Pros and Cons of Globalization: Income-Based Attitudes

Assaf Razin

No 17694, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: Which income group is pro†globalization or anti†globalization—the wealthy skilled†labor or the poor low†skilled labor? How globalization affect income†based attitudes towards globalization? The paper addresses these issues in the framework of a small open economy which trades in goods and financial securities with the rest of the world. Income†based political cleavages analyzed are grounded on trade†related and macro†related fundamentals, familiar from a standard open†economy model. They are: (i) The degree of trade border frictions, (ii) The degree of international finance frictions, (iii) The relative factor abundance that determines the capital intensity of the country’s exports; And, (iv) The domestic savings and productivity of domestic investment, which determines whether the country is a financial capital exporter or importer.

Keywords: Anti-globalization; Financial globalization (search for similar items in EconPapers)
JEL-codes: F00 (search for similar items in EconPapers)
Date: 2022-11
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