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A market-size-only theory of industrialization cannot explain why England developed nearly two centuries before China. One shortcoming of such a theory is its exclusive focus on producers. We show that once we incorporate the incentives of factor suppliers' organizations such as craft guilds,...
Persistent link: https://www.econbiz.de/10012916601
Productivity growth is slowing around the world. In 2014, according to the Conference Board's Total Economy Data Base …
Persistent link: https://www.econbiz.de/10013015545
A number of economic studies have used a proxy for world real economic activity derived from shipping costs. This … with world output, and ability to predict commodity prices. I conclude that measures derived from world industrial …
Persistent link: https://www.econbiz.de/10013233754
W. Arthur Lewis argued that a new international economic order emerged between 1870 and 1913, and that global terms of trade forces produced rising primary product specialization and de-industrialization in the poor periphery. More recently, modern economists argue that volatility reduces growth...
Persistent link: https://www.econbiz.de/10012772451
Economists devote too much attention to international flows of goods and services and not enough to international flows of ideas. Traditional trade flows are an imperfect substitute for flows of the underlying ideas. The simplest textbook trade model shows that a welfare-enhancing move toward...
Persistent link: https://www.econbiz.de/10013070271
This paper addresses the interactions between globalization, the quality of democracy, and economic convergence using … and globalization. To reflect context, as defined by space (geography) and time (history), we control for the distance to … and globalization put forward by Eichengreen and Leblang (2008) for the period 1870-2000. Focusing on the more recent wave …
Persistent link: https://www.econbiz.de/10013073949
world commodity and factor markets, history offers an unambiguous positive correlation between globalization and convergence … years were also ones of economic autarky and 'de-globalization', while the rest were ones of increasing globalization in …. But is the correlation spurious? When the pre-World War I years are examined in detail, the correlation turns out to be …
Persistent link: https://www.econbiz.de/10013321587
This paper reexamines the ability of the Solow-type growth models to explain the pattern of cross-country growth rates. Recent authors, most notably Mankiw, Romer and Weil [1990], have argued that differences in national growth rates are compatible with the view that each country has access to a...
Persistent link: https://www.econbiz.de/10013225142
globalization (1985-2005), there has been some convergence of business cycle fluctuations among the group of industrial economies …
Persistent link: https://www.econbiz.de/10013218837
The Purchasing Power Parity (PPP) rates from the 2011 round of the International Comparison Program (ICP) imply some … dramatic revisions to price levels and real incomes across the world. The paper tries to understand these changes. Domestic …
Persistent link: https://www.econbiz.de/10013050153