A brief history of international capitalism - Historique des versions

Arthur : /* The Second and Third Worlds */

2021-01-30T09:52:27Z

The Second and Third Worlds

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	Those states pursue inward-oriented industrialization and development. In the case of Latin America and Asia and particular India that takes the name of [https://en.wikipedia.org/wiki/Import_substitution_industrialization Import substitution industrialization] (ISI).<ref>Silva, E. (2007). The Import-Substitution Model. Latin American Perspectives, 34(3), 67–90. https://doi.org/10.1177/0094582x07300589</ref><ref>Baer, Werner. “Import Substitution and Industrialization in Latin America: Experiences and Interpretations.” Latin American Research Review, vol. 7, no. 1, 1972, pp. 95–122. JSTOR, https://www.jstor.org/stable/2502457.</ref><ref>Sapelli Claudio. 2003. [https://repositorio.uc.cl/bitstream/handle/11534/4837/000352269.pdf?sequence=1 The Political Economics of Import Substitution Industrialization] - [https://www.uc.cl/ Pontificia Universidad Católica de Chile] - [https://economia.uc.cl/ Instituto de Economia]</ref>		Those states pursue inward-oriented industrialization and development. In the case of Latin America and Asia and particular India that takes the name of [https://en.wikipedia.org/wiki/Import_substitution_industrialization Import substitution industrialization] (ISI).<ref>Silva, E. (2007). The Import-Substitution Model. Latin American Perspectives, 34(3), 67–90. https://doi.org/10.1177/0094582x07300589</ref><ref>Baer, Werner. “Import Substitution and Industrialization in Latin America: Experiences and Interpretations.” Latin American Research Review, vol. 7, no. 1, 1972, pp. 95–122. JSTOR, https://www.jstor.org/stable/2502457.</ref><ref>Sapelli Claudio. 2003. [https://repositorio.uc.cl/bitstream/handle/11534/4837/000352269.pdf?sequence=1 The Political Economics of Import Substitution Industrialization] - [https://www.uc.cl/ Pontificia Universidad Católica de Chile] - [https://economia.uc.cl/ Instituto de Economia]</ref>

	To a large extent, ideologically, this is a return to prescriptions that derived from mercantilist thought, in particular from the thinking of economic nationalists like [https://en.wikipedia.org/wiki/Alexander_Hamilton Alexander Hamilton] and [https://en.wikipedia.org/wiki/Friedrich_List ~~Frederick~~ List].<ref>Mehmet, Ozay (1999). Westernizing the Third World: The Eurocentricity of Economic Development. London: Routledge.</ref><ref>Chang, Ha-Joon (2002). Kicking Away the Ladder: Development Strategy in Historical Perspective. London: Anthem Press.</ref>		To a large extent, ideologically, this is a return to prescriptions that derived from mercantilist thought, in particular from the thinking of economic nationalists like [https://en.wikipedia.org/wiki/Alexander_Hamilton Alexander Hamilton] and [https://en.wikipedia.org/wiki/Friedrich_List Frederich List].<ref>Mehmet, Ozay (1999). Westernizing the Third World: The Eurocentricity of Economic Development. London: Routledge.</ref><ref>Chang, Ha-Joon (2002). Kicking Away the Ladder: Development Strategy in Historical Perspective. London: Anthem Press.</ref>

	The idea is that to develop industrial capacities and technological capacities, a country has to see a lot of itself from the world economy. In order to keep out the imports of more advanced countries that prevent its own industry from acquiring those capacities and developing its own economies of scale, the country has to reserve the domestic market to its own industrial firms. It is, therefore, necessary for them to replace these imports with domestic production to gaining their independence. They do so notably by placing high tariffs on imports and by implementing protectionist and inward-looking trade policies. For those countries, it is an attempt to reduce foreign dependency through local production of industrialized products, whether through national or foreign investment, for domestic or foreign consumption.		The idea is that to develop industrial capacities and technological capacities, a country has to see a lot of itself from the world economy. In order to keep out the imports of more advanced countries that prevent its own industry from acquiring those capacities and developing its own economies of scale, the country has to reserve the domestic market to its own industrial firms. It is, therefore, necessary for them to replace these imports with domestic production to gaining their independence. They do so notably by placing high tariffs on imports and by implementing protectionist and inward-looking trade policies. For those countries, it is an attempt to reduce foreign dependency through local production of industrialized products, whether through national or foreign investment, for domestic or foreign consumption.

