Wednesday, August 8

Are low and middle-income countries making greater progress in the period of globalization than in the prior era? According to this recent study by the Center for Economic Policy and Research (CEPR), the answer is a resounding “no.” (If you can’t bear to read the entire somewhat dry report, then just read the executive summary, introduction, conclusion and some of the charts at the end.) The study makes a strong (although sweeping) argument that the policy changes implemented by countries around the world during the era of globalization (1980-2000) have actually slowed economic growth, reduced progress in life expectancy increases, slowed the rate of reduction of infant mortality and slowed world progress in education. This is quite contrary to the daily overzealous praise we are fed about the benefits and joys of an unrestricted global economy. It’s not so bad to be skeptical.