One word was conspicuous by its absence in the communiques on trade that came out of three meetings this year of the world’s finance chiefs. The G20 finance ministers, the International Monetary and Financial Committee and the G7 finance ministers all used the same sentence when it came to trade: “We are working to strengthen the contribution of trade […]
How does globalisation affect development? This question has a long tradition in economics and has been much debated both in academia and in policy circles.
Neoclassical theories tell us that reducing trade barriers across countries should provide net benefits to individual economies by making markets more efficient and stimulating competition. Testing these theories, however, turns out to be difficult: rich […]
‘Brexit is a rejection of globalisation’ (Larry Elliott, Guardian, 26th June 2016).
Larry Elliott’s claim about the causes of Brexit is stark, but one echoed, if usually in slightly more qualified fashion, by many other commentators. For example, in her Sylvia Ostry lecture in September 2016, Christine Lagarde, Managing Director of the IMF, put forward similar ideas, with the theme […]
The so-called golden era of globalised trade that began shortly after World War II has more than a few things to recommend it. Trade liberalisation has lifted hundreds of millions of people from crushing poverty, promoted productivity and growth and linked once-hostile nations in a network of mutual dependence that lessened the chances of another ruinous military conflict.
So why […]
The Cold War from 1948 to 1991 polarised opinion between advocates of capitalism and supporters of Soviet-style socialism. But after the fall of the Berlin Wall the conversation became more variegated. There was a remarkable growth in the literature on ‘varieties of capitalism’ including works by Michel Albert (1993), Colin Crouch and Wolfgang Streeck (1997), Bruno Amable (2000), Masahiko […]
The future of the North American Free Trade Agreement is looking increasingly uncertain under Donald Trump as president of the United States. In case NAFTA implodes, Armand de Mestral proposes the creation of the Atlantic Free Trade Area between Canada and the United Kingdom, in a framework involving Europe and the US.
A close look at NAFTA
NAFTA has been in […]
With the Congressional hearings of Donald Trump’s picks underway, including questioning of Robert Lighthizer who was chosen to be US Trade Representative (USTR) in the new administration, it could seem that free trade might survive after all. Who else than a longtime international trade attorney and deputy USTR under Reagan should naturally be inclined towards free trade? Yet Donald […]
JPMorgan London, by Håkan Dahlström, under a CC-BY-2.0 licence
The past months have been characterised by what can be called a “backlash against globalisation”. This development became most visible in the outcome of the Brexit referendum in the UK and the election of Donald Trump as the future president of the US. In both cases, the preceding campaigns massively referred to […]
Cardboard box, by bykst, under a CC0 licence
Since 2011, the eBay Public Policy Lab and a team of economists at Sidley Austin LLP have together studied the exporting practices of firms using the online commerce platform. We have uncovered a fundamental transformation within global trade. Global trade has expanded beyond container shipments of one large company’s wares along predetermined […]
Container, by GREGOR, under a CC0 licence
Trade is hardly ever a prominent US election issue, and yet this year it has become the campaign’s defining economic theme. That’s because politicians on both sides of the political spectrum have decided to blame free trade agreements for what is really a much deeper post-crisis economic malaise, characterised by persistently weak job markets […]
Waiting in a breadline beside the Brooklyn Bridge during the Depression. Photo: pingnews.com. Public domain
Britons voted to leave the EU by 52% to 48%. The EU is a borderless area for the movement of goods, services, investment, labour, and more across 28 European countries. Those who voted for Brexit were often described as angrily rejecting the national and international […]
There is a growing body of literature focused on the link between income inequality and current account positions (see, for instance, this IMF working paper). The argument is essentially that rising income inequality induces ‘losers’ to borrow from abroad either out of habit or to “keep up with the Joneses”. This can have an impact on the extent to which a state […]
Isabella Stewart Gardner was, in her day, the very model of a modern Medici. Beginning in 1891, she used her ample inheritance to buy up paintings by Old Masters and new artists alike during her frequent visits to Paris and Venice. She brought them back to her home town of Boston and displayed them in a museum built to […]
In this blog article, we investigate the position of the UK within the global corporate elite network. Firms are not individual market actors, but are typically embedded in dense networks of power and control, for example based on ownership or interlocking directorates. The CORPNET research group at the University of Amsterdam studies these networks as part of a five-year research programme funded […]
In early June of 2016 Narendra Modi, India’s Prime Minister, visited the US and addressed the US Congress. His speech was recognised for its ability to craft a global ambitious agenda and to speak like a global power. Nor was this speech an isolated incident. For many years Indian leaders and policy makers have shown growing activism at the global level, […]