Paul Krugman has this piece in a recent Op-Ed in the NY Times. To me, it rings of Thomas Friedman’s The World is Flat in reverse. You could also probably find it at your local library if paying for it is not your thing by the way – Hi Jacquie! Anyway, Krugman quotes Keynes writing on how pre-WWI, people lived a life of globalization.
Writing in 1919, the great British economist John Maynard Keynes described the world economy as it was on the eve of World War I. “The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth … he could at the same moment and by the same means adventure his wealth in the natural resources and new enterprises of any quarter of the world.”
And Keynes’s Londoner “regarded this state of affairs as normal, certain, and permanent, except in the direction of further improvement … The projects and politics of militarism and imperialism, of racial and cultural rivalries, of monopolies, restrictions, and exclusion … appeared to exercise almost no influence at all on the ordinary course of social and economic life, the internationalization of which was nearly complete in practice.”
Sounds eerily familiar, right? Then WWI,The Great Depression, WWII hits and it takes a few more decades to reach economic stability. So are we on the verge of another situation like WWI? I don’t know, but it is very interesting.