Capitalism’s global victory has been achieved through two different types of capitalist systems: the liberal meritocratic capitalism that has developed incrementally in the West, and the state-led authoritarian capitalism that is exemplified by China. Regardless of who wins, it is unlikely that one of the two will come to rule the entire globe, writes Branko Milanovic in his new book.
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The offshoring activities of multinational firms explain about one-third of the aggregate decline in US manufacturing employment, according to a new study.
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As China’s export growth has slowed down over the past five years, workers have responded by taking to the streets with increasing frequency. The Chinese government is paying attention.
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US importers and consumers experienced $12.3 billion in added tax costs and another $6.9 billion from unrecoverable reductions in welfare arising from the 2018 tariffs, new study finds.
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The United States needs to rethink its trade policy. A new report offers a blueprint, consisting of ten major reforms.
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The return to the industrial relations and tax policies of the early 19th century has been spearheaded by people who speak the language of equality, respect, participation, and transparency.
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Where does today’s anti-trade sentiment come from? A new study finds that people are particularly sensitive to job losses and outsourcing due to international trade. Protectionist sentiments, the authors find, can be magnified given the right narrative frames.
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Workers in emerging economies benefitted from globalization and workers in rich countries, on balance, did not. Overturning globalization, however, will neither work nor bring a real improvement to the Western middle classes.
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Has Mexico imported its obesity epidemic from the United States? A new study suggests that the answer to this question is “yes.”
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Many have attributed the success of the far-right Sweden Democrats to Sweden’s open immigration policy. Instead, a new study shows that income inequality and labor-market conditions may have fueled the rise of the Swedish radical right.
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The idea of creating transfer schemes to compensate the losers from international trade yet still preserve some of the gains faces a myriad of implementation problems. But a progressive tax system can deliver many of the same benefits, Lyon and Waugh of NYU’s Stern School argue in new research.
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Few economists doubt that Marx flunked economics, a judgement mostly based on his labor theory of value. But this column argues that Marx’s representation of the power relationship between capital and labor in the firm is an essential insight for understanding and improving modern capitalism. Indeed, this insight is incorporated into standard principal–agent models of labor and credit markets.
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