Will Global Capitalism Fall Again?

Abstract

In this lecture, given at Bruegel‘s Annual Meeting in June, 2006, Jeffry Frieden focuses on why the first era of globalisation could not be restored, and why it was ultimately replaced by a system based on the rules of Bretton Woods. The historical experience of global capitalism shows, he argues, that whatever globalisation‘s benefits, persuasion alone will not suffice to make it politically sustainable. Frieden ultimately calls for the legitimate political governance of globalisation as well as appropriate domestic policies to compensate those who lose out in the process.