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USA’s trade policy in the context of global crisis and the decline of North American hegemony

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  • Arturo Guillén

Abstract

The global crisis of 2007 reinforced the deflationary tendencies, as well as the withdrawal of the central countries inwards. After the Great Recession 2008-2009, most economies have experienced semi-stagnation and deglobalization processes. The crisis accelerated the decline of the hegemony of the United States. While they retain an overwhelming military advantage and maintain financial hegemony, they have lost ground in production, in international trade and in direct foreign investment. Trump’s trade policy will accelerate deglobalization. And while its tax cut has had a short-term positive effect on growth, it will be difficult to overcome “secular stagnation”. JEL Classification: F4.

Suggested Citation

  • Arturo Guillén, 2019. "USA’s trade policy in the context of global crisis and the decline of North American hegemony," Brazilian Journal of Political Economy, Center of Political Economy, vol. 39(3), pages 387-407.
    • Handle: RePEc:ekm:repojs:v:39:y:2019:i:3:p:387-407:id:13
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    More about this item

    Keywords

    Global crisis; deglobalization; North American trade policy; USA hegemonic declination; stagnation;
    All these keywords.

    JEL classification:

    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance

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