We study two aspects of globalization. It allows a decision-maker to go beyond his own local experience and to learn … conditions under which the globalization of markets helps or hurts (i) the communication among decision-makers about their own …

Economic historians have stressed that income convergence was a key feature of the OECD-club and that globalization was … divergence. Therefore, history does not seem to provide unambiguous evidence about globalization and convergence. …