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Start Discover Multimedia The Past Decade and the Future of the Global Economy
27 February 2019

The Past Decade and the Future of the Global Economy

The global financial crisis of 2008 was widely seen as heralding the death of globalization. But, to paraphrase a remark widely attributed to the American novelist Mark Twain, “reports of its demise were greatly exaggerated.” Now, however, over a decade after the crisis, globalization hangs in the balance, as President Trump threatens tariffs on imports from a variety of US trading partners and challenges the norms of late-twentieth-century multilateralism, and as nationalist politicians of different stripes ascend to power in a growing number of countries. This chapter asks whether these unilateralist, nationalist trends appearing to constitute a serious threat to globalization are a temporary aberration—and if so accounts for their incidence and timing—or whether they in fact herald the much-anticipated retreat from globalization.

By Barry Eichengreen in Towards a New Enlightenment? A Transcendent Decade.