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© National Institute of Economic and Social Research 2019

Can Globalisation Benefit All?

Welcome to Rebuilding Macroeconomics' Globalisation Hub

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Background

Macroeconomists typically approach globalisation in terms of greater market access. More goods and services are available for consumption, budget constraints are loosened by the ability to borrow and lend overseas and access to external asset markets allows greater diversification of risk. Yet the domain of economic policy is primarily the nation-state; fiscal and monetary policies operate mostly through the domestic economy. At this simple level, globalisation can be shown to lead to higher standards of living.Background

 

Economists also have specialised models for specific markets, which can raise challenges to this macroeconomic approach. The current age of globalisation – deeper integration of economic activity across national borders – began after the Bretton Woods era. For the most part, it has supported rising prosperity, particularly in large low-income countries.

 

China’s Premier Xi recently emerged as its unlikely champion. As long as prosperity is broadly aligned with other social objectives, such as inclusion, fairness and environmental sustainability, then globalisation is likely to be supported. However, several recent surveys of public opinion have indicated doubts about its efficacy. Western politicians have responded with increasingly nativist agendas, implying globalisation may have gone too far.

Hub Leader: Stephen Kinsella

Stephen Kinsella is an economist at the University of Limerick in Ireland and currently a research fellow at the University of Melbourne in Australia. Stephen’s research is in macroeconomic modelling and the economics of austerity. As Globalisation Hub leader Stephen will assess grants, organise physical and online events around themes related to the question of ‘can globalisation benefit all?’ and contribute to the policy debate around these issues.

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Research Projects

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Alice Evans

Rebuilding Globalisation and Macroeconomics, from the Grassroots

Why is corporate accountability generally difficult to enforce throughout global supply chains, and how can we encourage legal change? 

Principal Investigator:

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Henrietta Moore

Developing an Economy of Belonging

Exploring the interactions between social security and popular acceptance of globalisation, this projects aims to shed light on the relationship...

Principal Investigator:

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Dr Claudius Gräbner

Country capabilities, product complexity, and finance in the EU

This research project studies the extent to which globalization reinforces structural inequalities between nation states in the Eurozone, and which... 

Principal Investigator:

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Professor Daniela Gabor

Managing Supercycles: Globalisation and Institutional Change

Ten years since the collapse of Lehman Brothers, concerns remain about the potential for shadow banking activity to cause instability....

Principal Investigator:

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Professor Steve Machin

Globalisation and Rent Sharing

Stagnating real wages and falling labour share across developed economies have challenged traditional paradigms in macroeconomics...

Principal Investigator:

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Dr Isabella Weber

What Drives Specialisation? A Century of Global Export Patterns

The global division of labour has reached a new height under the present era of globalisation (since 1970s). But patterns...

Principal Investigator:

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