Challenges to GlobalizationAnalyzing the Economics

Challenges to GlobalizationAnalyzing the Economics

Robert E. Baldwin and L. Winters

Print publication date: 2013

ISBN: 9780226036151

Publisher: University of Chicago Press

Abstract

People passionately disagree about the nature of the globalization process. The failure of both the 1999 and 2003 World Trade Organization's (WTO) ministerial conferences in Seattle and Cancun, respectively, have highlighted the tensions among official, international organizations such as the WTO, the International Monetary Fund (IMF), the World Bank, nongovernmental and private sector organizations, and some developing country governments. These tensions are commonly attributed to longstanding disagreements over such issues as labor rights, environmental standards, and tariff-cutting rules. In addition, developing countries are increasingly resentful of the burdens of adjustment placed on them that they argue are not matched by commensurate commitments from developed countries. This book evaluates the arguments of pro-globalists and anti-globalists regarding issues such as globalization's relationship to democracy, its impact on the environment and on labor markets including the brain drain, sweat shop labor, wage levels, and changes in production processes, and the associated expansion of trade and its effects on prices. The contributors to this volume look at multinational firms, foreign investment, and mergers and acquisitions, and present findings that often run counter to the claim that multinational firms primarily seek countries with low wage labor. The book closes with chapters on financial opening and on the relationship between international economic policies and national economic growth rates.

Table of Contents

Challenges to Globalization

Robert E. Baldwin and L. Alan Winters

1 The Critics

1 Assessing Globalization's Critics: “Talkers Are No Good Doers?”

Kimberly Ann Elliott, Debayani Kar, and J. David Richardson

II Trade Flows and Their Consequences

5 Globalization and Dirty Industries

Jean-Marie Grether and Jaime de Melo

III Factor Markets: Labor

7 The Brain Drain: Curse or Boon? A Survey of the Literature

Simon Commander, Mari Kangasniemi, and L. Alan Winters

IV Factor Markets: Capital

V Macroeconomics

12 Financial Opening

Joshua Aizenman