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A "folk theorem" originating, among others, in the work of Stiglitz maintains that competitive equilibria area always or "generically" inefficient (unless contracts directly specify consumption levels as in Prescott and Townsend, thus bypassing trading in anonymous markets). This paper...
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"Despite the major advances in information technology that have shaped the recent wave of globalization, openness to … suggests that a particular threat and a limiting factor to globalization and its future developments may be militarist …
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Despite the major advances in information technology that have shaped the recent wave of globalization, openness to … suggests that a particular threat and a limiting factor to globalization and its future developments may be militarist …
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