미국의 세기: 미국 주도 세계화의 경제적 측면

Abstract

【Abstract】 The American Century: Economic Aspects of the U.S.-led Globalization Donghyu Yang (Seoul National University) This paper traces the past century of American-led globalization with 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-led globalization resulted in somewhat disadvantageous incidence on developing countries such as asymmetric consequences of capital market integration. Also noteworthy is America’s 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.