International regimes and the evolution of the global economy
DOI:
https://doi.org/10.13133/2037-3651/18272Keywords:
Bretton Woods, political economy, global governance, macroeconomic policy coordination, global fragmentationAbstract
The aim of this article is to explain the long-term evolution of the global economic system from the post-World War II period to the present, and the alternating phases of stability and fragmentation that have characterized it. Drawing on the work of Salvatore Biasco and adopting an International Political Economy (IPE) approach, the evolution of the global context is divided into four sub-periods, two characterized by the presence of global governance regimes, albeit very different, one in the 1950s and 1960s (Bretton Woods) and the other in the 1990s until the global crisis of 2008-2009 (the Great Moderation); and two phases in the 1980s (oligopolistic interdependence) and the last decade (secular stagnation), both characterized by more or less unstable transitions. In the last part of the article, different scenarios for the evolution of the world economy are formulated and the conditions necessary to contain the ongoing fragmentation are identified.
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