The Hyperglobalization of Trade and Its Future

Subramanian, Arvind; Kessler, Martin

doi:10.1093/acprof:oso/9780198723455.003.0004

Cited by 37 publications

(27 citation statements)

References 29 publications

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“…Although globalization steadily increased after World War II, it accelerated dramatically in the 1990s, following the end of the Cold War and the advent of the Internet (Habich & Nowotny, 2017;Hu & Spence, 2017). This unfolding hyperglobalization (Potrafke, 2015) -characterized by a rapid increase of international trade and investment (Subramanian & Kessler, 2013) -facilitated the rise of MNCs, some of which ''have grown to be larger and more powerful than most countries'' (Habich & Nowotny, 2017: 8). By the end of the 20th century, the effects of globalization on markets had increasingly differentiated, such that consumers around the world experienced its consequences in different forms and to different degrees (Arnett, 2002;Chase-Dunn, Kawano, & Brewer, 2000;Holton, 2000;Verbeke, Coeurderoy, & Matt, 2018).…”

Section: Marketplace Globalizationmentioning

confidence: 99%

Brand credibility and marketplace globalization: The role of perceived brand globalness and localness

2020

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Consumers in Western markets are increasingly critical towards globalization and re-embrace local values. Companies thus must decide whether to continue to pursue global branding strategies and/or rejuvenate local branding strategies. To explore the implications of market globalization for consumer preferences, we use signaling theory to investigate the role of perceived brand globalness (PBG) and brand localness (PBL) as signals of brand credibility, related downstream effects and boundary conditions, across two countries with differing levels of globalization. In globalized markets, PBG is a weaker signal of brand credibility than PBL, whereas in globalizing markets, the two signals are of equal importance.

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Section: Marketplace Globalizationmentioning

confidence: 99%

Brand credibility and marketplace globalization: The role of perceived brand globalness and localness

2020

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“…At the same time as innovation and corporate liquidity demand surged, the world economy experienced what some have dubbed "hyper-globalization" (Subramanian and Kessler, 2013), a period of unprecedented acceleration in cross-border trade, driven primarily by the integration of China and other emerging markets into the world trading system. The pattern is not a mere co-incidence of unrelated time trends, but is corroborated by cross-sectional correlation.…”

Section: Stylized Factsmentioning

confidence: 99%

Innovation and Corporate Cash Holdings in the Era of Globalization

Adler

Ahn²,

Dao³

2019

IMF Working Papers

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“…Aside from the desire to shape the TRANSATLANTIC INTEGRATION: THE TTIP UNDER SCRUTINY 494 rules of the global trading system, there are also other geopolitical motivations which, inter alia, relate to the US's goal to curtail the mounting global influence of Beijing and inhibit the emergence of a China centered economic bloc in East Asia (Ghibutiu, 2015;Yong, 2014). Subramanian and Kessler (2013) contended in this connection that a TTIP would not only force China to abide by the aligned transatlantic rules and regulations but would most importantly preempt Beijing from doing so the other way around. With their fading political and economic clout, time is of the essence, as Peking has already started to contest the Western partners' ability to decide on the fate of global governance (Hart, 2010).…”

Section: External Opportunitiesmentioning

confidence: 99%

Transatlantic Integration: The TTIP under Scrutiny

Nagel¹

2018

JMAA

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In view of the already relatively low most-favored-nation (MFN) rates on average, today's most impeding barriers to transatlantic trade are not custom tariffs but so-called behind-the-border measures. TTIP was originally destined to become a verily comprehensive trade and investment agreement in acknowledgment of this circumstance. But its distinctively ambitious agenda exposed both camps' opposing positions on several fronts at the same time.Considering that the negotiations had already hit several road blocks under the espousing Obama administration, the protectionist convictions and "America First" policy of the incumbent US President promised to complicate many of these contentious issues. Cherished as a popular tool in the business environment, the SWOT analysis also stood the test in the innovative context of identifying internal strengths and weaknesses of TTIP as well as external opportunities and threats to its conclusion further down the line. Juxtaposing its intrinsic strengths and weaknesses of TTIP unveils a mixed picture, alike so often in real life where no absolute truth exists. Nevertheless, the research demonstrates that there are compelling economic incentives for revitalizing the bilateral talks with respect to the likely transformations it would bring about in terms of market organization and functioning, production and distribution efficiency, national income, consumer satisfaction and, not least, regulation harmonization. Examining the matter from a different angle by asking "What are the probable implications of the scenario where the negotiations on a transatlantic trade and investment agreement will not be reinstated in the near future?" provided further illuminating insights. This approach revealed that neither the EU nor the US can actually afford to perpetuate the current status quo. Without TTIP, the relative size of the transatlantic pole is bound to dwindle in the global economy. Let alone the long-term geostrategic damage caused by its absence, as the EU and the US would miss out on the last chance to impose their joint vision of 21st century commerce on the rest of the world and preempt China from doing so instead. A glance at the corresponding external opportunities and threats suggests that the pendula could swing in either direction in terms of the TTIP's destiny. The author believes that Brussels will be hesitant to re-embark on delicate trade negotiations until the next US presidential election, in the hope that a more amicable and more reliable counterpart would enter the White House. The Commission will be too distracted anyway by the coinciding Brexit from taking the initiative any time soon. The UK's exit represents a double-edged sword in this context, as the dueling race for a Free Trade Agreement (FTA) with the US will immediately start once this all-consuming affair is settled and tied up capacities are recuperated. But for also reaching the finishing line-synonymous for the successful ratification of TTIP-it is imperative to learn from the mistakes of the past.Aloof...

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The Hyperglobalization of Trade and Its Future

Cited by 37 publications

References 29 publications

Brand credibility and marketplace globalization: The role of perceived brand globalness and localness

Brand credibility and marketplace globalization: The role of perceived brand globalness and localness

Innovation and Corporate Cash Holdings in the Era of Globalization

Transatlantic Integration: The TTIP under Scrutiny

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