Globalization's Winners and Losers - Evidence from Life Satisfaction Data, 1975 -2001

This paper analyzes the effect of globalization on subjective well-being by using a dataset that combines micro- and macro-level variables for the EU 15 countries from 1975 to 2001. The estimations provide evidence that – in line with theoretical predictions - globalization has benefited especially high-skilled workers, right-wing voters, respondents that trust the WTO, the World Bank, and the IMF as well as respondents in the highest income quartile. In addition, globalization has increased well-being to a higher extent for old people than for young people.