Arthur le 28 avril 2020 à 15:16

2020-04-28T15:16:25Z

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	The first one is called the First Globalization what some others call the ''years of classical liberalism'', the ''golden era'' which is the period from the mid-19th century to the First World war. Then we will look at the inter-war integration of global capitalism. The third period is called embedded liberalism and refers to the first post-war stage in the late 1940s to some time in the mid-1970s and then the last stage that is the current stage of the Second Globalization which begins in the mid-1970s and it is still going up.		The first one is called the First Globalization what some others call the ''years of classical liberalism'', the ''golden era'' which is the period from the mid-19th century to the First World war. Then we will look at the inter-war integration of global capitalism. The third period is called embedded liberalism and refers to the first post-war stage in the late 1940s to some time in the mid-1970s and then the last stage that is the current stage of the Second Globalization which begins in the mid-1970s and it is still going up.

			{{Translations
			\| fr = Une brève histoire du capitalisme international
			\| es = Una breve historia del capitalismo internacional
			}}

	=The First Globalization=		=The First Globalization=

Arthur le 28 avril 2020 à 15:14

2020-04-28T15:14:39Z

← Version précédente		Version du 28 avril 2020 à 17:14
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			{{Infobox Lecture
			\| image =
			\| image_caption =
			\| cours = [[International Political Economy]]
			\| faculté = [[Global Studies Institute]]
			\| département =
			\| professeurs = [[Christakis Georgiou]]<ref>[https://www.unige.ch/gsi/fr/presentation/enseignants/cer/christakis-georgiou/ Profil de Christakis Georgiou sur le site de l'Université de Genève]</ref><ref>[https://blogs.mediapart.fr/christakis-georgiou Profil de Christakis Georgiou sur le site de Mediapart]</ref><ref>[https://www.cairn.info/publications-de-Christakis-Georgiou--657762.htm# Publications de Christakis Georgiou sur Cairn.info]</ref><ref>[https://affective-sciences.academia.edu/ChristakisGeorgiou Publications de Christakis Georgiou sur Academia.edu]</ref>
			\| enregistrement =
			\| lectures =
			* [[What is International Political Economy?]]
			* [[A brief history of international capitalism]]
			* [[Theories of International Political Economy]]
			* [[International trade cooperation]]
			* [[Domestic trade politics]]
			* [[Politics of preferential trade agrreements]]
			* [[Multinational corporations and global value chains]]
			* [[Political of multinational corporations]]
			* [[International monetary cooperation]]
			* [[Monetary and exchange rate politics]]
			* [[Politics of international financial crises]]
			* [[Democracies in globalized economies]]
			}}

	This lecture is going to provide the reader with a brief history of global capitalism. What is meant by global capitalism or international political economy is the structure and dynamics of the international economic relations.		This lecture is going to provide the reader with a brief history of global capitalism. What is meant by global capitalism or international political economy is the structure and dynamics of the international economic relations.

Arthur : /* Structural investments */

2020-04-28T07:59:59Z

Structural investments

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	There are two aspects to this. One is the way infrastructural investment in the developing world is going to be financed from now. It is no longer done through private funds and bank lending done from London and New York. It is to be done by public credits extended by international organizations or the United States Treasury. That is the origins of [https://en.wikipedia.org/wiki/World_Bank_Group the World Bank Group] (WBG) composed by five members institutions which are the [https://en.wikipedia.org/wiki/International_Bank_for_Reconstruction_and_Development International Bank for Reconstruction and Development] (IBRD), the [https://en.wikipedia.org/wiki/International_Development_Association International Development Association] (IDA), the [https://en.wikipedia.org/wiki/International_Finance_Corporation International Finance Corporation] (IFC), the [https://en.wikipedia.org/wiki/Multilateral_Investment_Guarantee_Agency Multilateral Investment Guarantee Agency] (MIGA) and the [https://en.wikipedia.org/wiki/International_Centre_for_Settlement_of_Investment_Disputes International Centre for Settlement of Investment Disputes] (ICSID). The first two are sometimes collectively referred to as the World Bank.<ref>Wikipedia contributors. (2020, March 29). World Bank Group. In Wikipedia, The Free Encyclopedia. Retrieved 09:01, April 4, 2020, from https://en.wikipedia.org/w/index.php?title=World_Bank_Group&oldid=948011839</ref>		There are two aspects to this. One is the way infrastructural investment in the developing world is going to be financed from now. It is no longer done through private funds and bank lending done from London and New York. It is to be done by public credits extended by international organizations or the United States Treasury. That is the origins of [https://en.wikipedia.org/wiki/World_Bank_Group the World Bank Group] (WBG) composed by five members institutions which are the [https://en.wikipedia.org/wiki/International_Bank_for_Reconstruction_and_Development International Bank for Reconstruction and Development] (IBRD), the [https://en.wikipedia.org/wiki/International_Development_Association International Development Association] (IDA), the [https://en.wikipedia.org/wiki/International_Finance_Corporation International Finance Corporation] (IFC), the [https://en.wikipedia.org/wiki/Multilateral_Investment_Guarantee_Agency Multilateral Investment Guarantee Agency] (MIGA) and the [https://en.wikipedia.org/wiki/International_Centre_for_Settlement_of_Investment_Disputes International Centre for Settlement of Investment Disputes] (ICSID). The first two are sometimes collectively referred to as the World Bank.<ref>Wikipedia contributors. (2020, March 29). World Bank Group. In Wikipedia, The Free Encyclopedia. Retrieved 09:01, April 4, 2020, from https://en.wikipedia.org/w/index.php?title=World_Bank_Group&oldid=948011839</ref>

