Summary of Globalization Resets

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Recommendation

The benefits of global trade and investment have driven success stories in Asia, Latin America, Africa and other areas. Even in the United States, where Donald Trump made protectionism a major part of his political platform, trade has added more than $1 trillion annually to national income since World War II. This concise article from journalist Sebastian Mallaby makes an intriguing argument that the post-2008 retreat from the previous dizzying levels of capital flows and trade is a structural transformation of the world economy rather than a reversal of globalization. getAbstract recommends his novel perspective to anyone interested in understanding globalization’s many nuances.

In this summary, you will learn

  • Why the post-2008 drop in trade and capital flows may not be such a negative and
  • Why changes in the world economy may constitute a structural transformation rather than a reversal of globalization.
 

About the Author

Sebastian Mallaby is a senior fellow at the Council on Foreign Relations and the author of The Man Who Knew: The Life & Times of Alan Greenspan.

 

Summary

The end of the Cold War crumbled long-standing blockades to economic exchange. The world experienced an astoundingly rapid “era of globalization” from 1989 to 2007: The flow of international capital increased from 5% to 21% of global GDP, trade vaulted from 39% to 59% of the world’s output, and 25% more people migrated across national borders than before. But the 2008 financial crisis brought the global movement of capital and traded goods to a screeching halt, followed by a severe retrenchment. Whether that pullback signifies a “deglobalization” or a “globalization reset” ...


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