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<!DOCTYPE html><html><head><title>The End of Globalization: lessons from the Great Depression - Harold JAMES, Harold James - Google Books</title><link rel="stylesheet" href="/books/css/_a33f2a89320471e58c940b9287b9d4eb/kl_viewport_kennedy_full_bundle.css" type="text/css" /><link rel="stylesheet"href="https://fonts.googleapis.com/css2?family=Product+Sans:wght@400"><script src="/books/javascript/v2_a33f2a89320471e58c940b9287b9d4eb__en.js"></script><script>_OC_Hooks = ["_OC_Page", "_OC_SearchReload", "_OC_TocReload", "_OC_EmptyFunc", "_OC_SearchPage", "_OC_QuotePage" ];for (var _OC_i = 0; _OC_i < _OC_Hooks.length; _OC_i++) {eval("var " + _OC_Hooks[_OC_i] + ";");}function _OC_InitHooks () {for (var i = 0; i < _OC_Hooks.length; i++) {var func = arguments[i];eval( _OC_Hooks[i] + " = func;");}}</script><link rel="canonical" href="https://books.google.com/books/about/The_End_of_Globalization.html?id=SnXDHXz-DPQC"/><meta property="og:url" content="https://books.google.com/books/about/The_End_of_Globalization.html?id=SnXDHXz-DPQC"/><meta name="title" content="The End of Globalization"/><meta name="description" content="Globalization is here. Signified by an increasingly close economic interconnection that has led to profound political and social change around the world, the process seems irreversible. In this book, however, Harold James provides a sobering historical perspective, exploring the circumstances in which the globally integrated world of an earlier era broke down under the pressure of unexpected events. James examines one of the great historical nightmares of the twentieth century: the collapse of globalism in the Great Depression. Analyzing this collapse in terms of three main components of global economics--capital flows, trade, and international migration--James argues that it was not simply a consequence of the strains of World War I but resulted from the interplay of resentments against all these elements of mobility, as well as from the policies and institutions designed to assuage the threats of globalism. Could it happen again? There are significant parallels today: highly integrated systems are inherently vulnerable to collapse, and world financial markets are vulnerable and unstable. While James does not foresee another Great Depression, his book provides a cautionary tale in which institutions meant to save the world from the consequences of globalization--think WTO and IMF, in our own time--ended by destroying both prosperity and peace."/><meta property="og:title" content="The End of Globalization"/><meta property="og:type" content="book"/><meta property="og:site_name" content="Google Books"/><meta property="og:image" content="https://books.google.com.sg/books/content?id=SnXDHXz-DPQC&printsec=frontcover&img=1&zoom=1&edge=curl&imgtk=AFLRE73IiGVeN2Ow7_MGiKjRtSL2O8um6H81JFu_keKs9iOIE4skZTX90pdf2TT4R4_j8u5bqbY0ckHhsv26xG4kcCCwZbR7_3pjKK_56_WTA5vu9WbAunuOnVLnhSw8VbOoHB3TFJjM"/><link rel="image_src" href="https://books.google.com.sg/books/content?id=SnXDHXz-DPQC&printsec=frontcover&img=1&zoom=1&edge=curl&imgtk=AFLRE73IiGVeN2Ow7_MGiKjRtSL2O8um6H81JFu_keKs9iOIE4skZTX90pdf2TT4R4_j8u5bqbY0ckHhsv26xG4kcCCwZbR7_3pjKK_56_WTA5vu9WbAunuOnVLnhSw8VbOoHB3TFJjM"/><script></script><style>#gbar,#guser{font-size:13px;padding-top:1px !important;}#gbar{height:22px}#guser{padding-bottom:7px !important;text-align:right}.gbh,.gbd{border-top:1px solid #c9d7f1;font-size:1px}.gbh{height:0;position:absolute;top:24px;width:100%}@media all{.gb1{height:22px;margin-right:.5em;vertical-align:top}#gbar{float:left}}a.gb1,a.gb4{text-decoration:underline !important}a.gb1,a.gb4{color:#00c !important}.gbi .gb4{color:#dd8e27 !important}.gbf .gb4{color:#900 !important} #gbar { padding:.3em .6em !important;}</style></head><body class=""><div id=gbar><nobr><a target=_blank class=gb1 href="https://www.google.com.sg/search?tab=pw">Search</a> <a target=_blank class=gb1 href="https://www.google.com.sg/imghp?hl=en&tab=pi">Images</a> <a target=_blank class=gb1 href="https://maps.google.com.sg/maps?hl=en&tab=pl">Maps</a> <a target=_blank class=gb1 href="https://play.google.com/?hl=en&tab=p8">Play</a> <a target=_blank class=gb1 href="https://www.youtube.com/?tab=p1">YouTube</a> <a target=_blank class=gb1 href="https://news.google.com/?tab=pn">News</a> <a target=_blank class=gb1 href="https://mail.google.com/mail/?tab=pm">Gmail</a> <a target=_blank class=gb1 href="https://drive.google.com/?tab=po">Drive</a> <a target=_blank class=gb1 style="text-decoration:none" href="https://www.google.com.sg/intl/en/about/products?tab=ph"><u>More</u> »</a></nobr></div><div