ft_decline_in_world_trade - GLOBAL ECONOMY How golden age...

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GLOBAL ECONOMY How golden age lost it shine By Alan Beattie Published: September 13 2009 18:11 | Last updated: September 13 2009 19:54 The past decade saw a familiar routine: breathless economists predicting that the second golden age of globalisation was about to go into reverse. The bursting of the tech bubble, 9/11, Sars, avian flu, the food crisis, the oil price crisis - all were touted as the modern equivalent of the first world war, which brought the first golden age to an abrupt halt. In the event, the growth of trade in goods, services and capital marched on. Then it ran into the shuddering stop in economic growth and evaporation of financial- market liquidity at the end of last year. In the words of the Bureau for Economic Policy Analysis , a Dutch think-tank that constructs an index of world trade, "three crazy months" beginning in November saw global trade go into virtual freefall, dropping by a fifth. Pascal Lamy, director-general of the World Trade Organisation , called it "a crisis that threatens to undo the economic development achieved by many countries and to erode people's faith in an open international trading system". However, although some have intervened to help their beleaguered industries,
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This note was uploaded on 12/24/2009 for the course ECON 160A taught by Professor Mojaver during the Fall '08 term at UC Davis.

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ft_decline_in_world_trade - GLOBAL ECONOMY How golden age...

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