By Dean Baker
In Globalization and innovative monetary coverage, thirty-six popular economists examine the effect of the rising worldwide economic climate on our nationwide sovereignty and criteria of dwelling. Does globalization reason inequality? Instability? Unemployment? Environmenal degradation? Or is it an engine of prosperity and wealth for nearly all of the world's electorate? The authors learn difficulties, associations and attainable executive responses, and finish that globalization could be a strength for stable or ailing looking on the measure of law that governments and electorate can workout over its trajectory.
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Extra info for Globalization and progressive economic policy
Sample text
Stanford finds that free trade agreements have directly driven down income for Canadian workers, but that the size of this effect is small. But Stanford also argues that the indirect effects of these agreements have been large, in particular through influencing the constraints on macroeconomic policy. " A "wage-led" macroeconomy implies that an exogenous increase in wages produces higher output, but wage increases in a "profit-led" economy will reduce output. Stanford concludes by stressing that, even given its free trade agreements, Canadian policy makers can still positively influence output, employment, and income distribution, but that policy interventions need to be carefully designed in recognition of the new constraints imposed by trade openness.
Pieper and Taylor describe the modern form of laissez faire policy - what they also term "The Liberal Creed" and "The Washington Consensus" - as these policies are disseminated through the International Monetary Fund (IMF) and World Bank, the sister institutions created out of the famous Bretton Woods conference of 1944. Pieper and Taylor build from the work of Polanyi, who, in The Great Transformation, sought to explain how the "liberal creed" contributed to the catastrophes of war and depression associated with thefirsthalf of the 20th century.
We are now witnessing a return to the essentially benign process of integration that had been spreading steadily up until World War I. This renewed process of integration has been strongly supported by advances in communication and transportation technologies. But in the neo-classical parable, the fundamental force behind globalization is the worldwide recognition - from the former Communist countries to the formerly heavily regulated capitalist economies in the West and South - that free market capitalism is the most effective framework for delivering widespread economic well being.