The American Century: Economic Aspects of the U.S.-led Globalization

This papεr traces the past century of American-Ied globalization wÎth emphasis on its economic aspects. The United States hegemony (1945 ~) and the accompanying golden age of capitalism' (1950-73) have historical roots in great innovations of the period 1870s to 1910s. The improvements in technology and productivity were enhanced in their effects by institutional arrangements including the IMF/GATT system, and by favorable policy measures of the industrial countries. The American-Ied globalization resulted in somewhat disadvantageous incidence on developing countries such as asymmetric consequences of capital market integration. Also noteworthy is Americas conversion to regionalism at the expense of multilateralism in the mid-1980s. Along with the relative loosening of American hegemonic power, these factors make the governance of globalization even more complex.이 논문 2004년도 학술진흥재단의 지원에 의해 연구되었음. (KRF-2004-044-A00001