Branko Milanovic, 'The Two Faces of Globalization'

Essay from the year 2003 in the subject Economics - Macro-economics, general, University of Phoenix, 1 entries in the bibliography, language: English, abstract: In answering whether or not Milanovic's (2003) ideas are correct that the dominant view of economists is that once certain preconditions are in place ('sound' macro-policies, protection of property rights, etc.) ... the only thing a country needs to do is simply to open up its borders, reduce tariff rates, attract foreign capital, and in a few generations if not less, the poor will become rich, the illiterate will learn to read and write, and inequality will vanish as the poor countries catch up with the rich, (4) one must take into account how quickly popular opinion can change on a subject. I believe this was the dominant view of many economists, a short time ago, however, as the data continues to flow in on actual 'real world' results of globalization, more economists are realizing that it is not so simple.