Integration of trade and disintegration of production in the global economy

Article Abstract:

It can be argued that globalization has significant implications for employment and wages of workers with limited skills. Indeed, the impact of globalization on employment and wages can be said to be equivalent to the changes brought about by technological innovations. Within this context, it is also important to consider the implications for trade and regulatory policy of the disintegration of the production process. Very little is known about whether income can be redistributed towards workers with limited skills, and by what policy measures.

Employment, International economic relations, Unskilled labor

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Rent-seeking and the costs of protectionism

Article Abstract:

An analysis of the costs of rent-seeking and free trade and protection is presented. It is shown that rent-seeking redistributes wealth and income but specifies only special interests while harming majority consumers. Lobbying by politicians with vested interests has been observed as a primary source for such economic imbalance. Long-term analysis shows that economies based on such practices experiences slow economic development because resources are concentrated on redistribution rather than capital formation.

Research, Economic rent

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How costly is protectionism?

Article Abstract:

Addtition costs incurred by foreign countries by the implementation of US import quotas is substantial. The present trend of entering into US bilateral agreements with other countries benefits only member countries and results in higher risks for excluded countries. However, if these regional agreements give way to multilateral free trade areas, the costs of protectionism will be negated.

Economic aspects, Trade negotiations, Import quotas

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