Why Haven't Global Markets Reduced Inequality in Emerging Economies?

Eric Maskin

The World Bank Economic Review, 2015, vol. 29, issue suppl_1, S48-S52

Abstract: The theory of comparative advantage predicts that globalization should cause inequality in emerging economies to fall. However, this has not been true of the current globalization (even though the prediction held up well for previous such episodes). In this paper, I sketch an alternative theory—developed in collaboration with Michael Kremer—that seems to fit recent history well.

Date: 2015
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