Facing Future Adversity A Challenge To Markets

摘要

The previous great period of globalization, from 1870 to 1914, ended with the disaster of World War I. This was not merely the outcome of atavistic warmongering but arose out of the tensions generated by the growing international division of labor and the consequent extension of global supply chains.1 The war was followed by Bolshevism, fascism, the Great Depression, World War II, the cold war, and bloody violence in Africa, Asia, and Latin America. In the course of this period, the market societies of the West twice converted rapidly into wartime rationing command economies and suffered decades of high military spending.