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Democracy and Globalization

  • Barry Eichengreen

The connections between globalization and democracy are a classic question in international political economy and a topic much debated in foreign policy circles. While the analytical literature is extensive, few previous studies have acknowledged the possibility of bidirectional causality or developed an instrumental variables strategy suitable for addressing it. We do so in this paper and apply our approach to an extensive historical data set. The results suggest the existence of positive relationships running both ways between globalization and democracy, though exceptions obtain at particular times (during the Bretton Woods era) and places (in labor scarce economies).

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 12450.

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Date of creation: Aug 2006
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Publication status: published as Barry Eichengreen & David Leblang, 2008. "Democracy And Globalization," Economics and Politics, Blackwell Publishing, vol. 20(3), pages 289-334, November.
Handle: RePEc:nbr:nberwo:12450
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