Globalization and Inequality

Bibliographic Data

ID2299564
AuthorsErich Weede (University of Bonn, corresponding author)
Year2008
Volume7
Issue4
Pages415-433
Publication date2008-01-01
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueComparative Sociology (JOURNAL)
Journal identifiersISSN: 1569-1322 • E-ISSN: 1569-1330
PublisherWalter de Gruyter GmbH (PUBLISHER • DE)
DOI10.1163/156913308x306609
OpenAlexW1967960426
LanguageEN
Citations received10

Globalization may be defined by a worldwide division of labor and increasing trade between nations. This is inconceivable without expanding economic freedom across the world. Free trade and globalization increase competition, productivity, and economic growth rates. In spite of increasing inequality within many large economies - including the US, China, and Russia - inequality between human beings and households has been reduced. Since catch-up growth in big Asian economies contributes to Schumpeterian 'creative destruction,' it necessitates rich economies to adapt, to become ever more entrepreneurial and innovative. This generates resentment and strengthens protectionist excesses which might serve some special interests. But protectionism harms the global economy, the prospects of the poor to grow out of poverty and, worse still, likely increases the risk of war

China · Competition (biology · Development economics · Division of labour · Economic growth · Economics · Free trade · Globalization · Inequality · International trade · Market economy · Political science · Poverty · Productivity · Protectionism · Resentment · Corruption and Economic Development · Global Economic and Social Development · Income, Poverty, and Inequality

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