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Economic Crisis and its Impact on Regionalism and Globalism
Abstract
This chapter reviews the financial crisis of 2008-09 and its impacts on the international trade in terms of regionalism and globalism. The chapter glances over different aspects of globalism and regionalism as well as looks on historical pattern and recent developments of regionalism and globalism. The data used in the chapter indicates that the financial crisis of 2008-09 negatively affected both globalization and regionalization trends. In addition, the EU has experienced an interesting transformation from regionalism to globalism. This chapter suggests that the issue is not only related with the great trade collapse of 2008-09 but also the sovereign debt crisis of 2010-12.
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