a low saving economy, and demographic dynamism is mostly in the rest of the world. With the US a net importer of capital, and international monetary arrangements not conducive to equilibrating evolutions, the current globalization is unsustainable. With the help of the OLG-CE, world model INGENUE, we explore a sustainable world growth regime based on equilibrating capital flows, from rich and ageing countries to poorer and demographically more dynamic regions. JEL Classification: C68, D91, F21.

Suggested Citation

  • Michel Aglietta & Jacques Le Cacheux, 2007. "De la première à la seconde globalisation," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 155-204.
  • Handle: RePEc:cai:reofsp:reof_102_0155

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    Cited by:

    1. Jacques Le Cacheux, 2015. "Dette publique, depression et croissance en France, 1871 -1914," Working Papers hal-01136325, HAL.

    More about this item


    globalisation; international capital flows; overlapping generations; computable; general-equilibrium models; world growth regimes;

    JEL classification:

    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements


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