The Journal of Economic Perspectives · 2000 · 745 citations · 10 references
Social SciencesEconomicsPolitical ScienceInternational EconomicsInternational Political EconomyPolitical EconomyEconomic IntegrationEconomic InterdependenceGlobal IntegrationGlobal Political EconomyInternational CooperationConstraintsInternational Economic CooperationInternational Economic InstitutionsInternational Market IntegrationInterstate SystemWorld Economy
The article examines the long‑term future of the world economy, noting that integration, nation‑states, and mass politics cannot all coexist. It argues that market integration is limited by jurisdictional boundaries and national sovereignty, forcing a trade‑off among integration, the nation‑state, and mass politics. It predicts the nation‑state system will vanish, giving way to global federalism.
This article speculates about the future of the world economy 100 years from now. It argues that the spread of markets is restricted by the reach of jurisdictional boundaries, and that national sovereignty imposes serious constraints on international economic integration. The political trilemma of the world economy is that international economic integration, the nation-state, and mass politics cannot co-exist. We have to pick two out of three. The article predicts that it will be the nation-state system that disappears, with global federalism taking its place.
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Martin Feldstein, Charles Yuji Horioka · The Economic Journal · 1980 · 2.8K citations
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Social Sciences, Economics, History +12