Globalization in an Age of CrisisMultilateral Economic Cooperation in the Twenty-First Century

Globalization in an Age of CrisisMultilateral Economic Cooperation in the Twenty-First Century

Robert C. Feenstra and Alan M. Taylor

Print publication date: 2014

ISBN: 9780226030753

Publisher: University of Chicago Press

Abstract

As in other large recessions and depressions in times past, the global crisis of 2008–09, aside from its painful economic costs, also raised fears of worrisome prospects for international policymaking. Whether in fiscal and monetary policies, the control of currencies and capital flows, approaches to protectionism and barriers to trade, the regulation of finance, or responses to environment challenges, national economic interests were on the rise, placing at risk longstanding commitments to integration and cooperative policy. The aim of this volume is to consider the major questions that need to be faced going forwards. The goal is to advance debate about how the mostly successful multilateral post-WWII global economic order should not merely continue to function, but also evolve and improve to address the strains created by the pressures of rapid globalization in the last two decades, and now deeply exposed and exacerbated by the crisis.