Political trilemma of the world economy
The political trilemma of the world economy is a concept created by economist Dani Rodrik to capture the trade-offs that governments faced in their responses to globalization.[1][2][3][4][5] The trilemma holds that "democracy, national sovereignty and global economic integration are mutually incompatible: we can combine any two of the three, but never have all three simultaneously and in full."[6] According to Rodrik, states embraced globalization and national autonomy in the late 19th century, but sacrificed democratic decision-making.[7] In the post-World War II period, states sacrificed globalization while embracing democracy at home and national autonomy.[7] The trilemma suggests that the backlash against globalization in the last few decades is rooted in a desire to reclaim democracy and national autonomy, even if it undermines economic integration.[7] Rodrik first presented the trilemma in a 2000 paper.[8]
See also
[edit]References
[edit]- ^ "Why governments can't have it all". www.ft.com. 2017. Retrieved 2021-07-24.
- ^ Snell, Jukka (2016). "The Trilemma of European Economic and Monetary Integration, and Its Consequences". European Law Journal. 22 (2): 157–179. doi:10.1111/eulj.12165. ISSN 1468-0386. S2CID 155875883.
- ^ Schoenmaker, Dirk (2011-04-01). "The financial trilemma". Economics Letters. 111 (1): 57–59. doi:10.1016/j.econlet.2011.01.010. ISSN 0165-1765.
- ^ Crum, Ben (2013). "Saving the Euro at the Cost of Democracy?". JCMS: Journal of Common Market Studies. 51 (4): 614–630. doi:10.1111/jcms.12019. ISSN 1468-5965. S2CID 153922655.
- ^ Wolf, Nikolaus (2012-12-01). "Crises and policy responses within the political trilemma: Europe, 1929–36 and 2008–11". European Review of History: Revue européenne d'histoire. 19 (6): 855–879. doi:10.1080/13507486.2012.741113. hdl:10419/246947. ISSN 1350-7486. S2CID 154673582.
- ^ Rodrik, Dani (2007-06-27), "The inescapable trilemma of the world economy", rodrik.typepad.com, Typepad (Endurance International Group)[self-published source]
- ^ a b c Oatley, Thomas (2019). International Political Economy: Sixth Edition. Routledge. pp. 462–464. ISBN 978-1-351-03464-7.
- ^ Rodrik, Dani (2000). "How Far Will International Economic Integration Go?". Journal of Economic Perspectives. 14 (1): 177–186. doi:10.1257/jep.14.1.177. ISSN 0895-3309.
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