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Globalisation and Values


  • John Whalley


This paper discusses a central element in globalisation debate little addressed by economists, namely the interactions at global, national and community levels between globalisation 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 optimising 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 (globalise). Processes of value competition, displacement and 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 globalisation are discussed in the text. Copyright 2007 The Author. Journal compilation Blackwell Publishing Ltd. 2007.

Suggested Citation

  • John Whalley, 2008. "Globalisation and Values," The World Economy, Wiley Blackwell, vol. 31(11), pages 1503-1524, November.
  • Handle: RePEc:bla:worlde:v:31:y:2008:i:11:p:1503-1524

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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, vol. 20(2), pages 91-99, August.
    2. David Matesanz Gomez & Guillermo J. Ortega & Benno Torgler, 2011. "Measuring globalization: A hierarchical network approach," CREMA Working Paper Series 2011-11, Center for Research in Economics, Management and the Arts (CREMA).
    3. 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.
    4. Martin Gonzalez-Eiras & Dirk Niepelt, 2004. "Sustaining Social Security," 2004 Meeting Papers 199, Society for Economic Dynamics.
    5. 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.
    6. Nirvikar Singh, 2008. "Transaction costs, information technology and development," Indian Growth and Development Review, Emerald Group Publishing, vol. 1(2), pages 212-236, 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 wp2005n16, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
    8. Barbara Dluhosch & Daniel Horgos, 2013. "Trading Up the Happiness Ladder," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 113(3), pages 973-990, September.
    9. 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.

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