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The Evolution and Reshaping of Globalization: A Perspective Based on the Development of Regional Trade Agreements
- Source :
- China & World Economy. 27:51-71
- Publication Year :
- 2019
- Publisher :
- Wiley, 2019.
-
Abstract
- With the weakening role of the World Trade Organization multilateral trading system, the globalization pattern is moving toward regional economic integration. As a result, the number of regional trade agreements (RTAs) has rapidly increased. New trends in international economics and trade, such as the withdrawal of the US from the Trans‐Pacific Partnership and the trade disputes between the US and China, have revealed the intention of the developed countries represented by the US to reshape the direction of globalization. This paper combines the relevant research conclusions and current stylized facts to examine the evolution and reshaping of globalization. We find that: (i) countries have different attitudes toward the recent round of globalization, which are related to changes in the patterns of income distribution within countries caused by the last round of globalization; and (ii) regional economic development is an effective way to reshape globalization. The self‐strengthening effect of the hub country in the trade network has promoted global RTA expansion.
- Subjects :
- Economic integration
Stylized fact
050204 development studies
05 social sciences
International economics
Economic globalization
Globalization
Economic inequality
Income distribution
General partnership
0502 economics and business
Economics
050207 economics
China
General Economics, Econometrics and Finance
Subjects
Details
- ISSN :
- 16712234
- Volume :
- 27
- Database :
- OpenAIRE
- Journal :
- China & World Economy
- Accession number :
- edsair.doi...........4541c4956a564791c98e245b02e00758
- Full Text :
- https://doi.org/10.1111/cwe.12267