Background notes on globalization September 2007. Narrow definition of globalization: Economic integration, through increased flows of goods, services, investment and labor, information, and ideas. Broader definition includes cultural, political, military integration.
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Narrow definition of globalization: Economic integration, through increased flows of goods, services, investment and labor, information, and ideas.
Broader definition includes cultural, political, military integration.
Early Bhagwati (who’s he?) view:
“No one can escape the antiglobalists today.....This motley crew comes almost entirely from the rich countries and is overwhelmingly white, largely middle class, occasionally misinformed, often wittingly dishonest, and so diverse in its professed concerns that it makes the output from a monkey's romp on a keyboard look more coherent.”
He has become more moderate.
1. Trade is correlated with, and often a source, of growth.
2. Growth is on average good for the poor.
3. U.S. and E.U. should liberalize their trade, particularly in agriculture and textiles.
4. FDI is correlated with, and often a source of, growth.
5. Liberalization of markets for short term capital can be detrimental and should be approached with caution.
6. Governments should provide safety nets to compensate the poor who lose as a result of liberalization.
7. TRIPs should be modified to limit negative impacts on provision of drugs to the poor.
8. Access to education, health, and credit are important factors in ensuring the poor benefit from globalization. These factors also increase the growth potential from openness.
9. Poverty should be measured using education and health as well as income.
10. Excessive corporate power (market and political) is a problem.
11. Capture of market or political power by elites has negative implications for growth and
12. Political reform is needed in many developing countries.