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CAN GLOBALISATION DEPRESS LIVING STANDARDS IN THE WEST?
Author(s) -
Mishan E. J.
Publication year - 2005
Publication title -
economic affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.24
H-Index - 18
eISSN - 1468-0270
pISSN - 0265-0665
DOI - 10.1111/j.1468-0270.2005.00568.x
Subject(s) - globalization , standard of living , optimism , immigration , production (economics) , economics , development economics , west germany , labour economics , political science , market economy , macroeconomics , economic history , law , psychology , social psychology
This article argues that unguarded optimism among liberal economists in the West as to the social and economic consequences of globalisation is misguided. Increased and freer international trade may depress living standards in the West as firms move production to those countries where factors of production (including labour) are cheaper and immigrants from poorer countries depress wages in wealthier nations.