The End of Globalization; Lessons from the Great Depression


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The End of Globalization : Lessons from the Great Depression

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Globalisation Lessons from History

Contains some markings such as highlighting and writing. Ex-library with the usual stamps. Used book in very good condition. Some cover wear, may contain a few marks. Very Good in Very Good dust jacket. Ex-Library; 1. End of Globalization James, Harold. USA: Harvard Univ. Press, , Paper Back.


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Indeed, protests about globalisation seem likely to return with more normal times. When they do, our understanding of the process will be greater if we look back at history. Among historians, globalisation provokes a keen sense of deja vu: we were here a century ago. Great achievements - material progress, dizzying new technologies such as the car, the telephone, the typewriter - existed back then, but also protests against a world that seemed out of the control of traditional political institutions.

Then, as now, the backlash came chiefly from rich industrial countries, rather than from poor peripheral countries which were often seen as the objects of capitalist exploitation.

The End of Globalization: Lessons from the Great Depression | Foreign Affairs

It was advanced countries that imposed tariffs against 'unfair' competition from abroad. Central banks were instituted with the responsibility of managing disorderly capital flows. Migration policy became more restrictive, as some big recipients of immigration began to debate selectivity in their choice of immigrants. The process of integration was reversed after World War I and finally destroyed in the Great Depression, in a series of vicious shocks: tariff protection, contagious financial panics that spread from the periphery to the heart of the world's financial system, and a turn to economic nationalism and autarky.

What had before been safety nets against excessive globalisation became after WWI gigantic snares which strangled the world economy. The most remarkable characteristic of globalisation backlashes is how they create an odd alliance of right and left. In the late 19th century, Europe's land-based aristocracy was weakened by the competition of cheap grain and other foods shipped across the oceans. As farm prices and rents fell, the aristocracy faced decline. So it mobilised small-scale farmers, artisans and small producers who shared the landed elite's belief that unfettered competition was harmful.

On the left, the growing working class sought to use political power to change economic relations - to advance more progressive tax policies, or to stop the use of tariffs to protect the old order. Progressives also decried international capitalism's undermining of labour standards.

The German sociologist Max Weber made his reputation with warnings of the dire consequences of further Polish immigration to Germany. In the centre - beleaguered by the anti-global reactions of left and right - a liberal commercial elite saw the products of economic opening or globalisation as wholly beneficial. Instead of a two-part split between left and right, there was thus a triple division, between anti-globalisation conservatives, pro-globalisation liberals and redistributionist leftists.

When the extremes of the political spectrum became radicalised, as they did in the inter-war period - the anti-international right moved to fascism, the left to communism - democratic politics became paralysed. For much of the post period, these divisions disappeared as right and left fought battles for redistribution within national economies.

The old triple polarisation returned only with the new wave of globalisation. Again, there is an anti-international right that has come to play some role in all the major industrial countries, and that tries to defend existing prosperity and property rights from the vagaries of international markets. The protectionist anti-globalisation impetuses of the left are less visible in political parties than in labour movements, but these can shape political programmes.

For unions, the new right is a competitive challenge for support.

The End of Globalization; Lessons from the Great Depression
The End of Globalization; Lessons from the Great Depression
The End of Globalization; Lessons from the Great Depression
The End of Globalization; Lessons from the Great Depression
The End of Globalization; Lessons from the Great Depression
The End of Globalization; Lessons from the Great Depression
The End of Globalization; Lessons from the Great Depression
The End of Globalization; Lessons from the Great Depression

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