Paper by Thomas I. Palley that...
1. ...proposes the hypothesis that globalization contributed to "global financial imbalances" (presumably referring to US trade deficit)
2. ...argues against the hypothesis that a "savings glut" contributed to "global financial imbalances"
3. ...argues against the hypothesis that US dollar hegemony contributes to "global financial imbalances"
I found this in a paper in a citation by the USITC called "Who Financed Recent U.S. Trade Deficits?". Cited as a source for the fact that "Robert Triffin showed that a nation that has its currency used as an international reserve currency will need to run a trade deficit".
The globalization hypothesis argues that the US trade deficit was a result of the "Tokyo GATT", which accelerated free trade in 1978. The evidence of this is that the US trade surplus in 1973 turned into a trade deficit by 1980.
The turn from Keynesian to Monetary policy post-1980 is also when US policy makers viewed trade deficits more positively since it "helped constrain inflation".
NAFTA also sees America's 1994 trade surplus with Mexico turn into a trade deficit by 1995
the PNTR deal with China in 2000 accelerates America's already-existing trade deficit with China. "Corporate profits increased, while US manufacturing employment and investment suffered. There were also negative effects on Mexico as production and investment were diverted to China because of its lower labor costs."