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Globalisation isn't working
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July 2006 | 124 » Special report » Globalisation isn't working
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The era of liberal globalisation has produced surprisingly poor economic results. Global growth is stagnating, and without the dramatic advance of China, poverty and inequality between countries would be growing sharply too
Robert Wade
The author is professor of political economy at the LSE. His book "Governing the Market" is published by Princeton University Press
According to the mainstream liberal argument in most developed countries, public policy should try to increase social justice by evening up opportunities—equity—but should not try too hard to reduce income inequality. The exception is at the bottom: public policy should try to eliminate extreme poverty. For the rest, income inequality is the price that has to be paid for a dynamic and flexible economy.
In the liberal perspective, equity and efficiency turn out to be complements; the key to both is free markets and competition. Applied to the international economy, this approach says that aid may be appropriate for the poorest countries, but for others, what matters is open trade, open investment, and free capital movement, so that the country's producers have a level playing field with producers elsewhere. Insofar as the world adopts liberal market policies, growth in the poorer countries will be higher than otherwise, and high enough for many of them, over time, to catch up with living standards in the rich countries.
Martin Wolf, in Why Globalisation Works, puts it this way: "What the successful countries all share is a move towards the market economy, one in which private property...
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Robert Wade
Have global deregulation and the ascendancy of finance been good or bad for the world economy? Dec 2007
Robert Taylor
Two ill-informed books about globalisation have won acclaim by appealing to the prejudices of... Dec 1997
Paul Ormerod
The rise in inequality, especially in the Anglo-Saxon world, has become an obsession of policy... Aug 2000
Marek Kohn
We tend to assume that inequality in affluent societies is a sign of economic health and social... Sep 2005
Robert Skidelsky
The theorist of "creative destruction," one of the greatest economists of the 20th... Dec 2007
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