Abstract

Beyond Globophobia

Disputes the common perception that globalization is the source of many economic ills. Observation that international trade has been happening for millennia, and capital flows into developing countries for centuries; Claim that globalization cannot be held solely responsible by Americans for downward pressure on wages; Claim that more globalized countries are less unequal than less globalized ones; Assertion that income distribution depends more on domestic institutions like unions and welfare states than on internationalization; Claim that the issue is capitalism, not internationalization; Asserts that the belief that multinational corporations ransack the globe searching for low costs and high returns is difficult to prove, as most investments are in rich countries; Claim that production isn't being internationalized; Argument that protectionism is damaging; Call upon anti-globalization activists to embrace a global perspective.