id=guser width=100%><nobr><span id=gbn class=gbi></span><span id=gbf class=gbf></span><span id=gbe></span><a target=_top id=gb_70 href="https://www.google.com/accounts/Login?service=print&continue=https://books.google.com.sg/books%3Fid%3DSnXDHXz-DPQC%26q%3DThe%2Bend%2Bof%2Bglobalization:%2Blessons%2Bfrom%2Bthe%2Bgreat%2Bdepression%26redir_esc%3Dy%26hl%3Den&hl=en&ec=GAZACg" class=gb4>Sign in</a></nobr></div><div class=gbh style=left:0></div><div class=gbh style=right:0></div><div role="alert" style="position: absolute; left: 0; right: 0;"><a href="https://books.google.com.sg/books?id=SnXDHXz-DPQC&q=The+end+of+globalization:+lessons+from+the+great+depression&redir_esc=y&hl=en&output=html_text" title="Screen reader users: click this link for accessible mode. 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permission of \u003ca class=link_aux href=\"https://books.google.com.sg/url?id=SnXDHXz-DPQC\u0026pg=PA82\u0026q=http://www.hup.harvard.edu/\u0026clientid=ca-print-harvard\u0026linkid=1\u0026usg=AOvVaw3KfJS1gjED28BZKng9QKTZ\u0026source=gbs_pub_info_r\"\u003eHarvard University Press\u003c/a\u003e","is_ebook":true,"volumeresult":{"has_flowing_text":true,"has_scanned_text":true,"can_download_pdf":false,"can_download_epub":false,"is_pdf_drm_enabled":false,"is_epub_drm_enabled":false},"publisher":"Harvard University Press","publication_date":"2009.06.30","subject":"Business \u0026 Economics","num_pages":260,"sample_url":"https://play.google.com/books/reader?id=SnXDHXz-DPQC\u0026source=gbs_vpt_hover","synposis":"Globalization is here. Signified by an increasingly close economic interconnection that has led to profound political and social change around the world, the process seems irreversible. In this book, however, Harold James provides a sobering historical perspective, exploring the circumstances in which the globally integrated world of an earlier era broke down under the pressure of unexpected events. James examines one of the great historical nightmares of the twentieth century: the collapse of globalism in the Great Depression. Analyzing this collapse in terms of three main components of global economics--capital flows, trade, and international migration--James argues that it was not simply a consequence of the strains of World War I but resulted from the interplay of resentments against all these elements of mobility, as well as from the policies and institutions designed to assuage the threats of globalism. Could it happen again? There are significant parallels today: highly integrated systems are inherently vulnerable to collapse, and world financial markets are vulnerable and unstable. 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The British philos- opher John Gray called for\u0026nbsp;...","page_url":"https://books.google.com.sg/books?id=SnXDHXz-DPQC\u0026pg=PA4\u0026vq=The+end+of+globalization:+lessons+from+the+great+depression"},{"page_id":"PA5","page_number":"5","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. cal and institutional consequences of the interconnected world. Institu- tions, especially those created to tackle the problems of globalism, come at particular moments of\u0026nbsp;...","page_url":"https://books.google.com.sg/books?id=SnXDHXz-DPQC\u0026pg=PA5\u0026vq=The+end+of+globalization:+lessons+from+the+great+depression"},{"page_id":"PA6","page_number":"6","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. cannot occur again and should be of interest only to historians , and per- haps also to economists interested in a curiosity cabinet of extreme dis- equilibria . The three\u0026nbsp;...","page_url":"https://books.google.com.sg/books?id=SnXDHXz-DPQC\u0026pg=PA6\u0026vq=The+end+of+globalization:+lessons+from+the+great+depression"},{"page_id":"PA13","page_number":"13","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. internationalism had made states so dependent on the bond market that they could not afford to give any shocks to business confidence. Socialists believed that the existence\u0026nbsp;..."},{"page_id":"PA18","page_number":"18","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. to French markets: the Foreign Ministry pleaded for special favoring of France\u0026#39;s strategic ally, the press was bribed (in what a later analyst depicted as “l\u0026#39;abominable\u0026nbsp;..."},{"page_id":"PA20","page_number":"20","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. international action could be undertaken to prevent such worldwide crises of confidence—now made more nearly simultaneous because of the trans- fer of news through the\u0026nbsp;..."