Globalization And Growth In The Twentieth Century

"One of the most comprehensive histories of modern capitalism yet written." —Michael Hirsh, New York Times An authoritative, insightful, and highly readable history of the twentieth-century global economy, updated with a new chapter on the early decades of the new century. Global Capitalism guides the reader from the globalization of the early twentieth century and its swift collapse in the crises of 1914–45, to the return to global integration at the end of the century, and the subsequent retreat in the wake of the financial crisis of 2008.

This paper reviews the experience of economic growth during the twentieth century with a view to highlighting implications for both growth economists and policy-makers. The unprecedented divergence in income levels between the OECD economies and many developing countries is documented but so too is a more optimistic picture of widespread progress in terms of the Human Development Index. Various aspects of the changes in economic structure are explored in terms of their implications for growth performance both in retrospect and prospect. The possibility that the growth process will lead to another globalization backlash reminiscent of the 1930s is analyzed.

Abstract: June 1999 - Do globalization and national development reinforce each other? Are they mutually compatible? What opportunities for national development does globalization open? What problems does it pose? What is the proper balance between national, regional, and global responses to the challenges posed by globalization? Globalization offers developing countries the opportunities to create wealth through export-led growth, to expand international trade in goods and services, and to gain access to new ideas, technologies, and institutional designs. But globalization also entails problems and tensions that must be appropriately managed. For one thing, global business cycles can contribute greatly to macroeconomic volatility at the national level. The scope and severity of crises in Mexico (1994-95), Asia (1997), Russia (1998), and Brazil (1999) suggests the severity of the financial vulnerability developing countries face nowadays. With financial markets so highly integrated, problems are transmitted rapidly from one country to another. The rapid transmission of financial shocks changes levels of confidence and affects exchange rates, interest rates, asset prices, and, ultimately, output and employment-with consequent social effects. Policymakers should also be concerned about how globalization exacerbates job instability and income disparities both within and across countries. Macroeconomic and financial crises, by increasing poverty and social tensions, can be political destabilizing. As the 20th century ends, the resources of Bretton Woods institutions are strained because of the large and complex rescue packages needed to deal with large-scale volatility. Development policy agendas in the era of globalization need to articulate traditional concerns with growth, stability, and social equity with new themes such as transparency and good governance at several levels: national, regional, and global. This paper-a product of the Country Management Unit, Colombia, Ecuador, and Venezuela-is part of a larger effort in the region to understand the links between globalization and national development. The author may be contacted at [email protected].

A major history of economic regimes and economic performance throughout the twentieth century. Ivan T. Berend looks at the historic development of the twentieth-century European economy, examining both its failures and its successes in responding to the challenges of this crisis-ridden and troubled but highly successful age. The book surveys the European economy's chronological development, the main factors of economic growth, and the various economic regimes that were invented and introduced in Europe during the twentieth century. Professor Berend shows how the vast disparity between the European regions that had characterized earlier periods gradually began to disappear during the course of the twentieth century as more and more countries reached a more or less similar level of economic development. This accessible book will be required reading for students in European economic history, economics, and modern European history.

The biological transformation of modern times -- The foundations of the modern global economy -- Reorganizing the global economy -- Localization and globalization -- The great explosion -- New world (dis)order -- High modernity -- Revolt and refusal -- Transformative modernity -- Democracy and capitalism triumphant

International trade at unprecedented levels, millions of people migrating yearly in search of jobs, the world's economies more open to one another than ever before--such was the global economy in 1900. Then as now, many people considered globalization to be inevitable and irreversible. Yet the entire edifice collapsed in a few months in 1914. Globalization is a choice, not a fact--a result of policy decisions and the politics that shape them. Political scientist Frieden's history explores the golden age of globalization during the early years of the twentieth century, its swift collapse in the crises of 1914-45, the divisions of the Cold War world, and the turn again toward global integration at the end of the century. Full of character and event, it deepens our understanding of the century just past and sheds light on our current situation.--From publisher description.

What can the successes and failures of the twentieth century teach us about an uncertain future in the twenty-first? Bill Emmott argues that the best way to think about the future is to look back at the past, at the forces that have shaped our world and at what they tell us about the things that really matter. Two questions ultimately rise above all others: Will America continue to lead the world and to protect its peace? And will we continue to accept capitalism or will it be challenged once again? 20:21 Vision provides the answers that matter for all our lives in the twenty-first century.

From this major author comes a totally unique history of the twentieth century. Eschewing the traditional model for histories of this kind – blow-by-blow political narratives typically overloaded with detail - Jeremy Black offers us instead a brilliant thematic account of the last 100 years with the environment and the continuing strength of religious belief at its centre. Looking back to the 1910s and 1920s, Black begins with "the greatest issue of all" – the natural environment and its destruction, and moves to show how our world been transformed by urbanisation and development. Amazing developments took place across the century: men walked on the moon, the internet revolutionised communications; advances in health and medicine; developments in manufacturing and technology; economic globalization – all have changed the way different parts of the world related to each other. How have these revolutionary changes impacted on religion and politics? In the final sections of the book, Black looks at the persistence and growing extremism in religious belief, how change creates instability and wars, and how power blocs emerged and collapsed in response to all these developments. This is twentieth century world history on a truly global scale. The Twentieth Century World forces us to rethink the way we view the past, and offers us a new way to understand the present.

This paper surveys the experience of economic growth in the 20th century with a focus on technological change at the frontier together with issues related to success and failure in catch-up growth. A detailed account of growth performance based on historical national accounts data is given and is accompanied by a review of growth accounting evidence on the sources of economic growth. The key features of our analysis of divergence in growth outcomes are an emphasis on the importance of 'directed' technical change, of institutional quality, and of geography. We provide brief case studies of the experience of individual countries to illustrate these points.