Presidential Address: Globalization and Market Structure

J. Peter Neary

Journal of the European Economic Association, 2003, vol. 1, issue 2-3, 245-271

Abstract: This paper reviews some puzzling economic aspects of globalization and argues that they cannot be satisfactorily addressed in perfectly or monopolistically competitive models. Drawing on recent work, a model of oligopoly in general equilibrium is sketched. The model ensures theoretical consistency by assuming that firms are large in their own markets but small in the economy as a whole, and ensures tractability by assuming quadratic preferences defined over a continuum of goods. Applications considered include the effects of trade liberalization on industrial structure, on cross-border merger waves, and on the distribution of income between skilled and unskilled workers. (JEL: D50, L13, F12) Copyright (c) 2003 The European Economic Association.

Date: 2003
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