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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. 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 wp2005n16, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
  2. Martin Gonzalez-Eiras & Dirk Niepelt, 2004. "Sustaining Social Security," 2004 Meeting Papers 199, Society for Economic Dynamics.
  3. Dluhosch, Barbara & Horgos, Daniel, 2012. "Trading Up the Happiness Ladder," Working Paper 115/2012, Helmut Schmidt University, Hamburg.
  4. Raymond G. Riezman & John Whalley & Shunming Zhang, 2013. "Metrics capturing the degree to which individual economies are globalized," Applied Economics, Taylor & Francis Journals, vol. 45(36), pages 5046-5061, December.
  5. 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 102, Groupe d'Economie du Développement de l'Université Montesquieu Bordeaux IV.
  6. Singh, Nirvikar, 2004. "Transaction Costs, Information Technology and Development," Santa Cruz Department of Economics, Working Paper Series qt3wq7n6nq, Department of Economics, UC Santa Cruz.
  7. Artis, Michael & Okubo, Toshihiro, 2009. "Globalization and business cycle transmission," The North American Journal of Economics and Finance, Elsevier, vol. 20(2), pages 91-99, August.
  8. 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, vol. 64(9), pages 944-950, September.

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