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April 5, 2017 | Economic Policy | By admin | 0 Comments

By Dean Baker

In Globalization and innovative monetary coverage, thirty-six fashionable economists research the impression of the rising worldwide financial system on our nationwide sovereignty and criteria of residing. Does globalization reason inequality? Instability? Unemployment? Environmenal degradation? Or is it an engine of prosperity and wealth for the majority of the world's electorate? The authors research difficulties, associations and attainable executive responses, and finish that globalization could be a strength for sturdy or ailing counting on the measure of law that governments and voters can workout over its trajectory.

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The implementation of NAFTA in January 1995 was at least partially to blame for the crisis, even though the proximate cause of the crisis was financial speculation rather than anything emanating directly from the dynamics of freer trade per se. Still, the impact of Mexico's reces- 28 Globalization and progressive economic policy sion should dissipate after a few years, while the benefits of free trade within the Heckscher-Ohlin model are expected to fully emerge within a long-run growth framework.

Felix then elucidates a more traditional Keynesian view which argues that no unique fundamentals exist in any case, since the correct asset price depends on the distribution of income, political power, and a host of unknowable endogenous factors. This perspective is consistent with new models of exchange rate crises which show that, even in the face of neo-classical "rationality," international capital markets have multiple equilibria; thus, if speculators attack, they can move the economy from a sustainable point to an inferior position.

This policy result is thus consistent with arguments in several other papers in the volume, including those by Patnaik and Chandrasekhar, Harris and Michie, and Pollin. Mehrene Larudee's paper, "Integration and income distribution under the North American Free Trade Agreement," is a companion to that by Stanford in that she analyzes the effects of NAFTA on Mexico. If the Heckscher-Ohlin theory is correct, low-wage workers in Mexico should benefit from NAFTA. But Larudee concludes that Mexican workers have not yet benefited and that, simply through considering the full implications of Heckscher-Ohlin theory itself, we should not be so optimistic that they will benefit in the future.

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