Policy Combinations for Inclusive Globalization
Nahm, Sihoon | April 2018
Abstract
For a long time, freer trade was respected as the best policy among the majority of economists. Globalization leads to substantial losses for certain people, but the overall gains outweigh this loss and thus opening trade was perceived as a good policy for the domestic economy as a whole. However, the increase in inequality due to international trade and insufficient redistribution for losers has escalated discontent and political pressure. This phenomenon illustrates the importance of "inclusive" globalization. Even if trade liberalization policy brings more gain than loss, policies for redistributing trade gains, reducing inequality, and minimizing trade adjustment costs must accompany the globalization process to alleviate resistance and make economic growth sustainable.
Citation
Nahm, Sihoon. 2018. Policy Combinations for Inclusive Globalization. © Korea Institute for International Economic Policy. http://hdl.handle.net/11540/8238.Keywords
Free Trade
Trade Facilitation
Trade
Economic integration
Regional Economic Integration
Intraregional Trade
Macroeconomic
Macroeconomic Analysis
Macroeconomic Framework
Macroeconomic Models
Macroeconomic Performance
Macroeconomic Planning
Macroeconomic Policies
Macroeconomic Reform
Macroeconomic Stabilization
Economic planning
Economic structure
Growth policy
Trade relations
Trade policy
Trade policy
Economic development
Economies in transition
International economy
Border integration
Economic integration
Gross domestic product
Trade policy
Regional economics
Economic forecasting
Economic development projects
Success in business
Business
Free trade
Business
Economics
Communication in economic development
Restraint of trade
International economic integration
Trade blocs
East-West
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