This paper questions the commonplace assumption that the accumulation of capital has become a global phenomenon. Evidence suggests that, far from transcending the boundaries of the nation state, productive investment remains an essentially national phenomenon. The great bulk of investment is...

Does dismantling barriers to moving production offshore mean that jobs will actually flee to low-wage countries? The labor movement says yes, but many mainstream economists reject this “pauper labor argument,†insisting that wages are low only where productivity is low, and so low...

Globalization and its Discontents is Joseph Stiglitz's attempt to articulate to a wide audience his trenchant critique of the International Monetary Fund, its vision of globalization and, in effect, the organization of the world capitalist system. This paper argues that while Globalization and...