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International Economics, Second Edition by Paul Torelli

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CHAPTER 5

Politics, Globalization, and the State

Introduction

For peaceful globalization to take place, much less succeed in the end, political will is necessary. Politicians, whether supported by ordinary citizens or vested interests, must believe they have something to gain by opening trade or liberalizing their economy and culture. Thereafter, restraints are lifted and their local area is awash in new goods and influences. Over the first major wave of globalization during the 100 years prior to World War I, many states made just such a wager. Capital and labor flowed to the New World where returns—and risks—were higher. Then, from World War I to World War II, barriers went up amidst economic turmoil and global warfare. Following postwar international ...

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