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Globalisation has had a profound effect on economic outcomes, especially in emerging market economies (EMEs). In particular, it is widely acknowledged to have been a major driver of the strong income growth and reduction in poverty witnessed in EMEs in the past few decades. Despite these benefits, there has recently been a backlash against globalisation and growing support for inward looking policies in many parts of the world. Against this backdrop, this volume takes stock of the EME experience with two facets of globalisation-trade and migration. It summarises different country experiences with regard to the aggregate as well as distributional consequences. In doing so, it highlights several examples and avenues for policy action to continue to harness the benefits of globalisation while limiting the costs.
This publication reviews the major turning points in the history of economic integration, and in particular the pace at which it has accelerated since the 1990s. It also considers its impact in four crucial areas, namely employment, development, the environment and financial stability.
For a century, economists have driven forward the cause of globalization in financial institutions, labour markets, and trade. Yet there have been consistent warning signs that a global economy and free trade might not always be advantageous. Where are the pressure points? What could be done about them? Dani Rodrik examines the back-story from its seventeenth-century origins through the milestones of the gold standard, the Bretton Woods Agreement, and the Washington Consensus, to the present day. Although economic globalization has enabled unprecedented levels of prosperity in advanced countries and has been a boon to hundreds of millions of poor workers in China and elsewhere in Asia, it is a concept that rests on shaky pillars, he contends. Its long-term sustainability is not a given. The heart of Rodrik’s argument is a fundamental 'trilemma': that we cannot simultaneously pursue democracy, national self-determination, and economic globalization. Give too much power to governments, and you have protectionism. Give markets too much freedom, and you have an unstable world economy with little social and political support from those it is supposed to help. Rodrik argues for smart globalization, not maximum globalization.
A collection of papers by some of the world's leading specialists on global value chains (GVCs). It examines how GVCs have evolved and the challenges they face in a rapidly changing world. The approach is multi-disciplinary, with contributions from economists, political scientists, supply chain management specialists, practitioners and policy-makers. Co-published with the Fung Global Institute and the Temasek
The volume provides a comprehensive overview of the financial and economic crises of 2008-2009 and the economic and financial policy implications for growth in developing countries.
Globalization - the growing integration of economies and societies around the world, is a complex process. The focus of this research is the impact of economic integration on developing countries and especially the poor people living in these countries. Whether economic integration supports poverty reduction and how it can do so more effectively are key questions asked. The research yields 3 main findings with bearings on current policy debates about globalization. Firstly, poor countries with some 3 billion people have broken into the global market for manufactures and services, and this successful integration has generally supported poverty reduction. Secondly, inclusion both across countries and within them is important as a number of countries (pop. 2 billion) are failing as states, trading less and less, and becoming marginal to the world economy. Thirdly, standardization or homogenization is a concern - will economic integration lead to cultural or institutional homogenization?
This book examines the role of experts and expertise in the dynamics of globalisation since the mid-nineteenth century. It shows how engineers, scientists and other experts have acted as globalising agents, providing many of the materials and institutional means for world economic and technical integration. Focusing on the study of international connections, Technology and Globalisation illustrates how expert practices have shaped the political economies of interacting countries, entire regions and the world economy. This title brings together a range of approaches and topics across different regions, transcending nationally-bounded historical narratives. Each chapter deals with a particular topic that places expert networks at the centre of the history of globalisation. The contributors concentrate on central themes including intellectual property rights, technology transfer, tropical science, energy production, large technological projects, technical standards and colonial infrastructures. Many also consider methodological, theoretical and conceptual issues.
The forces of industrialisation, urbanisation, globalisation and technological change have washed away the pre-modern outlook of most Latin American economies. Despite the improved opportunities of social mobility offered by economic modernisation, current income inequality levels (still) appear extraordinary high. Has Latin America always been unequal? Did the region fail to settle a longstanding account with its colonial past? Or should we be reluctant to point our finger so far back in time? In a comparative study of asset and income distribution Frankema shows that both the levels, and nature, of income inequality have changed significantly since 1870. Besides the deep historical roots of land and educational inequality, more recent demographic and political-institutional forces are taken on board to understand Latin America’s distributive dynamics in the long twentieth century.
This book provides a powerful critique of the case made for 'globalisation', with particular emphasis placed on neo-liberalism, the third way, and the hegemonic role of the US state. It then examines the rise of 'anti-globalisation' politics and the debate over progressive alternatives to 'actually existing globalisation'.
The Pacific Trade and Development (PAFTAD) conference series has been at the forefront of analysing challenges facing the economies of East Asia and the Pacific since its first meeting in Tokyo in January 1968. The 38th PAFTAD conference met at a key time to consider international economic integration. Earlier in the year, the people of the United Kingdom voted to leave the European Union and the United States elected Donald Trump as their next president on the back of an inward-looking ‘America First’ promise. Brexit and President Trump represent a growing, and worrying, trend towards protectionism in the North Atlantic countries that have led the process of globalisation since the end of the Second World War. The chapters in the volume describe the state of play in Asian economic integration but, more importantly, look forward to the region’s future, and the role it might play in defending the global system that has underwritten its historic rise. Asia has the potential to stand as a bulwark against the dual threats of North Atlantic protectionism and slowing trade growth, but collective leadership will be needed regionally and difficult domestic reforms will be required in each country.