},{"page_id":"PA22","page_number":"22","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. lation . \u0026quot; ) The products of such brutality were transferred across national frontiers . “ A great deal of capital , which appears today in the United States without any\u0026nbsp;..."},{"page_id":"PA26","page_number":"26","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. case of such famous landmarks of liberalization as the Cobden-Chevalier treaty, but were conducted within a framework of large international con- ferences, usually organized\u0026nbsp;..."},{"page_id":"PA31","page_number":"31","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. \u003cb\u003eThe End of Globalization\u003c/b\u003e Monetary Policy and Banking Instability CHAPTER. 2. ◇. Monetary. Policy. and. Banking. Instability. This chapter examines the financial links between an\u0026nbsp;..."},{"page_id":"PA41","page_number":"41","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. argument was later criticized as a cause of the asset bubble of the Wall Street boom. Such cooperation rested on the precarious footing of the personal sym- pathies of Norman\u0026nbsp;..."},{"page_id":"PA44","page_number":"44","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. tion and Britain and Germany equally militantly opposed. In Switzerland, the eventual choice, Zurich was rejected because although it was a major financial center, it was too\u0026nbsp;..."},{"page_id":"PA47","page_number":"47","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. and by Austria and Germany in 1933.38 There was growing skepticism about sovereign loans . By the mid - \u003cb\u003e1930s\u003c/b\u003e the liberal Swedish economist Per Jacobsson , chief economist at\u0026nbsp;..."},{"page_id":"PA48","page_number":"48","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. key , and Egypt ( and within a few months to England and the United States ) . Less than one year after he was supposed to devise a scheme that might rescue the central\u0026nbsp;..."},{"page_id":"PA57","page_number":"57","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. tions of a large budget deficit for 1931.63 In France , even socialist newspa- pers were outraged by the size of the “ hypertrophied ” Austrian state.64 The bank rescue\u0026nbsp;..."},{"page_id":"PA66","page_number":"66","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. change began to depreciate. In March 1930 the Bolivian exchange fell, and in September 1930 that of Venezuela. These movements were responses to trade problems, but they\u0026nbsp;..."},{"page_id":"PA67","page_number":"67","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. posed exchange controls. At \u003cb\u003ethe end\u003c/b\u003e of July the government resigned and was followed by a short-lived “Socialist Republic.” At this stage, a general regional panic began\u0026nbsp;..."},{"page_id":"PA76","page_number":"76","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. simistic, notions of the possibilities for public action in monetary and fiscal policy. Here, as elsewhere, the depression generated an intellectual paralysis. The thesis that\u0026nbsp;..."},{"page_id":"PA82","page_number":"82","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. ity in foreign exchange on the part of a few large countries only.”130 Roose- velt\u0026#39;s measures made a major contribution to \u003cb\u003eending\u003c/b\u003e the bank runs, and with them the U.S. depression\u0026nbsp;..."},{"page_id":"PA86","page_number":"86","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. (BNC).145 The Banque de France tackled the panic by giving new credits to rescue the Nancéienne de Crédit, the Banque Privée, the Groupe Messine, and the Mines d\u0026#39;Anzin, as\u0026nbsp;..."},{"page_id":"PA88","page_number":"88","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. Professor Charles Rist, an influential economist and as a former deputy governor of the Banque de France something of an “insider,” pleaded for devaluation from the spring of\u0026nbsp;..."},{"page_id":"PA89","page_number":"89","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. of Switzerland and the Netherlands presented a grave problem. Both coun- tries attracted a great deal of capital flight that might move out again rap- idly. Moreover, Swiss\u0026nbsp;..."},{"page_id":"PA92","page_number":"92","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. immediate impetus for devaluation was not a theoretical plan or the con- vincing arguments of economists , but rather a banking crisis.166 Belgian banks stood firmly in the\u0026nbsp;..."