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Optimal Globalization and National Welfare

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Abstract

In this paper we look at economic liberalization – both in the context of countries under transition from communism to capitalism, and in the context of developed market economies of North America and Western Europe. By “liberalization” we mean not just opening to external trade and capital, but also the freeing up of domestic trade and prices, as well as labor’s ability to respond to national and international shifts in demand. We begin by reviewing briefly two recent books on the international aspects of liberalization, what has come to be known as “globalization”. We then identify controversial aspects of reform in transition countries, and market economies, and review some of the recent empirical literature. Broadly, controversy surrounds the optimal pace and appropriate sequencing of reform, as well as the extent of liberalization. Finally, we draw out policy implications of our analysis with a view to casting light on the debates over broadening and deepening of integration in the Americas.

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  • James Dean & Vivek H. Dehejia & Elinor Johansen & Sarah Turney, 2004. "Optimal Globalization and National Welfare," Carleton Economic Papers 04-17, Carleton University, Department of Economics.
  • Handle: RePEc:car:carecp:04-17
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    1. S. Fisher & R. Sahay & C. A. Vegh, 1997. "Stabilization and Growth in Transition Economies: The Early Experience," Voprosy Ekonomiki, NP Voprosy Ekonomiki, vol. 5.
    2. Vivek H. Dehejia, 2003. "Will Gradualism Work When Shock Therapy Doesn"t?," Economics and Politics, Wiley Blackwell, vol. 15(1), pages 33-59, March.
    3. Vivek Dehejia & Yiagadeesen Samy, 2004. "Trade and labour standards: theory and new empirical evidence," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 13(2), pages 179-198.
    4. Hans‐Werner Sinn, 2004. "The New Systems Competition," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 5(1), pages 23-38, February.
    5. Wade, Robert Hunter, 2004. "Is Globalization Reducing Poverty and Inequality?," World Development, Elsevier, vol. 32(4), pages 567-589, April.
    6. Mr. Stanley Fischer & Mr. Carlos A. Végh Gramont & Ms. Ratna Sahay, 1996. "Stabilization and Growth in Transition Economies: The Early Experience," IMF Working Papers 1996/031, International Monetary Fund.
    7. Jagdish N. Bhagwati, 2004. "In Defense of Globalization: It Has a Human Face," Rivista di Politica Economica, SIPI Spa, vol. 94(6), pages 9-20, November-.
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    1. James W. Dean & G. Robert Ross, 2006. "Paradoxes and Puzzles in Our Globalized World Public Support of Trade Policy, International Outsourcing Trade Liberalization, Globalization," Carleton Economic Papers 06-07, Carleton University, Department of Economics.

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