	[[Fichier:GDP history Since 1950 ~ 2016.png\|vignette\|Gross national income per capita history 1950~2016]]		[[Fichier:GDP history Since 1950 ~ 2016.png\|vignette\|Gross national income per capita history 1950~2016.]]

	The International Bank for Reconstruction and Development (IBRD) was precisely established in 1944 to offers loans and finance infrastructure projects in middle-income developing countries such as Africa, Latin America and Asia. Along with that, there are American initiatives for reconstruction in Western Europe and Japan. That is the [https://en.wikipedia.org/wiki/Marshall_Plan Marshall Plan] and its Japanese equivalent introduced in 1947. A functional equivalent to those plans is the boost to the Korean economy that comes out of wars spending during the Korean War in the Korean Peninsula in the 1950s.		The International Bank for Reconstruction and Development (IBRD) was precisely established in 1944 to offers loans and finance infrastructure projects in middle-income developing countries such as Africa, Latin America and Asia. Along with that, there are American initiatives for reconstruction in Western Europe and Japan. That is the [https://en.wikipedia.org/wiki/Marshall_Plan Marshall Plan] and its Japanese equivalent introduced in 1947. A functional equivalent to those plans is the boost to the Korean economy that comes out of wars spending during the Korean War in the Korean Peninsula in the 1950s.

Arthur : /* The postwar economic order: Embedded Liberalism */

2020-04-28T07:38:07Z

The postwar economic order: Embedded Liberalism

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	=The postwar economic order: Embedded Liberalism=		=The postwar economic order: Embedded Liberalism=

	The third stage in the history of global capitalism is the stage called Embedded liberalism. The concept of embedded liberalism was introduced by John Ruggie in ~~this~~ article ''International regimes, transactions, and change: embedded liberalism in the postwar economic order'' published in 1982.<ref>Ruggie, J. G. (1982). [https://bbs.pku.edu.cn/attach/20/c5/20c50510067906d7/io82ruggie.pdf International regimes, transactions, and change: embedded liberalism in the postwar economic order]. International Organization, 36(2), 379–415. https://doi.org/10.1017/s0020818300018993</ref> According to Ruggie, embedded liberalism is a commitment to a new kind of liberal multilateralism compatible with 'domestic interventionism' aiming at supporting domestic social security and economic stability within Western industrialized countries.<ref>Helleiner, E. (2019). The life and times of embedded liberalism: legacies and innovations since Bretton Woods. Review of International Political Economy, 26(6), 1112–1135. https://doi.org/10.1080/09692290.2019.1607767</ref> Embedded liberalism is a term designed to convey the fact that the operating principle of this stage of global capitalism was a way to accommodate the imperative of external stability and the imperative of domestic policy autonomy.<ref>Abdelal, Rawi, and John G. Ruggie. "[https://tobinproject.org/sites/tobinproject.org/files/assets/New_Perspectives_Ch7_Abdelal_Ruggie.pdf The principles of embedded liberalism: Social legitimacy and global capitalism]." New perspectives on regulation (2009): 151-162.</ref>		The third stage in the history of global capitalism is the stage called Embedded liberalism. The concept of embedded liberalism was introduced by John Ruggie in the article ''International regimes, transactions, and change: embedded liberalism in the postwar economic order'' published in 1982.<ref>Ruggie, J. G. (1982). [https://bbs.pku.edu.cn/attach/20/c5/20c50510067906d7/io82ruggie.pdf International regimes, transactions, and change: embedded liberalism in the postwar economic order]. International Organization, 36(2), 379–415. https://doi.org/10.1017/s0020818300018993</ref> According to Ruggie, embedded liberalism is a commitment to a new kind of liberal multilateralism compatible with 'domestic interventionism' aiming at supporting domestic social security and economic stability within Western industrialized countries.<ref>Helleiner, E. (2019). The life and times of embedded liberalism: legacies and innovations since Bretton Woods. Review of International Political Economy, 26(6), 1112–1135. https://doi.org/10.1080/09692290.2019.1607767</ref> Embedded liberalism is a term designed to convey the fact that the operating principle of this stage of global capitalism was a way to accommodate the imperative of external stability and the imperative of domestic policy autonomy.<ref>Abdelal, Rawi, and John G. Ruggie. "[https://tobinproject.org/sites/tobinproject.org/files/assets/New_Perspectives_Ch7_Abdelal_Ruggie.pdf The principles of embedded liberalism: Social legitimacy and global capitalism]." New perspectives on regulation (2009): 151-162.</ref>

