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Globalization and Values

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  • John Whalley

Abstract

This paper discusses a central element in globalization debate little addressed by economists, namely the interactions at global, national, and community levels between globalization and societally based values. Social values refer to wider notions of collective identity: religious values, attitudes towards materialism, moral beliefs, and a sense of collective awareness and are a broader and more encompassing concept than social capital discussed in recent economics and sociology literature. Social capital relates to trust, honesty and the social fabric of accepted norms central to the successful implementation of individual optimizing decisions, and denotes a communal asset reflecting strength of joint collective commitment whose amount can be increased or improved upon through investment of time and resources. Social values are much discussed in sociological literature going back to Comte, Durkheim, Parsons, and others. The issues taken up here are how different social values might interact and change as societies and their economies integrate (globalize). Processes of value competition, displacement, joint assimilation occur naturally to economists, but seem little studied by sociologists who seemingly place less stress on analytical comparative statics. Scenarios for how values can interact under globalization are discussed in the text.

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Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 1441.

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Date of creation: 2005
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Handle: RePEc:ces:ceswps:_1441

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Cited by:
  1. Artis, Michael & Okubo, Toshihiro, 2009. "Globalization and business cycle transmission," The North American Journal of Economics and Finance, Elsevier, Elsevier, vol. 20(2), pages 91-99, August.
  2. Dluhosch, Barbara & Horgos, Daniel, 2012. "Trading Up the Happiness Ladder," Working Paper, Helmut Schmidt University, Hamburg 115/2012, Helmut Schmidt University, Hamburg.
  3. Raymond G. Riezman & John Whalley & Shunming Zhang, 2013. "Metrics capturing the degree to which individual economies are globalized," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 45(36), pages 5046-5061, December.
  4. Martín Gonzalez-Eiras & Dirk Niepelt, 2005. "Sustaining Social Security," CESifo Working Paper Series 1494, CESifo Group Munich.
  5. Nirvikar Singh, 2004. "Transaction Costs, Information Technology and Development," Development and Comp Systems 0412005, EconWPA.
  6. Tobacyk, Jerome J. & Babin, Barry J. & Attaway, Jill S. & Socha, Stanislaw & Shows, David & James, Kevin, 2011. "Materialism through the eyes of Polish and American consumers," Journal of Business Research, Elsevier, Elsevier, vol. 64(9), pages 944-950, September.
  7. Nicolas Hérault, 2005. "A Micro-Macro Model for South Africa: Building and Linking a Microsimulation Model to a CGE Model," Melbourne Institute Working Paper Series, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne wp2005n16, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
  8. Nicolas Hérault, 2004. "Un modèle d'équilibre général calculable (MEGC) pour évaluer les effets de l'ouverture au commerce international : le cas de l'Afrique du Sud," Documents de travail, Groupe d'Economie du Développement de l'Université Montesquieu Bordeaux IV 102, Groupe d'Economie du Développement de l'Université Montesquieu Bordeaux IV.

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