Reversing_Globalization_Trade_Policy_Con

Reversing_Globalization_Trade_Policy_Con - European Journal...

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International Relations European Journal of DOI: 10.1177/1354066104040568 2004; 10; 33 European Journal of International Relations Shale Horowitz Reversing Globalization: Trade Policy Consequences of World War I The online version of this article can be found at: Published by: On behalf of: Standing Group on International Relations of the ECPR can be found at: European Journal of International Relations Additional services and information for Email Alerts: Subscriptions: Reprints: Permissions: SAGE Journals Online and HighWire Press platforms): (this article cites 9 articles hosted on the Citations or unauthorized distribution. © 2004 European Consortium for Political Research, SAGE Publications. All rights reserved. Not for commercial use at UNIV OF WISCONSIN MILWAUKEE on July 30, 2007 Downloaded from
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Reversing Globalization: Trade Policy Consequences of World War I SHALE HOROWITZ University of Wisconsin-Milwaukee How did World War I reverse decades of apparently irresistible economic globalization? Why, in particular, did World War I produce a worldwide surge in international trade protection? Three mechanisms are investigated: (1) The War diverted production and international trade in a way that strengthened protectionist coalitions of industries relative to free-trading coalitions. (2) The War reduced financial interdependence and altered exchange rates in a manner that advan- taged protectionist coalitions. (3) The War altered military alliances and rivalries such that stronger national interests in trade protection developed. These mechanisms are examined for the five largest trading economies — Britain, France, Germany, Japan, and the United States. There is evidence of all three mechanisms operating. The first — involving war-induced diversion of production and international trade — appears to have had the largest and most consistent impact. K EY W ORDS Britain economic interest groups France Germany globalization international trade policy Japan military interests United States World War I We live in a time of apparently relentless advance of economic globalization, in which national economies are becoming increasingly dependent on international trade and investment flows. But many are aware that the present is not the first such period. Most recently, globalization also appeared ascendant in the last decades before World War I. So it is especially interesting today to look back and try to understand how World War I began the process of reversing high and rising tides of international trade and investment a process that continued during the Great Depression and World War II. The precise focus here will be on how World War I affected
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