A tale of two globalizations

gains from trade and openness 1800–2010

Giovanni Federico, Antonio Tena-Junguito

    Research output: Contribution to journalArticle

    Abstract

    This paper compares the waves of globalization before the outbreak of the Great Recession in 2007 with its alleged historical antecedent before the outbreak of World War One. We describe trends in trade and openness, investigate the proximate causes of changes in openness and estimate the gains from trade from the early nineteenth century onwards. Our results suggest that the conventional wisdom has to be revised. The first wave of globalization started around 1820 and culminated around 1870. In the next century, trade continued to grow, with the exception of the Great Depression, but openness and gains fluctuated widely. They resumed a clear upward trend from the early 1970s. By 2007, the world was more open than a century earlier and its inhabitants gained from trade substantially more than their ancestors did.

    Original languageEnglish (US)
    Pages (from-to)601-626
    Number of pages26
    JournalReview of World Economics
    Volume153
    Issue number3
    DOIs
    StatePublished - Aug 1 2017

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    Openness
    Globalization
    Gains from trade
    Great Recession
    Great Depression
    Wisdom

    Keywords

    • Gains of trade
    • Globalization
    • Nineteenth and twentieth century
    • Trade openness

    ASJC Scopus subject areas

    • Economics, Econometrics and Finance(all)

    Cite this

    A tale of two globalizations : gains from trade and openness 1800–2010. / Federico, Giovanni; Tena-Junguito, Antonio.

    In: Review of World Economics, Vol. 153, No. 3, 01.08.2017, p. 601-626.

    Research output: Contribution to journalArticle

    Federico, Giovanni ; Tena-Junguito, Antonio. / A tale of two globalizations : gains from trade and openness 1800–2010. In: Review of World Economics. 2017 ; Vol. 153, No. 3. pp. 601-626.
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