Globalization, international trade and welfare

Sgro, Pasquale 2002, Globalization, international trade and welfare, Arthaniti, vol. 1, no. 1-2, pp. 62-86.

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Title Globalization, international trade and welfare
Author(s) Sgro, PasqualeORCID iD for Sgro, Pasquale
Journal name Arthaniti
Volume number 1
Issue number 1-2
Start page 62
End page 86
Publisher Dept. of Economics, Calcutta University
Place of publication Calcutta, India
Publication date 2002
ISSN 0976-7479
Keyword(s) globalisation
income inequality
Summary The term globalization is generally used to describe an increase in international transactions in markets for goods and services and factors of production, plus the growth and expanded scope of mar.y institutions that straddle international borders. Globalization has also led to a more liberal economic environment where issues such as labour standards, human rights, the environment, intellectual property rights, investment codes and competition policy are now considered legitimate topics in the trade debate. Free global markets cannot guarantee that air, water or energy resources are accurately priced for sustainable development since there is no mechanism to internalize environmental costs. Economic growth, although a powerful tool for increasing a country's wealth, cannot guarantee that such wealth will be equally distributed. What is needed is environmental and social policy to redistribute the benefits.
Recent empirical studies show that there are clear signs of income convergence among countries that integrate more fully with the world economy but a divergence between these active participants and those who elect to remain insulated from global markets. The inequality within nations (distribution of income) has increased during the period of globalization over the last fifty years.
Language eng
Field of Research 140210 International Economics and International Finance
HERDC Research category C1 Refereed article in a scholarly journal
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