Globalisation: Why Average Isn't Good Enough
A short but very astute and relevant video here on the distributional effects of trade liberalisation / globalisation. Sergey Nigai (winner of the Austin Robinson Prize) finds that using data across more than 90 countries and ten population groups, the welfare gains are over-estimated for poorer families and under-estimated for richer households, reinforcing claims that globalisation is often a factor behind an increase in relative poverty which itself has catalysed a backlash against globalisation. Globalisation and the distributional impact cannot be ignored when considering the welfare gains from trade.
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