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Free Trade, ‘Pauper Labour’ And Prosperity: A Reply To Professor Mishan

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  • John Meadowcroft

Abstract

In an Economic Viewpoint published in the September 2005 edition of Economic Affairs, ‘Can Globalisation Depress Living Standards in the West?’, Professor E. J. Mishan argued that globalisation may reduce living standards in the West by decreasing the labour–capital ratio in developed countries as firms move production to countries where labour is cheaper and/or migrants to the West from the developing world bid down wage rates. In a reply to Professor Mishan's article, Dr John Meadowcroft argues that this view of globalisation is far too pessimistic and explains why free trade, not protection, will secure the prosperity of developed and developing economies. In a final comment, Professor Mishan responds to this critique of his analysis.

Suggested Citation

  • John Meadowcroft, 2006. "Free Trade, ‘Pauper Labour’ And Prosperity: A Reply To Professor Mishan," Economic Affairs, Wiley Blackwell, vol. 26(1), pages 65-67, March.
    • Handle: RePEc:bla:ecaffa:v:26:y:2006:i:1:p:65-67
    DOI: 10.1111/j.1468-0270.2006.00616.x
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    References listed on IDEAS

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    1. E. J. Mishan, 2005. "Can Globalisation Depress Living Standards In The West?," Economic Affairs, Wiley Blackwell, vol. 25(3), pages 66-69, September.
    2. Diane Coyle, 2005. "The Economic Case For Immigration," Economic Affairs, Wiley Blackwell, vol. 25(1), pages 53-55, March.
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