´´GLOBALIZATION'' according to the dictionary Palgrave

The passion that surrounds the vague term ‘globalization’ is best seen as a proxy for the long-standing debate about free-market capitalism. The zero-sum mindset, the difference between Pareto superiority and common norms of fairness, and the belief that all outcomes are caused by an intentional agent often cause communication problems between non-economists and free-market economists, who themselves often exaggerate what ‘free-market reforms’ can accomplish and endorse overly ambitious programmes of change (‘shock therapy’), underestimating problems of transition and the second best. Economists could try to understand the protests against ‘globalization’ rather than dismissing them out of hand.

Keywords:

anti-capitalism; Asian miracle; banking crises; business networks; Calhoun, J. C.; Carlyle, T.; contract enforcement; creative destruction; development economics; dismal science; economic growth; financial liberalization; financial regulation; gains from trade; globalization; inequality; international trade; invisible hand; Lenin, V. I.; Outsourcing; poverty; poverty alleviation; reform consultants; second best; shock therapy; slavery; spontaneous order; structural adjustment; stylized facts; total factor productivity; Washington Consensus.

The above article was obtained:

EASTERLY William. Globalizacion.The New Palgrave Dictionary of Economics. Segunda edicion. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 26 August 2009.

doi:10.1057/9780230226203.0650