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Review Of: “Globalization, Migration And Welfare State: Understanding The Macroeconomic Trifecta” By Assaf Razin

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  • Giovanni Facchini

    (University of Nottingham and CEPR)

Abstract

Economic historians like to compare the main features of the two waves of globalization. A typical summary would highlight that between 1870 and 1914, international trade grew very rapidly, capital was free to move around the globe to reap the highest available returns, and migration was mostly unencumbered. Similarly, after 1960, global merchandise exports grew dramatically as a share of global GDP, and the same holds true for international movements of capital and—possibly to a lesser extent—for international flows of people. One key difference between the two waves of globalization is represented by the role played by the welfare state, which has been key in insuring that the benefits of the recent wave of globalization have been enjoyed by large sections of society, at least in Western democracies. Razin’s recent volume focuses precisely on the interaction between the welfare state and an array of key aspects of globalization, using a general equilibrium political economy framework

Suggested Citation

  • Giovanni Facchini, 2021. "Review Of: “Globalization, Migration And Welfare State: Understanding The Macroeconomic Trifecta” By Assaf Razin," Israel Economic Review, Bank of Israel, vol. 19(1), pages 135-140.
    • Handle: RePEc:boi:isrerv:v:19:y:2021:i:1:p:135-140
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    References listed on IDEAS

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    4. Sides, John & Citrin, Jack, 2007. "European Opinion About Immigration: The Role of Identities, Interests and Information," British Journal of Political Science, Cambridge University Press, vol. 37(3), pages 477-504, July.
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