Globalization in Historical Perspective

Globalization in Historical Perspective

Michael D. Bordo, Alan M. Taylor, and Jeffrey G. Williamson

Print publication date: 2013

ISBN: 9780226065984

Publisher: University of Chicago Press

Abstract

As awareness of the process of globalization grows and the study of its effects becomes increasingly important to governments and businesses (as well as to a sizable opposition), the need for historical understanding also increases. Despite the importance of the topic, few attempts have been made to present a long-term economic analysis of the phenomenon, one that frames the issue by examining its place in the long history of international integration. This volume collects eleven chapters doing exactly that and more. The first group of chapter explores how the process of globalization can be measured in terms of the long-term integration of different markets—from the markets for goods and commodities to those for labor and capital, and from the sixteenth century to the present. The second set of contributions places this knowledge in a wider context, examining some of the trends and questions that have emerged as markets converge and diverge: the roles of technology and geography are both considered, along with the controversial issues of globalization's effects on inequality and social justice, and the roles of political institutions in responding to them. The final group of essays addresses the international financial systems that play such a large part in guiding the process of globalization, considering the influence of exchange rate regimes, financial development, financial crises, and the architecture of the international financial system itself.

Table of Contents

Introduction

Michael D. Bordo, Alan M. Taylor, and Jeffrey G. Williamson

I The Rise and Fall (and Rise) of Market Integration

1 Commodity Market Integration, 1500–2000

Ronald Findlay and Kevin H. O'Rourke

International Migration and the Integration of Labor Markets

Barry R. Chiswick and Timothy J. Hatton

3 Globalization and Capital Markets

Maurice Obstfeld and Alan M. Taylor

II The Great Divergence, Geography, and Technology

4 Globalization and Convergence

Steve Dowrick and J. Bradford Delong

5 Does Globalization Make the World More Unequal?

Peter H. Lindertand Jeffrey G. Williamson

6 Technology in the Great Divergence

Gregory Clark and Robert C. Feenstra

7 Globalization in History

Nicholas Crafts and Anthony J. Venables

Part III Financial Institutions, Regimes, and Crises

8 Financial Systems, Economic Growth, and Globalization

Edited byPeter L. Rousseau and Richard Sylla

Globalization in Interdisciplinary Perspective

Clive Crook Gerardo della Paolera Niall Ferguson Anne O. Krueger Ronald Rogowski