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How to Save Globalization from its Cheerleaders

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  • Rodrik, Dani

Abstract

The new conventional wisdom on globalization emphasizes that reaping the benefits of trade and financial integration is not automatic, and requires better domestic institutions, essentially improved safety nets in rich countries and improved governance in the poor countries. The prevailing strategy is predicated on the presumption that insufficiently open markets continue to pose an important constraint on the world economy. In reality, lack of openness is no longer the binding constraint for the global economy. The gains to be reaped by further liberalization of markets are meager for poor and rich countries alike. An alternative approach to globalization would focus on enhancing policy space rather than market access, and on devising the rules of the game to better manage the interface between national regulatory and social regimes. It is possible to envisage such rules without slipping back into protectionism.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 6494.

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Date of creation: Sep 2007
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Handle: RePEc:cpr:ceprdp:6494

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Keywords: globalization; policy space;

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References

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  1. Dani Rodrik, 2000. "How Far Will International Economic Integration Go?," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 177-186, Winter.
  2. Christian Broda & Joshua Greenfield & David Weinstein, 2006. "From Groundnuts to Globalization: A Structural Estimate of Trade and Growth," NBER Working Papers 12512, National Bureau of Economic Research, Inc.
  3. David E. Weinstein & Christian Broda, 2004. "Globalization And The Gains From Variety," Econometric Society 2004 Latin American Meetings 327, Econometric Society.
  4. Scott C. Bradford & Paul L. E. Grieco & Gary Clyde Hufbauer, 2006. "The Payoff to America from Globalisation," The World Economy, Wiley Blackwell, vol. 29(7), pages 893-916, 07.
  5. Eswar S. Prasad & Raghuram G. Rajan & Arvind Subramanian, 2007. "Foreign Capital and Economic Growth," NBER Working Papers 13619, National Bureau of Economic Research, Inc.
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  7. M. Ayhan Kose & Eswar Prasad & Kenneth Rogoff & Shang-Jin Wei, 2006. "Financial Globalization: A Reappraisal," IMF Working Papers 06/189, International Monetary Fund.
  8. Mayda, Anna Maria & Rodrik, Dani, 2005. "Why are some people (and countries) more protectionist than others?," European Economic Review, Elsevier, vol. 49(6), pages 1393-1430, August.
  9. Jeffry Frieden, 2006. "Will global capitalism fall again?," Essays and Lectures 16, Bruegel.
  10. Alan Krueger, 1996. "Observations on International Labor Standards and Trade," Working Papers 741, Princeton University, Department of Economics, Industrial Relations Section..
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Cited by:
  1. Martin Adler & Kai Daniel Schmid, 2012. "Factor Shares and Income Inequality - Empirical Evidence from Germany 2002-2008," IAW Discussion Papers 82, Institut für Angewandte Wirtschaftsforschung (IAW).
  2. Sabine Herrmann & Adalbert Winkler, 2009. "Financial markets and the current account: emerging Europe versus emerging Asia," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 145(3), pages 531-550, October.
  3. Kanbur, Ravi, 2009. "The Co-Evolution of the Washington Consensus and The Economic Development Discourse," Working Papers 48920, Cornell University, Department of Applied Economics and Management.
  4. Hagen Kraemer, 2011. "Die Entwicklung der funktionalen Einkommensverteilung und ihrer Einflussfaktoren in ausgewählten Industrieländern 1960-2010," IMK Studies 1-2011, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.

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