Abstract
This chapter lays out the main theses of the book as regards the significant net benefits of globalization that have accrued to the United States as the leading advanced economy in the global system and the policy adjustments that need to be made to ensure that adequate assistance is provided to those most adversely affected by its effects. The chapter also defines the key features of globalization in the current era and examines how it differs from an earlier period of globalization in the late nineteenth and early twentieth centuries. The main thematic content of each of the following chapters of the book is summarized.
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Notes
- 1.
This trilemma was first explained in Rodrik (2000).
- 2.
The basis for the Bretton Woods System and other evolving elements of the post-WW2 international financial architecture is discussed in Elson (2011). The agreement for the International Trade Organization was not approved, and instead the General Agreement on Tariffs and Trade (GATT ) was formalized in 1947 to handle multilateral trade negotiations until 1995 when the World Trade Organization was created.
- 3.
Baldwin (2016) provides a vivid and thorough account of the impact of this revolution on the current era of globalization.
- 4.
A comparison of the role of trade policy on economic growth in the two eras can be found most recently in Eichengreen (2017).
References
Baldwin, Richard. 2016. The Great Convergence: Information Technology and the New Globalization. Cambridge, MA: Harvard Belknap Press.
Eichengreen, Barry. 2017. Trade Policy and the Macroeconomy. Mundell-Fleming Lecture at the IMF (November 2, 2017), which can be accessed at www.imf.org
Elson, Anthony. 2011. Governing Global Finance: The Evolution and Reform of the International Financial Architecture. New York: Palgrave Macmillan.
Rodrik, Dani. 2000. How Far Will International Economic Integration Go? Journal of Economic Perspectives 14 (Winter): 177–186.
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Elson, A. (2019). The Benefits and Perils of Globalization. In: The United States in the World Economy. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-20688-8_1
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DOI: https://doi.org/10.1007/978-3-030-20688-8_1
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