},{"page_id":"PA95","page_number":"95","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. perience : the depression was transmitted not through the financial system but through trade.172 A second strength lay in the fact that Canada , which then had no central bank\u0026nbsp;..."},{"page_id":"PA100","page_number":"100","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. gested and feared. But there are vulnerabilities, which resemble the in- terwar weaknesses. Fixed exchange-rate commitments represent an easy transmission mechanism for crisis\u0026nbsp;..."},{"page_id":"PA102","page_number":"102","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. in the light of changing circumstances. The model for this legislation was the U.S. Fordney-McCumber Tariff Act of 1920, which envisaged rapid de- cisions by an expert and\u0026nbsp;..."},{"page_id":"PA103","page_number":"103","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. 120 100 80 1929 = 100 60 20 40 Capital goods production Consumer goods production World trade 0+ 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 Figure 3.1\u0026nbsp;..."},{"page_id":"PA104","page_number":"104","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. Gold prices ( 1913 = 100 ) 200 180 160 140 120 100 80 60 40 20 Raw materials Food Manufactures 0- T 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935\u0026nbsp;..."},{"page_id":"PA105","page_number":"105","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. 1929 the recovery was less complete than it “should” have been if prewar trends had continued. If there had been a full catching up, and if 1929 had lain on the trend of the\u0026nbsp;..."},{"page_id":"PA106","page_number":"106","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. duces a rather different picture: the overall balance of the 1920s came about because tariffs on primary products and on manufactured goods were adjusted in different\u0026nbsp;..."},{"page_id":"PA109","page_number":"109","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. and social upheavals that followed from the First World War. They are the products of a peculiar, and political, market: protection can be considered as a good that is\u0026nbsp;..."},{"page_id":"PA111","page_number":"111","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. mitted to free trade, because they associated protection primarily with ag- ricultural interests and high consumer prices. Indeed in prewar Europe it is possible to detect a\u0026nbsp;..."},{"page_id":"PA112","page_number":"112","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. \u003cb\u003eclass\u003c/b\u003e. Both the French and the German Socialist parties made major efforts to appeal to farmers. But so did liberal and conservative and clerical par- ties. As a result\u0026nbsp;..."},{"page_id":"PA117","page_number":"117","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. postwar collapse in farmers\u0026#39; incomes. The 1922 act raised tariffs spe- cifically on materials that had fallen in price during the recession of 1920– 21 In addition, it was\u0026nbsp;..."},{"page_id":"PA120","page_number":"120","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. and measures to increase the supply of industrial information throughout the world and to spread industrialization more widely. No one treated the dispersion of industry as a\u0026nbsp;..."},{"page_id":"PA122","page_number":"122","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. also launched boycott campaigns. Sales of American typewriters and auto- mobiles dropped in 1930, and sales of German typewriters increased at the expense of the U.S. product\u0026nbsp;..."},{"page_id":"PA125","page_number":"125","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. decisions at the rate of hundreds a day, I am afraid some of the manufac- turers are going to have a difficult time.”48 But as pressure politics became a commonplace\u0026nbsp;..."},{"page_id":"PA128","page_number":"128","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. his diary, “are the deepest rock foundations of politics.”58 He set out to ap- ply this doctrine at the conference over which he presided in the summer of 1932. At the\u0026nbsp;..."},{"page_id":"PA133","page_number":"133","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. flicts between the domestic program and international policy. Provisions in the Agricultural Adjustment Act, for instance, violated the proposed tar- iff truce (producers of\u0026nbsp;..."