	==The advent of Pax Americana==		==The advent of Pax Americana==

Arthur : /* Trend in protectionism in the 1920s and 1930s */

2020-04-28T06:37:54Z

Trend in protectionism in the 1920s and 1930s

Voir les modifications

Arthur : /* The Absent Hegemon */

2020-04-27T20:56:26Z

The Absent Hegemon

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	In terms of foreign economic policy, there is the rise of economic nationalism that in some cases assumes the form of economic autarky in particular in Nazi Germany, but also in the Soviet Union. In other cases, such as in the case of the United Kingdom, it assumes the form of imperial trade preferences and imperial protectionism within the [[Great Britain: The Largest of Empires at the Service of a Dominant Economy\|British Empire]]. In contrast, before, the British Empire was opened to the trade of the world. From 1932, it ceases to be so.		In terms of foreign economic policy, there is the rise of economic nationalism that in some cases assumes the form of economic autarky in particular in Nazi Germany, but also in the Soviet Union. In other cases, such as in the case of the United Kingdom, it assumes the form of imperial trade preferences and imperial protectionism within the [[Great Britain: The Largest of Empires at the Service of a Dominant Economy\|British Empire]]. In contrast, before, the British Empire was opened to the trade of the world. From 1932, it ceases to be so.

	Keynes wrote two pamphlets that marked the period namely ''A Revision of the Treaty'' in 1922 to advocate a reduction of German reparations and in ''A Tract on Monetary Reform'' published in 1823 he denounces the post-World War I deflation policies.<ref>Skidelsky, Robert Jacob Alexander. "John Maynard Keynes, 1883-1946: economist, philosopher, statesman." (2003).</ref> One was a critique of the Versailles Treaty and the way that the Allies tried to settle the issue and the other one is ~~this~~ critique of the attempt by the United Kingdom government to go back onto gold in 1925 by applying a deflationary policy.		Keynes wrote two pamphlets that marked the period namely ''A Revision of the Treaty'' in 1922 to advocate a reduction of German reparations and in ''A Tract on Monetary Reform'' published in 1823 he denounces the post-World War I deflation policies.<ref>Skidelsky, Robert Jacob Alexander. "John Maynard Keynes, 1883-1946: economist, philosopher, statesman." (2003).</ref> One was a critique of the Versailles Treaty and the way that the Allies tried to settle the issue and the other one is a critique of the attempt by the United Kingdom government to go back onto gold in 1925 by applying a deflationary policy.

	==Trend in protectionism in the 1920s and 1930s==		==Trend in protectionism in the 1920s and 1930s==

Arthur : /* Money */

2020-04-27T20:33:13Z

Money

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	From that spot in the North Atlantic, a big chunk of the global economy was organized. By repercussion, the rest of the global economy was organized around the British Empire. And of course, China was under the influence of foreign powers and to a large extent of the United Kingdom.		From that spot in the North Atlantic, a big chunk of the global economy was organized. By repercussion, the rest of the global economy was organized around the British Empire. And of course, China was under the influence of foreign powers and to a large extent of the United Kingdom.

