What kind of global arrangements can best support the aspirations of nations with widely varying circumstances – rich, poor, and endowed with vastly different resources and institutions – and help them address the challenges of economic growth, poverty reduction, inequality, climate change, and authoritarian populism?
The world is profoundly interconnected through trade, technology, capital markets, and migration. For decades, the international economic and geopolitical order favoured and supported policies to advance economic integration. Today, that order is under significant strain. In this course we will draw upon history, economic theory, and evidence to shed light on the choices and trade-offs faced by governments, international institutions, businesses, and citizens as they face the international economy. We will explore why globalization is currently in turmoil and the range of reforms under discussion to make it work better. We will trace the history of globalization starting from ancient times to contextualize contemporary issues. Topics will include: (i) the fragmentation of international trade, now marked by tariffs, a trade war between the U.S. and China, and trade frictions between the U.S. and its allies; (ii) erosion of international norms such as multilateralism and territorial integrity; (iii) rising domestic polarization over immigration and inequality; (iv) challenges to the U.S. dollar as the world’s safe-haven currency; and (v) increasingly bleak prospects for collective climate and public health action.?Our goal is to expose students to diverse and competing perspectives so they can develop their own informed views on globalization.