decisions and the welfare implications of multinational production. The few existing quantitative general equilibrium models … firms leads to welfare gains in foreign countries an order of magnitude larger than in a world in which multinational …

yields the relocation of the whole industry, autarchy is strictly better, in welfare terms, than globalization. It is only … when relocation is a dominant strategy for one (and only one) of the firms, that globalization may be unambiguously welfare … variant (the low quality variant) is preferred, in welfare terms, to the relocation of the other firm, if the wage …