The Economics Book

IN CONTEXT

FOCUS

Global economy

KEY THINKER

Dani Rodrik (1957–)

BEFORE

1664 English economist Thomas Mun says that growth requires reductions in imports.

1817 British economist David Ricardo says that international trade makes countries richer.

1950 Raúl Prebisch and Hans Singer argue that developing countries lose out from globalization because of unequal terms of trade.

AFTER

2002 Joseph Stiglitz criticizes globalization as promoted by the World Bank and the IMF.

2005 World Bank economist David Dollar argues that globalization has reduced poverty in poor countries.

Globalization is a term that means different things to politicians, business people, and ...