},{"page_id":"PA137","page_number":"137","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. An inseparable part of the movement of liberalization and trade expan- sion was an avoidance of any link between trade and debt issues . The debt pileup and the subsequent\u0026nbsp;..."},{"page_id":"PA138","page_number":"138","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. institutions without clearly defined, or with overlapping, definitions of competence. But this problem had existed already during the Republic, and in trade policy had been\u0026nbsp;..."},{"page_id":"PA140","page_number":"140","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. ments used other policies in order to achieve advantages for their indus- tries. Thus in 1935 British steel producers reached a relatively favorable agreement with the ISC\u0026nbsp;..."},{"page_id":"PA143","page_number":"143","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. Germany through an exchange - rate regime , but rather through finance and clearing agreements . ) The share of German imports of this bloc rose from 5.6 percent in 1933 to\u0026nbsp;..."},{"page_id":"PA144","page_number":"144","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. sions relating to the European area had a strong foreign policy component . The political dimension is clearest in the case of the two countries that would be the primary\u0026nbsp;..."},{"page_id":"PA146","page_number":"146","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. the \u003cb\u003e1930s\u003c/b\u003e.116 Thus with the exception of Chile, all Latin American coun- tries continued to suffer from the movement of terms of trade throughout the \u003cb\u003e1930s\u003c/b\u003e, and could reckon\u0026nbsp;..."},{"page_id":"PA150","page_number":"150","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. Table 3.1 British - Argentine trade , 1933–1935 ( millions of £ ) 1933 1934 1935 British imports British exports Balance 41.7 47.0 44.0 13.3 14.9 15.6 -28.4 -32.1 -28.4 Source\u0026nbsp;..."},{"page_id":"PA153","page_number":"153","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. that the plan would be suspended. After President Vargas\u0026#39; November 1937 coup and the introduction of an authoritarian state, he suspended debt service once again and allowed\u0026nbsp;..."},{"page_id":"PA157","page_number":"157","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. pected of him and he has already given evidence of being pro – United States , if not anti - German , which may be very helpful to the American ex- porting community in its\u0026nbsp;..."},{"page_id":"PA163","page_number":"163","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. which a government undertook to plan and regulate the whole economic life of its country and to direct its nationalized industrial resources to- wards a uniquely rapid\u0026nbsp;..."},{"page_id":"PA164","page_number":"164","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. Thus there existed an initial link between debt crisis and exchange con- trol. After the debt crisis of 1931 in South America and Europe, the abnor- mal behavior of trade in\u0026nbsp;..."},{"page_id":"PA166","page_number":"166","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. nence of the money issue actually helped to diminish the importance of private group pressures that had played such a prominent role in launch- ing the world on the\u0026nbsp;..."},{"page_id":"PA167","page_number":"167","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. The push to trade liberalization of the 1980s and 1990s came not so much through interests, but through an intellectual conversion analogous to the triumphal journey of\u0026nbsp;..."},{"page_id":"PA170","page_number":"170","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. changes in production and unemployment were correspondingly mild: a 9 percent fall in real GDP and a 9 percent rise in unemployment).6 The Australian machinery for centralized\u0026nbsp;..."},{"page_id":"PA175","page_number":"175","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. \u0026quot; 24 emulation . The proposition is an obvious one : good reforms by one state could be undermined by unenlightened policy in other countries . Low- cost competition would\u0026nbsp;..."},{"page_id":"PA178","page_number":"178","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. failure. In 1927 the director\u0026#39;s report argued that “Possibly, in the last resort, the whole system of international conventions which sprang from the tra- ditions and\u0026nbsp;..."