Globalization and Inflation

A lot of people are putting the blame on globalization for the inflation, the high inflation that we're seeing these days. But your story in finance and development essentially flips this whole argument about globalization feeding high inflation on its head. You say globalization is actually an antidote to inflationary pressures. What's the thinking behind that? Absolutely. And it's the result of thinking about really a long-run history of globalization since the early 19th century. The big take-off of international trade in the second half of the 19th century is really a reaction of political working out of the supply chain shocks of the 1840s.