Macro Musings with David Beckworth Chris Meissner on the History of Globalization
Mar 2, 2026
Chris Meissner, a UC Davis economist and economic historian who wrote One From Many, offers a sweep of globalization’s past and present. He traces 19th‑century drivers, interwar collapse, Bretton Woods, and late 20th‑century hyperglobalization. He tackles the China shock, supply‑chain interdependence, the Great Financial Crisis’ drag on trade, and whether the world is moving away from integration.
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Financial Shocks Can Trigger Backsliding
- The Great Financial Crisis reduced goods trade growth and encouraged restrictive trade measures, helping fuel political backlash.
- Meissner links slowed trade post‑2008 to politics, policy responses, and comparisons with the 1870s shock.
First Wave Driven By Transport Communication And Treaties
- First wave globalization (c.1850–1914) was driven by steamships, railroads, telegraph, lower tariffs and treaties like Cobden‑Chevalier.
- These tech and policy shifts expanded markets and raised prosperity across many countries.
Gold Standard Reduced Exchange Rate Uncertainty
- Shared monetary regimes like the gold standard lowered exchange‑rate volatility and boosted trade among participants.
- Meissner cites his research showing countries sharing a regime traded more due to reduced uncertainty.
