The Social Consequences of Economic Globalization
AbstractIf mainstream international trade theories overwhelmingly point out the welfare to be gained by all countries in reducing trade barriers, some of these theories also clearly imply that trade liberalisation is not neutral, e.g. in terms of income distribution. International trade competition, alongside with technological change, has been considered as a possible explanation for increased wage inequality in some industrialized countries. In some recent theories, free trade is shown to be potentially detrimental to technologically lagging countries. If this would be the case, trade liberalisation could actually hamper rather than spur economic growth in developing countries. In this chapter, a critical review is proposed of some theoretical and empirical arguments in favour or in opposition to economic globalisation as a way to reduce the welfare gap between developed and developing countries or as a threat to the social cohesion in (ageing) developed countries.
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Length: 20 pages
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-10-20 (All new papers)
- NEP-INT-2007-10-20 (International Trade)
- NEP-PKE-2007-10-20 (Post Keynesian Economics)
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