IDEAS home Printed from https://ideas.repec.org/a/bla/glopol/v10y2019i3p401-404.html
   My bibliography  Save this article

Globalisation and the Recent Trade Wars: Linkages and Lessons

Author

Listed:
  • Benedict Oramah
  • Richman Dzene

Abstract

Anti‐globalization sentiments have risen significantly in developed economies, impacting the outcome of national elections in the US and the BREXIT referendum in the United Kingdom. It has also led to tariff escalations and trade wars, especially between the US and China. These developments run contrary to the conventional wisdom that globalization has positively Impacted the global economy and that the distribution of gains has been in favor of developed economies. This paper argues that it is the incomplete implementation of the main pillars of globalization that has created rising discontent in developed countries. Conceived as the process of integration of goods, capital, technology and labor, globalization was premised on free movement of goods and factors of production within and across countries as well on the assumption that factors of production would be perfect substitutes everywhere. The paper posits that it is the immobility of labor across and within countries that has led to the globalization‐induced dislocations in some developed economies. Across countries, artificial immigration barriers restrict labor movement while within countries, labor market rigidities and absence of perfect substitution in the labor market constrain the migration of labor from the declining to the booming sectors of the economy creating large income inequalities. Implications of the foregoing for the future of globalization and Africa’s export‐led industrialization are presented.

Suggested Citation

  • Benedict Oramah & Richman Dzene, 2019. "Globalisation and the Recent Trade Wars: Linkages and Lessons," Global Policy, London School of Economics and Political Science, vol. 10(3), pages 401-404, September.
  • Handle: RePEc:bla:glopol:v:10:y:2019:i:3:p:401-404
    DOI: 10.1111/1758-5899.12707
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/1758-5899.12707
    Download Restriction: no

    File URL: https://libkey.io/10.1111/1758-5899.12707?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Richardson Kojo Edeme & Ebikabowei Biedomo Aduku & Ebele Stella Nwokoye & Nelson Chigozie Nkalu, 2020. "Impact of Trade Restrictions in European and Sub-Saharan Regions," Review of Market Integration, India Development Foundation, vol. 12(1-2), pages 35-50, August.
    2. Rong Cui & Yuda Wang & Yujing Wang, 2024. "The Impact of Data Elements on Enterprises’ Capital Market Performance: Insights from Stock Liquidity in China and Implications for Global Markets," Sustainability, MDPI, vol. 16(9), pages 1-30, April.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:glopol:v:10:y:2019:i:3:p:401-404. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://edirc.repec.org/data/lsepsuk.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.