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Pros and Cons of Globalization: Income-Based Attitudes

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  • Assaf Razin

Abstract

Which income group is pro-globalization or anti-globalization—the wealthy skilled-labor or the poor low-skilled labor? How globalization affect income-based attitudes towards globalization? The paper addresses these issues in the framework of a small open economy which trades in goods and financial securities with the rest of the world. Income-based political cleavages analyzed are grounded on trade-related and macro-related fundamentals, familiar from a standard open-economy model. They are: (i) The degree of trade border frictions, (ii) The degree of international finance frictions, (iii) The relative factor abundance that determines the capital intensity of the country’s exports; and, (iv) The domestic savings and productivity of domestic investment, which determines whether the country is a financial capital exporter or importer.

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  • Assaf Razin, 2022. "Pros and Cons of Globalization: Income-Based Attitudes," NBER Working Papers 30713, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:30713
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    JEL classification:

    • F00 - International Economics - - General - - - General
    • F1 - International Economics - - Trade
    • F30 - International Economics - - International Finance - - - General

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