Developing and administering disciplines on the use of subsidies is one of the most difficult areas of international economic policy and rule making. It is also one of the most pervasive problems in international trade. Subsidization has taken on new prominence in the economic policy toolkit as...

Integration of the national economy with global economy is the natural outcome and the end result of economic development processes in any nation. In the political economy of the world with unequal nations and imperfect competition the north-pushed capitalist globalization is a suspect of...

We examine the net benefits of social distancing to slow the spread of COVID-19 in the United States. Social distancing saves lives but imposes large costs on society due to reduced economic activity. We use epidemiological and economic forecasting to perform a rapid benefit-cost analysis of...

Trade and investment liberalization policies put in place in the 1980's ushered in a new era of globalization and currently form the mainstay of global development policy. However, underdevelopment itself originated in the context of globalization in the nineteenth century. I first summarize the...

It has often been argued that East Asia needs to switch from an export-led growth model to a domestic-demand led growth model so as to reduce its vulnerability to a sharp slowdown in the US economy. This paper argues that, indeed, in the foreseeable future, East Asia's business cycle is unlikely...

This paper provides a framework for understanding trade patterns in the Mashreq. An augmented gravity model is used to compare actual with expected levels of trade. Trade barriers, political uncertainty, and over-appreciation of domestic currencies seem to explain low levels of international...

Globalization is the economic policy of integration of national economies with global economy on the basis of free market competition. It is a neoliberal prescription for industrialization and growth of the emerging economies of the South and a project of capital accumulation for the capitalist...

We study the macroeconomic consequences of tariffs. We estimate impulse response functions from local projections using a panel of annual data that spans 151 countries over 1963-2014. We find that tariff increases lead, in the medium term, to economically and statistically significant declines...

We examine the relationship between trade and financial globalization and the rise in inequality in most countries in recent decades. We find technological progress as having a greater impact than globalization on inequality. The limited overall impact of globalization reflects two offsetting...

This paper addresses the role of bilateral free trade agreements in U.S. trade policy and how their increased use has affected the multilateral trade system. It also considers the effects of bilateral trade deals on developing countries in terms of power bargaining and movement toward reciprocal...