From a former Chief Economist of the World Bank, a brief, balanced, and sobering discussion of globalization trends, their drivers, and effects on inequality.
The recent retreat from globalization has been triggered by a perception that increased competition from global trade is not fair and leads to increased inequality within countries. Is this phenomenon a small hiccup in the overall wave of globalization, or are we at the beginning of a new era of deglobalization? Former Chief Economist of the World Bank Group Pinelopi Koujianou Goldberg tells us that the answer depends on the policy choices we make, and in this book The Unequal Effects of Globalization, she calls for exploring alternative policy approaches including place-based policies, while sustaining international cooperation.
At this critical moment of shifting attitudes toward globalization, The Unequal Effects of Globalization enters the debate while also taking a step back. Goldberg investigates globalization's many dimensions, disruptions, and complex interactions, from the late twentieth century's wave of trade liberalizations to the rise of China, the decline of manufacturing in advanced economies, and the recent effects of trade on global poverty, inequality, labor markets, and firm dynamics. From there, Goldberg explores the significance of the recent backlash against and potential retreat from globalization and considers the key policy implications of these trends and emerging dynamics.
As comprehensive as it is well-balanced, The Unequal Effects of Globalization is an essential read on trade and cooperation between nations that will appeal as much to academics and policymakers as it will to general readers who are interested in learning more about this timely subject.
Pinelopi (Penny) Koujianou Goldberg is the Elihu Professor of Economics and Global Affairs at Yale University. She was Chief Economist of the World Bank Group from 2018 to 2020, President of the Econometric Society in 2021, and Editor-in-Chief of the American Economic Review from 2011 to 2017. She is also a member of the National Academy of Sciences and American Academy of Arts and Sciences, a research associate at the National Bureau of Economics Research (NBER), Distinguished Fellow of the Centre for Economic Policy Research (CEPR), and a board member of the Bureau of Research and Economic Analysis of Development (BREAD).
Greg Larson is a writer and consultant based in Washington, DC. He supports organizations, leaders, and academics in the spheres of economics, public policy, and international development. Previously, he served as an economist and senior advisor at the US Treasury Department.
The open access edition of this book was made possible by generous funding and support from MIT Press Direct to Open