Deglobalization 2.0: Trade and openness during the great depression and the great recession

Abstract

can observe both in the Great Depression of the 1930s and in the Great Recession that the leading power of the time (the hegemon) deserted the rules of the game that underpinned globalization and were actually designed by its interest in an open trade and investment climate. An open stable and relatively peaceful system allows other countries to develop and grow faster capturing a larger share of the benefits of globalization. In the early phase of globalization a smaller share from a larger economic pie may still be an improvement. At some point the costs of being.