Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/277419 
Year of Publication: 
2018
Citation: 
[Journal:] European Journal of Economics and Economic Policies: Intervention (EJEEP) [ISSN:] 2052-7772 [Volume:] 15 [Issue:] 2 [Year:] 2018 [Pages:] 174-192
Publisher: 
Edward Elgar Publishing, Cheltenham
Abstract: 
The conventional wisdom is that there have been two globalizations in the modern era. The first began around 1870 and ended in 1914. The second began in 1945 and is still under way. This paper challenges that view and argues that there have been three globalizations, not two. The first half of the paper provides empirical evidence for the three-globalizations hypothesis. The second half discusses its analytical implications. The Victorian first globalization and the Keynesian-era second globalization were driven by gains from trade, and those gains increased industrialized country real wages. The neoliberal third globalization has been driven by industrial reorganization motivated by distributional conflict. Trade theory does not explain the third globalization; capital's share has increased at the expense of labor's; and there can be no presumption of mutually beneficial country gains from the third globalization.
Subjects: 
globalization
trade theory
barge economics
JEL: 
F00
F10
F20
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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