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The Second Era of Globalization is Not Yet Over: An Historical Perspective

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  • Michael D. Bordo

Abstract

The recent rise of populist anti-globalization political movements has led to concerns that the current wave of globalization that goes back to the 1870s may end in turmoil just like the first wave which ended after World War I. It is too soon to tell. The decline and then levelling off of trade and capital flows in recent years reflects the drastic decline in global real income during the Great Recession. Other factors at work include the slowing down in the growth rate of China and the reversal of the extended international supply chains developed in the 1990s, as well as increased financial regulation across the world after the crisis. This suggests either a pause in the pace of integration or more likely a slowing down, rather than a reversal.

Suggested Citation

  • Michael D. Bordo, 2017. "The Second Era of Globalization is Not Yet Over: An Historical Perspective," NBER Working Papers 23786, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:23786
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    Cited by:

    1. Massoc, Elsa Clara, 2022. "Fifty shades of hatred and discontent: Varieties of anti-finance discourses on the European Twitter (France, Germany, Italy, Spain and the UK)," LawFin Working Paper Series 30, Goethe University, Center for Advanced Studies on the Foundations of Law and Finance (LawFin).
    2. Ben-Salha Ousama & Zmami Mourad, 2020. "The impact of private capital flows on economic growth in the MENA region," Economics and Business Review, Sciendo, vol. 6(3), pages 45-67, August.
    3. Massoc, Elsa Clara, 2022. "Fifty shades of hatred and discontent: Varieties of anti-finance discourses on the European Twitter (France, Germany, Italy, Spain and the UK)," SAFE Working Paper Series 338, Leibniz Institute for Financial Research SAFE.
    4. Buklemishev, O., 2022. "Financial sanctions and future of globalization," Journal of the New Economic Association, New Economic Association, vol. 55(3), pages 207-212.
    5. Duran, Hasan Engin & Ferreira-Lopes, Alexandra, 2022. "The Revival Of The Feldstein-Horioka Puzzle And Moderation Of Capital Flows After The Global Financial Crisis (2008/09)," Research in International Business and Finance, Elsevier, vol. 60(C).
    6. Peter A.G. van Bergeijk, 2019. "Deglobalization 2.0," Books, Edward Elgar Publishing, number 18560.

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    More about this item

    JEL classification:

    • F6 - International Economics - - Economic Impacts of Globalization
    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations

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