De la première à la seconde globalisation
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.