Tailoring Globalization to National Needs and Wellbeing: One Size Never Fits All

Global Business and Economics Review, Vol. 9, No. 2/3, pp. 319-334, 2007

16 Pages Posted: 16 Oct 2010

See all articles by Nathan Berg

Nathan Berg

University of Otago, Department of Economics

Shlomo Maital

Technion-Israel Institute of Technology

Date Written: 2007

Abstract

This paper argues that political-economic trends referred to under the single heading of globalisation have distinct causes and manifestations in different countries. Institutional variables chosen by governments and their constituents play a dominant role in determining the character of those manifestations, few of which are inevitable. The political Left and Right often base their arguments on the common premise that nations have no choice but to adopt the US model of highly mobile investment capital, market-centered provision of most goods, minimal governmental regulation and minimisation of accounting costs. That countries possess considerable degrees of freedom in establishing rules for international flows of labour, capital and goods is insufficiently appreciated by critics and supporters of trade and labour market liberalisation. Variety in political-economic forms achieves institutional diversification on a global scale, providing a multi-dimensional spectrum of benchmarks that help individual countries measure policy performance and update institutional variables accordingly.

Keywords: globalisation, institutions, behavioural economics, Kaldor-Hicks, inevitability

JEL Classification: D03

Suggested Citation

Berg, Nathan and Maital, Shlomo, Tailoring Globalization to National Needs and Wellbeing: One Size Never Fits All (2007). Global Business and Economics Review, Vol. 9, No. 2/3, pp. 319-334, 2007, Available at SSRN: https://ssrn.com/abstract=1691936

Nathan Berg (Contact Author)

University of Otago, Department of Economics ( email )

P.O. Box 56
Dunedin, Otago 9016
New Zealand

Shlomo Maital

Technion-Israel Institute of Technology ( email )

Technion City
Haifa 32000, Haifa 32000
Israel

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