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The Adam Smith address: what difference does globalization make? (speech delivered at the 30th annual meeting of the National Assn. of Business Economists, Sept. 10-13, 1995)(Transcript)

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From: Business Economics
Date: 19960101
Author:Krugman, Paul

Much misinformation has been spread concerning the impact of world trade and capital flows. Globalization has very little impact on overall national income. Massive redistribution has not occurred from labor to capital but, instead, from less skilled labor to more skilled labor. International trade's impact is more limited than what is widely construed and affects more subtle points in the economy.

In the discussion about the impact of world trade and capital flows on the economy, much misinformation has been offered from people unfamiliar with both economic analysis and economic data that ...

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