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Globalization in an Age of Crisis

Multilateral Economic Cooperation in the Twenty-First Century

Along with its painful economic costs, the financial crisis of 2008 raised concerns over the future of international policy making. As in recessions past, new policy initiatives emerged, approaches that placed greater importance on protecting national interests than promoting international economic cooperation. Whether in fiscal or monetary policies, the control of currencies and capital flows, the regulation of finance, or the implementation of protectionist policies and barriers to trade, there has been an almost worldwide trend toward the prioritizing of national economic security. But what are the underlying economic causes of this trend, and what can economic research reveal about the possible consequences?

Prompted by these questions, Robert C. Feenstra and Alan M. Taylor have brought together top researchers with policy makers and practitioners whose contributions consider the ways in which the global economic order might address the challenges of globalization that have arisen over the last two decades and that have been intensified by the recent crisis. Chapters in this volume consider the critical linkages between issues, including exchange rates, global imbalances, and financial regulation, and plumb the political and economic outcomes of past policies for what they might tell us about the future of the global economic cooperation.

Table of Contents

            Robert C. Feenstra and Alan M. Taylor
1. Coping with Shocks and Shifts: The Multilateral Trading System in Historical Perspective
Douglas A. Irwin and Kevin H. O’Rourke
Comments:       L. Alan Winters
Rufus Yerxa
2. International Policy Coordination: The Long View
Barry Eichengreen
Comments:       Charles Bean
                        Gerardo della Paolera
3. Can the Doha Round Be a Development Round? Setting a Place at the Table
Kyle Bagwell and Robert W. Staiger
Comment:         Robert D. Anderson
4. Preferential Trade Agreements and the World Trade System: A Multilateralist View
Pravin Krishna
Comments:       Ernesto Zedillo
                        Anthony Venables
5. Trade and Industrialization after Globalization’s Second Unbundling: How Building and Joining a Supply Chain Are Different and Why It Matters
Richard Baldwin
Comment:         Andrés Velasco
6. Facing the Climate Change Challenge in a Global Economy
Lee Branstetter and William Pizer
Comments:       Alex Bowen
7. Multilateral Economic Cooperation and the International Transmission of Fiscal Policy
Giancarlo Corsetti and Gernot J. Müller
Comments:       Domenico Siniscalco
                        Martin Feldstein
8. The International Monetary System: Living with Asymmetry
Maurice Obstfeld
Comment:         Takatoshi Ito
9. Global Macroeconomic and Financial Supervision: Where Next?
Charles A. E. Goodhart
Comments:       Adair Turner
                        Richard Berner
Panel Discussion
Charlene Barshefsky
Martin Feldstein
Subir Gokarn
Paul Keating
Afterword: How the Financial Crises Have Changed the World
Martin Wolf
Author Index
Subject Index

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