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How is globalization linked to global poverty and to global inequality? Such questions have spawned heated and at times acrimonious debate. Discussion is further complicated by the absence of agreed-upon definitions of globalization, poverty, and inequality-studies based on different definitions of the terms yield starkly contrasting conclusions. This volume of the Brookings Trade Forum aims to summarize what is known from the existing body of scholarly research and identify the issues on which there is less conclusive evidence and consensus. Acknowledging that clarification of terminology is critical for meaningful debate, all contributors grapple with this thorny issue.
The first section focuses on the measurement of global welfare, exploring how various measures capture dimensions of increased global economic integration. The second section looks at the channels through which globalization can affect the world's poor, highlighting the roles of trade, productivity differences, and the intersection of domestic and international factors influencing outcomes. The last section provides overviews of the main conclusions and highlights key themes, in particular the roles of technology and growth.
Contents include:
Editors' Summary (Full Text)
Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment (Abstract)
by Ben S. Bernanke and Vincent R. Reinhart (Federal Reserve), and Brian P. Sack (Macroeconomic Advisers, LLC)
Budget Deficits, National Saving, and Interest Rates (Abstract)
by William Gale and Peter Orszag (Brookings Institution)
What Happened to the Great U.S. Job Machine? The Role of Trade and Electronic Offshoring (Abstract)
by Martin Neil Baily (Institute for International Economics) and Robert Z. Lawrence (Harvard University)
Investment, Overhang, and Tax Policy (Abstract)
by Mihir A. Desai (Harvard University) and Austan D. Goolsbee (University of Chicago)
Brookings Papers on Economic Activity (BPEA) provides academic and business economists, government officials, and members of the financial and business communities with timely research on current economic issues.