The Second Globalization, the Second Tragedy?
There are two major points I would like to say in this presentation. The phenomenon of globalization, according to mass media, is something recent. After the Cold War the whole world was covered by capitalism, and this led to the progress of globalization. That is, it is a very recent thing. However, according to the recent studies, globalization has been repeated many times in the past. This is confirmed by the statistics. Another point is that globalization did not continue forever. There was birth and destruction. There was a repetition of this process. Especially from around the middle of the nineteenth century to the middle of the twentieth century, there was integration of the world economy. This globalization was very fast, and it was on a large scale. It went through the two wars and the Great Depression, and these terminated globalization. Economies get tied up, and this will bring prosperity and peace to the world. That’s what we think of globalization. It is only partly true. As we heard from Professor Chang that globalization would bring instability and make the peace a danger. So, based on that, I’d like to think about the future of the current globalization.
KeywordsNineteenth Century Free Trade Capital Flow International Monetary System Weak Power
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