	==~~Money~~==		==The organization of the international monetary system==

	[[File:Bank act 1844.jpg\|thumb\|upright\|Bank Act of 1844.]]		[[File:Bank act 1844.jpg\|thumb\|upright\|Bank Act of 1844.]]

Arthur : /* The Absent Hegemon */

2020-04-27T20:27:40Z

The Absent Hegemon

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	<youtube>g9eOLbNgODE</youtube>		<youtube>g9eOLbNgODE</youtube>

	It is important to note that in the history of American foreign policy, you have two major stages: the 19th century and until the interwar period, you have protectionism and isolationism. The United States protects systemic markets and keeps out of the affairs of the political affairs of the world. And then from the interval period onwards, America became globalist power. On 24 September 2019, [https://~~www~~.~~google~~.~~com~~/~~search?client=firefox-b-d&q=trump~~ Donald Trump] gave a speech at the United Nations, and he said that the globalists are not going to fashion the 21st century, but patriots will.<ref>The White House. “[https://www.whitehouse.gov/briefings-statements/remarks-president-trump-74th-session-united-nations-general-assembly/ Remarks by President Trump to the 74th Session of the United Nations General Assembly].” The United States Government.</ref><ref>Crowley, Michael, and David E. Sanger. “[https://www.nytimes.com/2019/09/24/us/politics/trump-nationalism-united-nations.html Trump Celebrates Nationalism in U.N. Speech and Plays Down Iran Crisis].” The New York Times, The New York Times, 24 Sept. 2019.</ref> He is trying to reverse the secular course of American policy. From the interwar period, America became a globalist power, a liberal internationalist power that promoted free trade in open global capitalism and at the same time, both became interventionists abroad.		It is important to note that in the history of American foreign policy, you have two major stages: the 19th century and until the interwar period, you have protectionism and isolationism. The United States protects systemic markets and keeps out of the affairs of the political affairs of the world. And then from the interval period onwards, America became globalist power. On 24 September 2019, [https://en.wikipedia.org/wiki/Donald_Trump Donald Trump] gave a speech at the United Nations, and he said that the globalists are not going to fashion the 21st century, but patriots will.<ref>The White House. “[https://www.whitehouse.gov/briefings-statements/remarks-president-trump-74th-session-united-nations-general-assembly/ Remarks by President Trump to the 74th Session of the United Nations General Assembly].” The United States Government.</ref><ref>Crowley, Michael, and David E. Sanger. “[https://www.nytimes.com/2019/09/24/us/politics/trump-nationalism-united-nations.html Trump Celebrates Nationalism in U.N. Speech and Plays Down Iran Crisis].” The New York Times, The New York Times, 24 Sept. 2019.</ref> He is trying to reverse the secular course of American policy. From the interwar period, America became a globalist power, a liberal internationalist power that promoted free trade in open global capitalism and at the same time, both became interventionists abroad.

	The issue that crystallized this geopolitical dynamic was the ratification of the [[The Peace of Paris and the League of Nations\|League of Nations treaty]]. The League of Nations was the project first and foremost of President Wilson, it was an American project. However, the treaty was negotiated, but the United States Senate refused to ratify the treaty. Therefore, the United States never took part in the look off.<ref>Wright, Q. (1933). Book Review:The United States and the League of Nations: 1918-1920. Denna Frank Fleming. Ethics, 43(3), 350. https://doi.org/10.1086/208092</ref>		The issue that crystallized this geopolitical dynamic was the ratification of the [[The Peace of Paris and the League of Nations\|League of Nations treaty]]. The League of Nations was the project first and foremost of President Wilson, it was an American project. However, the treaty was negotiated, but the United States Senate refused to ratify the treaty. Therefore, the United States never took part in the look off.<ref>Wright, Q. (1933). Book Review:The United States and the League of Nations: 1918-1920. Denna Frank Fleming. Ethics, 43(3), 350. https://doi.org/10.1086/208092</ref>

