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What You Should Know About Globalization and the World Trade Organization

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  • Alan V. Deardorff
  • Robert M. Stern

Abstract

This paper reviews the essentials of economic globalization, as well as the major institution that has recently gotten much of the credit and blame for it, the World Trade Organization (WTO). It first defines globalization, which is just the increasing economic integration of the world economy. It then asks who gains and loses from globalization, drawing primarily upon economic theory to identify its benefits and costs, and who within and among the world’s economies get these benefits and costs. That part of the discussion concludes by asking briefly what can and should be done about globalization. The second half of the paper turns to the WTO, which was the focus of so much negative attention at its Seattle meeting in December 1999. The authors try to clarify several misperceptions about what it does, and why. Some groups gain and some lose from the WTO, some simply as a byproduct of its role in facilitating globalization, but others from particular WTO rules and procedures. The paper suggests what might be done to change both the WTO itself and the public’s perceptions of it.

Suggested Citation

  • Alan V. Deardorff & Robert M. Stern, 2002. "What You Should Know About Globalization and the World Trade Organization," Review of International Economics, Wiley Blackwell, vol. 10(3), pages 404-423, August.
    • Handle: RePEc:bla:reviec:v:10:y:2002:i:3:p:404-423
    DOI: 10.1111/1467-9396.00340
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    Cited by:

    1. Calderón, César & Fuentes, J. Rodrigo, 2014. "Have business cycles changed over the last two decades? An empirical investigation," Journal of Development Economics, Elsevier, vol. 109(C), pages 98-123.
    2. Alan V. Deardorff & Robert M. Stern, 2003. "Enhancing the Benefits for Developing Countries in the Doha Development Agenda Negotiations," Working Papers 498, Research Seminar in International Economics, University of Michigan.
    3. Li, Kui-Wai & Pang, Iris A J & Ng, Michael C M, 2007. "Can Performance of Indigenous Factors Influence Growth and Globalization?," MPRA Paper 35299, University Library of Munich, Germany.
    4. Abbas Rezazadeh Karsalari & Mohsen Mehrara & Maysam Musai & Mosa Mohammadi, 2014. "Relationship between Economic Growth, Trade and Environment: Evidence from D8 Countries," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 4(2), pages 320-326, April.
    5. Li, Kui-Wai, 2011. "The Optimal Level and Impact of Internal Factors on Growth," MPRA Paper 36419, University Library of Munich, Germany.
    6. Drusilla K. Brown & Alan V. Deardorff & Robert M. Stern, 2009. "Pros and Cons of Linking Trade and Labor Standards," World Scientific Book Chapters, in: Globalization And International Trade Policies, chapter 16, pages 599-621, World Scientific Publishing Co. Pte. Ltd..
    7. Nicolas Schneider & Avik Sinha, 2023. "Better clean or efficient? Panel regressions," Climatic Change, Springer, vol. 176(8), pages 1-24, August.
    8. Sharma Shalendra D., 2008. "The Many Faces of Today's Globalization: A Survey of Recent Literature," New Global Studies, De Gruyter, vol. 2(2), pages 1-29, June.

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