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Rachel McCulloch

In: 21st Century Economics: A Reference Handbook

Chapter 48: Globalization and Inequality

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Globalization and Inequality
Globalization and inequality

Goods and services now move more freely among countries than ever before. Ongoing declines in the cost of long-distance communication and transportation and in national restrictions on international trade and investment have allowed economies around the world to become increasingly integrated, thereby enhancing productivity growth and expanding consumer choices. In parts of the developing world and especially in East Asia, globalization has been accompanied by an increase in living standard hardly imagined just a generation ago. At the same time, globalization has also become the focus of widespread controversy. In particular, concerns about adverse consequences for income distribution have fueled policy initiatives that threaten to turn back the clock.

An especially troubling development was the emergence of a popular backlash to ...

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