Economic globalization

Although global systems of production are nothing new, the global reorganization of production and finance that occurred (roughly) post-1980 is distinctive in a number of ways. The chapter begins by calling into question the claim that globalization-related economic growth necessarily leads to better health outcomes. It then explores the ‘disequalizing’ effects of globalized labour markets, and how trade agreements restrict governments’ policy space to pursue public health goals. The next section deals with financialization, the globalization of finance, and its effects on inequality and policy space. A final section focusses on the political dimension of globalization, arguing that high-income countries enjoy more policy space to mitigate its negative impacts, while many low- and middle-income countries have fewer options. The chapter concludes with a relatively pessimistic view of globalization’s future health impacts even in the high-income world.