},{"page_id":"PA182","page_number":"182","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. lem, and this attempt should be made internationally. The question is one of peace or war. If no action is taken, fresh wars, perhaps even more terri- ble than those which the\u0026nbsp;..."},{"page_id":"PA187","page_number":"187","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. CHAPTER 5 The Age of Nationalism versus the Age of Capital It is easy to sum up the conventional wisdom that quickly emerged in re- sponse to the problems of the \u003cb\u003eglobal economy\u003c/b\u003e\u0026nbsp;..."},{"page_id":"PA192","page_number":"192","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. trol presented a “German path” that would bring France close to the German war economy, whereas an agreement with the United States and Britain would prepare a path for a\u0026nbsp;..."},{"page_id":"PA196","page_number":"196","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. time of the German Anschluss in March 1938, and during the May war scare over Czechoslovakia, there had been financial panics in France, the markets remained rather steady\u0026nbsp;..."},{"page_id":"PA197","page_number":"197","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. which political and security concerns became mixed in with the economic analysis . National Economics In the world of the \u003cb\u003e1930s\u003c/b\u003e , everything was to be national — labor and\u0026nbsp;..."},{"page_id":"PA199","page_number":"199","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. pression that those who opposed the freedom of migration , and of goods and capital transactions , saw the opportunity to move the pendulum back . The strong nation - state\u0026nbsp;..."},{"page_id":"PA200","page_number":"200","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. \u003cb\u003eThe End of Globalization Conclusion\u003c/b\u003e CHAPTER. 6. ◇. \u003cb\u003eConclusion\u003c/b\u003e: Can. It. Happen. Again? There is a paradox about the rapid shift of the last ten years toward market economies. The\u0026nbsp;..."},{"page_id":"PA201","page_number":"201","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. century. That backlash identified globalism with change and sin, and held that moral regeneration required national cultures. Some of these associations have been broken apart\u0026nbsp;..."},{"page_id":"PA202","page_number":"202","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. public support in the United States for the summer 1997 strike at the de- livery firm United Parcel Service. Europe currently has one and a quarter million “teleworkers\u0026nbsp;..."},{"page_id":"PA203","page_number":"203","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. ety, such as George Soros, are terrified of the implications of the new en- emy culture. The repercussions in the international arena were felt even before the fall of\u0026nbsp;..."},{"page_id":"PA207","page_number":"207","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. factor mobility. The result is an alteration of the political game, and a re- duction in the space for political self-assertion and for privileged elites. By contrast, the\u0026nbsp;..."},{"page_id":"PA209","page_number":"209","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. there is no such thing as a separate economic truth that applies to either developing or developed countries. Inevitably these ideas do not sit easily with traditional\u0026nbsp;..."},{"page_id":"PA210","page_number":"210","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. nological advance is now almost always described as “\u003cb\u003eglobalization\u003c/b\u003e”: its foreign origins mean that it cannot be molded or guided by internal politi- cal debate. New Consensus\u0026nbsp;..."},{"page_id":"PA212","page_number":"212","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. from the former Soviet Union to Africa, is not a revival of Marxism, but the likelihood of elite-sponsored chaos. There is a precise analogy with the aristocracy of pre\u0026nbsp;..."},{"page_id":"PA213","page_number":"213","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. In particular, states are faced by contradictory pressures: on the one hand, to reduce tax levels, because of the enhanced mobility of factors of production; and on the other\u0026nbsp;..."},{"page_id":"PA214","page_number":"214","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. is too little flexibility in regard to expectations of what the state should do, and too much of a tendency to put reform proposals outside the pale of ac- ceptable political\u0026nbsp;..."