Arthur : /* Trends in international trade */

2020-04-27T19:47:17Z

Trends in international trade

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	In terms of the overall dynamic of the system exports as a share of the world, output picked just before the First World War in 1913. Although there is a slump in the ratio of exports to the world output in the 1900s, then the share goes up in 1913, the moment when the global economy is the most open during the classic era.<ref>Estevadeordal, Antoni, et al. “The Rise and Fall of World Trade, 1870-1939.” The Quarterly Journal of Economics, vol. 118, no. 2, 2003, pp. 359–407. JSTOR, www.jstor.org/stable/25053910.</ref>		In terms of the overall dynamic of the system exports as a share of the world, output picked just before the First World War in 1913. Although there is a slump in the ratio of exports to the world output in the 1900s, then the share goes up in 1913, the moment when the global economy is the most open during the classic era.<ref>Estevadeordal, Antoni, et al. “The Rise and Fall of World Trade, 1870-1939.” The Quarterly Journal of Economics, vol. 118, no. 2, 2003, pp. 359–407. JSTOR, www.jstor.org/stable/25053910.</ref>

	Despite the fact that the 19th century ended with a strong protectionism, the trade between the countries of the whole world knows a historical growth. The annual growth is 3.5% during the 19th century against 1% from 1500 to 1800. As a result, the importance of countries' foreign trade in relation to their economies is clearly increasing, and these economies are becoming increasingly open.[[Image:Exportations de marchandises pour quelques pays développés en 1910.png\|thumb\|300px\|Exports of goods for some developed countries in 1910.]]		Despite the fact that the 19th century ended with a strong protectionism, the trade between the countries of the whole world knows a historical growth. The annual growth is 3.5% during the 19th century against 1% from 1500 to 1800. As a result, the importance of countries' foreign trade in relation to their economies is clearly increasing, and these economies are becoming increasingly open.

			[[Image:Exportations de marchandises pour quelques pays développés en 1910.png\|thumb\|300px\|Exports of goods for some developed countries in 1910.]]

	Exports represented 2% of GNP in 1830, in 1860 it was 9% and in 1913 it was 14%. There is an increase in the openness of the European economy. The expansion of trade affects different countries unevenly. These differences reflect several factors, but especially the different size of economies. We see this clearly with the United States, because if we look at the level of exports, they arrive at almost the same level in absolute value as those of Great Britain, but account for only 6% of GDP whereas in the United Kingdom we speak of 18%.		Exports represented 2% of GNP in 1830, in 1860 it was 9% and in 1913 it was 14%. There is an increase in the openness of the European economy. The expansion of trade affects different countries unevenly. These differences reflect several factors, but especially the different size of economies. We see this clearly with the United States, because if we look at the level of exports, they arrive at almost the same level in absolute value as those of Great Britain, but account for only 6% of GDP whereas in the United Kingdom we speak of 18%.

	The importance of third world trade is also increasing. If we look at the estimates, the share of exports between 1830 and 1913 increases from about 2% to 19%.[[Image:Commerce international en produits manufacturés.png\|thumb\|center\|400px\|International trade in manufactured goods.]]		The importance of third world trade is also increasing. If we look at the estimates, the share of exports between 1830 and 1913 increases from about 2% to 19%.

			[[Image:Commerce international en produits manufacturés.png\|thumb\|center\|400px\|International trade in manufactured goods.]]

	European countries dominate international trade in manufactured goods. More generally, the country's participation in international trade is closely linked to the structure of its economy. At the end of the period, the surplus of exports is impressive for Great Britain while for Latin America it is the opposite. This is typical because it is a region that has difficulty industrializing.		European countries dominate international trade in manufactured goods. More generally, the country's participation in international trade is closely linked to the structure of its economy. At the end of the period, the surplus of exports is impressive for Great Britain while for Latin America it is the opposite. This is typical because it is a region that has difficulty industrializing.

A brief history of international capitalism - Historique des versions

Arthur : /* The Second and Third Worlds */

Arthur le 28 avril 2020 à 15:16

Arthur le 28 avril 2020 à 15:14

Arthur : /* Structural investments */

Arthur : /* The postwar economic order: Embedded Liberalism */

Arthur : /* Trend in protectionism in the 1920s and 1930s */

Arthur : /* The Absent Hegemon */

Arthur : /* Money */

Arthur : /* The Absent Hegemon */

Arthur : /* Trends in international trade */

Arthur : /* The Second and Third Worlds */

Arthur : /* Structural investments */

Arthur : /* The postwar economic order: Embedded Liberalism */

Arthur : /* Trend in protectionism in the 1920s and 1930s */

Arthur : /* The Absent Hegemon */

Arthur : /* Money */

Arthur : /* The Absent Hegemon */

Arthur : /* Trends in international trade */