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The world economy has undergone miraculous changes in the last
decade, particularly in developing and former communist countries.
Privatization and trade liberalization have replaced the
protectionist and statist policies that were deeply entrenched in
these areas just ten years ago. Today, these dynamic emerging
markets offer attractive opportunities. According to Robert
Lawrence, liberal international trade and investment should provide
significant opportunities for gains in developing and developed
nations alike. But will the developed countries be allowed to keep
their markets open and absorb exports from developing countries?
Many in the U.S. and Europe blame international trade for
unemployment and wage inequality. But what is the real
relationship? Lawrence contends that while trade has played some
role in reducing the wages of poorly educated workers in the U.S.
and in raising the unemployment of unskilled workers in Europe, its
impact has been small compared with other causes of these changes.
Lawrence examines the role of trade in developed and developing
countries and its impact on labor markets and wage inequality, and
discusses what he considers the more important effects of
technological and organizational change. He begins by focusing on
U.S. wage behavior, then moves to wage behavior in the OECD
countries. Lawrence concludes that the impact of globalization on
OECD labor markets has been far less damaging than many have argued
and, indeed, that international trade enhances national welfare. He
presents considerable evidence that the sources of poor labor
market performance are essentially domestic--they reflect ongoing
technological and organizational shocks that wouldbe present even
if the economy was closed. This evidence suggests that
international differences in wage rates and labor standards are not
major factors in OECD labor market behavior. He explains that the
major challenges to policy are educating the public on the nature
of these changes, emphasizing the need for worker training and
education to take advantage of new technologies and new
organizational structures, and developing measures to reduce
earnings inequality while preserving and increasing wage
flexibility. Robert Z. Lawrence is professor of international trade
and investment at the John F. Kennedy School of Government at
Harvard University. His previous books include A Vision for the
World Economy: Openness, Diversity, and Cohesion (Brookings, 1996),
the capstone volume to the Integrating National Economies series.
Copublished with the OECD Development Centre
"The proposed North American Free Trade Agreement (NAFTA)
represents a historic change in relations among Canada, Mexico, and
the United States. The effect of the agreement on the three
economies has generated controversy and some degree of alarm within
each country. In this book, noted trade and development experts
review the available literature on the effects of NAFTA on the
three member countries and the world trading system. They evaluate
how NAFTA will affect areas such as economic growth, employment,
income distribution, industry, and agriculture in Canada, Mexico,
and the United States; and consider the significance the trade
agreement holds for the rest of the world. Drusill K. Brown begins
the discussion by providing an overview and comparison of the
general results from recent studies. Raul Hinojosa-Ojeda and
Sherman Robinson explore in greater detail the potential effects of
NAFTA on wages and employment in Mexico and the United States.
Sidney Wintrab reviews industry-specific effects of NAFTA, in
particular, the environment, the social agenda, and human rights
and democracy. Finally, Carlos Alberto Primo Braga considers the
implications of NAFTA on the rest of the world. Following each of
these chapters, international scholars assess the alternatives and
provide recommendations for future research. "
American Living Standards contends that the central problem of the
U.S. economy has been for some years now, and for the foreseeable
future will continue to be, the slowdown in the growth of living
standards. This decline began in the early 1970s, was masked by a
resort to overseas borrowing in the early 1980s, and now threatens
to get worse in the years immediately ahead as the foreign debt
bills come due. The editors and contributes to this volume seek to
advance our understanding of the causes and consequences of this
potential slowdown in the growth of living standards. Equally
important, the book examines what policy measure holds out the best
hope for presenting, or at the very least, minimizing this
slowdown. Various chapters explore the changes in the level and
distribution of incomes that have occurred in recent years; changes
in the quality and distribution of jobs among industries and
regions; what economists do and do not know about recent trends in
productivity growth and in the quality of education; and what
events could trigger a recession.
Lawrence addresses the critics of the dispute settlement
mechanismboth those who think it should be tougher on countries
that violate trade rules and those who think it is already so tough
as to violate sovereignty. He points out the successes of the WTO
since its creation in 1995 and argues that radical changes to the
system are ill-advised. Lawrence nonetheless suggests several areas
for reform, from steps that require multilateral negotiations, such
as improving opportunities for nonstate actor participation in and
enhancing transparency of the process, to changes the United States
could make in its own behavior.
This capstone volume to the Brookings project on Integrating
National Economies--a pathbreaking series of books on the future of
economic integration--presents a new vision to guide international
policy. This book offers a thought-provoking and positive outlook
on how national economies should be further integrated as we
prepare to meet the challenge of creating a peaceful yet dynamic
future for the global community in the next millennium.
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