Prospects for the Global Economy in the 21st Century

Abstract

Abstract Is more integration beneficial or costly for nations? Is globalization simply a convenient scapegoat? What prospect is there for globalization in the future? As this book has shown, the global economy has expanded enormously since the 1980s. Many mainstream economists and other “globalists” have approved of “hyperglobalization.” At the same time, deep integration has been blamed by many others for a number of short-term economic problems. This chapter explores three recent economic shocks that illustrate the challenges for the global economy. These include the rise of China, the Eurozone financial crisis, and Brexit. Will the global economy withstand the pressures of globalization, or will countries fail to cooperate?