One of the most fundamental economic policy choices a society makes is how to order its global economic relations. What models do states use to structure this multifaceted decision, and how do they choose among these alternatives? We combine data on trade policies, foreign investment, exchange rates, capital flows, and international treaties to discover states’ strategies of global economic engagement. We identify five distinct strategies through dynamic clustering. We then examine the economic and political drivers of states’ choices among these competing strategies, focusing on the tradeoffs between public and private goods activated by differing styles of openness. In particular, we uncover a model of high global integration favored by (party-based) nondemocracies that emphasizes sacrificing consumption for production and embraces the risk of tight integration with global markets. We also uncover a cautious model of partial globalization favored by (large) democracies. Decisions over global economic engagement are clustered and multidimensional: Uncovering this variety unlocks new findings about the nonlinear effects of democracy on foreign economic policy.

中文翻译：

---

民主和全球经济参与的聚类模型


一个社会做出的最基本的经济政策选择之一是如何安排其全球经济关系。各州使用哪些模型来构建这一多方面的决策，它们如何在这些替代方案中进行选择？我们结合贸易政策、外国投资、汇率、资本流动和国际条约的数据，以发现各国的全球经济参与战略。我们通过动态聚类确定了五种不同的策略。然后，我们研究了国家在这些竞争策略中进行选择的经济和政治驱动因素，重点关注由不同风格的开放所激活的公共和私人产品之间的权衡。特别是，我们揭示了一种（以政党为基础的）非民主国家青睐的高度全球一体化模式，该模式强调牺牲消费进行生产，并承担与全球市场紧密融合的风险。我们还发现了（大型）民主国家青睐的谨慎的部分全球化模式。关于全球经济参与的决策是集群化和多维的：揭示这种多样性可以揭示民主对外国经济政策的非线性影响的新发现。