},{"page_id":"PA217","page_number":"217","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. by global chaos? It is commonplace to suggest that a new international or- der, and the threat of disorders on the capital markets, require a new inter- national regulatory\u0026nbsp;..."},{"page_id":"PA221","page_number":"221","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. have no incentive to be prudent, because they believe that if they lend to a major country, they will be bailed out by the international community be- cause it is frightened\u0026nbsp;..."},{"page_id":"PA223","page_number":"223","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. First World War , confronted with these obstacles , there was considerable energy and commitment behind an attempt to explore the second answer ( as there was also after the\u0026nbsp;..."},{"page_id":"PA224","page_number":"224","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. gies. There is no coherent intellectual package that links the resentment. It is incoherent and allusive—in short, postmodern. It may, however, pro- duce some policy\u0026nbsp;..."},{"page_id":"PA227","page_number":"227","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. Notes 1. Introduction 1. Joseph Stiglitz , “ The Role of International Financial Institutions in the Cur- rent \u003cb\u003eGlobal Economy\u003c/b\u003e , ” address to the Chicago Council on Foreign\u0026nbsp;..."},{"page_id":"PA239","page_number":"239","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. Finance and Financiers in European History , ed . Youssef Cassis ( Cambridge : Cambridge University Press , 1992 ) , pp . 317–335 ; and Guy Vanthemmsche , “ State , Banks\u0026nbsp;..."},{"page_id":"PA245","page_number":"245","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. 106. Royal Institute of International Affairs , South - Eastern Europe : A Brief Survey ( London : Oxford University Press , 1940 ) , p . 121. See also Ellis , Exchange Con\u0026nbsp;..."},{"page_id":"PA247","page_number":"247","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. 153. Interview in 1927, quoted in J. D. Yanson, Foreign Trade in the U.S.S.R. (New York: Putnam, 1935), p. 24. 154. Quoted in Edward H. Carr and Robert W. Davies, Foundations\u0026nbsp;...","page_url":"https://books.google.com.sg/books?id=SnXDHXz-DPQC\u0026pg=PA247\u0026vq=The+end+of+globalization:+lessons+from+the+great+depression"},{"page_id":"PA248","page_number":"248","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. 172. See also Folke Hilgerdt , “ The Approach to Bilateralism — A Change in the Structure of World Trade , ” Index Svenska Handelsbanken 10 ( 1935 ) : 175–188 ; Kindleberger\u0026nbsp;...","page_url":"https://books.google.com.sg/books?id=SnXDHXz-DPQC\u0026pg=PA248\u0026vq=The+end+of+globalization:+lessons+from+the+great+depression"},{"page_id":"PA249","page_number":"249","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. U.S. Labour Markets in the \u003cb\u003e1930s\u003c/b\u003e , ” in Eichengreen and Hatton , Interwar Un- employment in International Perspective , pp . 397–420 . 8. Anthony P. O\u0026#39;Brien , “ A Behavioral\u0026nbsp;...","page_url":"https://books.google.com.sg/books?id=SnXDHXz-DPQC\u0026pg=PA249\u0026vq=The+end+of+globalization:+lessons+from+the+great+depression"},{"page_id":"PA253","page_number":"253","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. Report of the Fabian Society ( Oxford : Blackwell , 1950 ) ; idem , “ Welfare and Freer Trade A Reply , ” Economic Journal 61 ( March 1951 ) : 72–82 ; idem , Ger- many : An\u0026nbsp;..."},{"page_id":"PA255","page_number":"255","snippet_text":"\u003cb\u003elessons from the Great Depression\u003c/b\u003e Harold JAMES, Harold James. Index Characterized by an increasingly close economic interconnection that has led. Aachen , Congress of ( 1818 ) , 174 Abyssinia , 183 Addis , Sir Charles , 42 Agricultural\u0026nbsp;...","page_url":"https://books.google.com.sg/books?id=SnXDHXz-DPQC\u0026pg=PA255\u0026vq=The+end+of+globalization:+lessons+from+the+great+depression"}],"search_query_escaped":"The end of globalization: lessons from the great depression"},{});</script></div></div></div><script>(function() {var href = window.location.href;if (href.indexOf('?') !== -1) {var parameters = href.split('?')[1].split('&');for (var i = 0; i < parameters.length; i++) {var param = parameters[i].split('=');if (param[0] == 'focus') {var elem = document.getElementById(param[1]);if (elem) {elem.focus();}}}}})();</script>