1) Answer the following questions: Reading:Economistentitled "Slowbalisation"

1. Mercantilism, protectionism during the 1930s and Import Substitution Industrialization were arguably policies that worked against the forces of technological change. Please briefly explain howtwoof these approaches to the international economy attempted to counter the cost-reducing tendencies of technological change.
2. Pages 7 to 8 of the piece focus on the tendencies for trade (and to a lesser extent, finance) to promote regional subsets of the international economy rather than an integrated world economy. Given the developments described in those pages for stronger integration among regional trading partners in Asia (centered on China) and Europe (centered on Germany), would this economy of 2020 represent a throwback or return to the multi-core world economy of 1500 or 1600? Why or why not? you should want to contrast the economies of these two periods and answer the question of whether the developments since 1600 have forever altered the terms on which a regional leading power (Germany or China) can act as a "hegemon" able to set rules and exert influence.