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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. 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.
  3. Christian Broda & David E. Weinstein, 2006. "Globalization and the Gains from Variety," The Quarterly Journal of Economics, MIT Press, vol. 121(2), pages 541-585, May.
  4. 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.
  5. M Ayhan Kose & Eswar Prasad & Kenneth Rogoff & Shang-Jin Wei, 2009. "Financial Globalization: A Reappraisal," IMF Staff Papers, Palgrave Macmillan, vol. 56(1), pages 8-62, April.
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  8. Eswar S. Prasad & Raghuram G. Rajan & Arvind Subramanian, 2007. "Foreign Capital and Economic Growth," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 38(1), pages 153-230.
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  13. Ricardo Hausmann & Bailey Klinger, 2008. "Growth Diagnostics: Perú," Research Department Publications 2005, Inter-American Development Bank, Research Department.
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Cited by:
  1. Adler, Martin & Schmid, Kai Daniel, 2012. "Factor shares and income inequality - Empirical evidence from Germany 2002 - 2008," University of Tuebingen Working Papers in Economics and Finance 34, University of Tuebingen, Faculty of Economics and Social Sciences.
  2. Herrmann, Sabine & Winkler, Adalbert, 2008. "Financial markets and the current account: emerging Europe versus emerging Asia," Discussion Paper Series 1: Economic Studies 2008,05, Deutsche Bundesbank, Research Centre.
  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.
  5. Thomas Goda & Alejandro Torres, 2013. "Overvaluation of the real exchange rate and the Dutch Disease: the Colombian case," DOCUMENTOS DE TRABAJO CIEF 010930, UNIVERSIDAD EAFIT.

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