Academic journal article NBER Reporter

Globalization in an Age of Crisis: Multilateral Economic Cooperation in the Twenty-First Century

Academic journal article NBER Reporter

Globalization in an Age of Crisis: Multilateral Economic Cooperation in the Twenty-First Century

Article excerpt

Globalization in an Age of Crisis: Multilateral Economic Cooperation in the Twenty-first Century, edited by Robert C. Feenstra and Alan M. Taylor, is available from the University of Chicago Press in December 2013.

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 that leaned more toward protecting national interests rather 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?

This volume brings together research by policy makers and practitioners that examines the ways in which the global economic order could address the challenges of globalization that have arisen over the last two decades, and that have been intensified by the recent crisis. …

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