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One From the Many: The Global Economy Since 1850

Online ISBN:
9780190258238
Print ISBN:
9780199924462
Publisher:
Oxford University Press
Book

One From the Many: The Global Economy Since 1850

Christopher M. Meissner
Christopher M. Meissner

Professor

The University of California, Davis
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Published online:
18 January 2024
Published in print:
16 February 2024
Online ISBN:
9780190258238
Print ISBN:
9780199924462
Publisher:
Oxford University Press

Abstract

This book is a brief introduction to the economic history of the global economy and the process of globalization since 1850. Key indicators of globalization, also known as economic integration, are the ratios of trade to world production, the ratio of global foreign assets relative to world production, and the share of foreign-born in the population. This book tracks the evolution of these indicators over time. All indicators of globalization rose between 1850 and 1914, during the first wave of globalization. Between 1918 and 1939, the global economy stagnated, suffering a momentous collapse during the Great Depression of the 1930s. After World War II, the global economy re-emerged, and integration deepened. A long-run view suggests that the global economy generates economic benefits and raises welfare. Humans tend to prefer more globalization to less as revealed by the very long-run historical record. Of course, there are costs to globalization, and certain groups may lose in economic terms from globalization. Going forward, with an eye on the lessons from this long-run view, the global economy will almost surely survive, and integration will continue to grow. However, globalization can only survive if humanity continues to recognize its common interests and the adverse effects of greater integration are mitigated and minimized.

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