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2017 | OriginalPaper | Chapter

3. Transformation of International Division of Labor and Global Imbalances

Authors : Yang Li, Xiaojing Zhang

Published in: Imbalance and Rebalance

Publisher: Springer Singapore

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Abstract

If the rise and fall of monetary hegemony is a manifestation of the evolution of the global financial infrastructure, the transformation of the international division of labor has marked the essential changes of the world’s real economy. With the deepening of today’s globalization, it is increasingly important to provide a full and precise picture of the general trajectories of the world economy by looking at the relations with regard to the internal and external balances.

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previous chapter The Warring States

next chapter Innovation of Technology, Changes in Productivity, and Global Imbalances

Translator’s Note: Speech by Ben S. Bernanke at the At the Federal Reserve Bank of Kansas City's Thirtieth Annual Economic Symposium, Jackson Hole, Wyoming, August 25, 2006. (Accessed online at: http://www.federalreserve.gov/newsevents/speech/bernanke20060825a.htm.).

Between the end of the Napoleonic War in 1815 to the outbreak of the WWI in 1914, apart from colonial wars, European powers including England, France, Prussia, Austria, Italy and Russia were not engaged in lengthy war among each other. Polanyi (2007) called the period “the Hundred Years of Peace.”

Translator’s Note: Kennedy (1987), p. 143.

Translator’s note: Kennedy (1987), pp. 151–152.

Translator’s note: Maddison, Angus. The World Economy: A Millennial Perspective [Development Center Studies: http://theunbrokenwindow.com/Development/MADDISON%20The%Economy—A%20Millennial.pdf, p. 100.

IMF “World Economic Outlook: The Spillovers and Cycles in the Global Economy” Chap. 5 (April, 2007), p. 162.

Ibid. p. 180.

Ibid. p. 162.

Cuenca Esteban J (2001) The British Balance of Payments, 1772–1820: India Transfers and War Finance. The Economic History Review, New Series, 54(1), pp.58–86

Kennedy P (1987) The rise and fall of the great powers: economic change and military conflict from 1500 to 2000. Random House, New York

Kennedy P (2006) The rise and fall of the great powers:economic change and military conflict from 1500 to 2000 (Chinese translation). International Culture Publishing House, Beijing

Matthews RCO, Feinstein CH, Odling-Smee IC (1982) British Economic Growth: 1856–1973, Oxford University Press

Title: Transformation of International Division of Labor and Global Imbalances
Authors: Yang Li
Xiaojing Zhang
Publisher: Springer Singapore
Book: Imbalance and Rebalance
Print ISBN: 978-981-10-6149-3

Electronic ISBN: 978-981-10-6150-9

Copyright Year: 2017
DOI: https://doi.org/10.1007/978-981-10-6150-9_3