Racing to the top: how global competition disciplines public policy

Richard W. Fisher

No 56, Speeches and Essays from Federal Reserve Bank of Dallas

Abstract: Remarks before the Dallas Friday Group, Dallas, Texas, April 11, 2006 ; \"Competition brings benefits to the public sector the same way it does the private sector. Because factors of production are increasingly mobile in an era of globalization, governments vie to gain and hold onto them. Mobile factors will flee economies that burden them with high taxes, excessive regulation and capricious administration. They gravitate toward countries that offer the best opportunities to increase profits or paychecks. The economic benefits of productive factors give nations strong incentives to maintain or adopt better economic policies.\"

Keywords: Globalization; Public policy; Labor policy; Monetary policy; Fiscal policy (search for similar items in EconPapers)
Date: 2006
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