For developing countries as a whole, globalization—the process of lowering trade barriers and integrating with the world economy—has been enormously beneficial (Figure 1). Figure 1: GDP growth rates before and after trade liberalization Note: Red line=average growth rate before (after) trade liberalization, Blue line=growth rate (3-year MA), Dot=growth rate. Source: Wacziarg and Horn Welch (2008). … Continue reading Has globalization gone too far—or not far enough?
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