Contemporary documents and commentaries in political economy: globalization and its discontents

Article Abstract:

The issue of globalization has been met with both resistance and acceptance from different sides of the political economic spectrum. Neoclassical economists believe that globalization encourages the mobility of real capital and money capital. This mobility can also be supported by technological advances which makes it favorable for all economies. The responsibility has been left to the governments to expedite trade and remove any barriers to it. However, non-neoclassical economists view globalization as a threat to the valuation of currency of smaller economies. Gaps between social classes will widen and unemployment could reach epidemic proportions.

International economic integration, Economic integration

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Insiders and outsiders, unemployment, and worktime: Rothschild's analysis extended

Article Abstract:

K.W. Rothschild's (1991) arguments regarding the insider/outsider theory have some significant flaws. The insider/outsider theory attributes involuntary unemployment to labor-supply constraints which prevent income from declining to their market-clearing level. In his critique of the theory, Rothschild claims that an insider policy of above market-clearing wages can be Pareto-optimal seen from a working class perspective when combined with redistributive compensation of jobless outsiders.

Economic aspects, Work hours, Unemployment, Labor supply, Labor force

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Economic development and unequal excahnge among nations: analysis of the U.S., Japan, and South Korea

Article Abstract:

An unequal exchange of labor exists among the US, Japan and South Korea. However, such unequal exchange of labor decreases with economic development. Findings were based on the calculation of the total labor inputs which were part of each country's average exports as well as the total labor inputs in each country's exports to a particular nation. The UN Commodity Trade Statistics was also used in the calculation.

United States, South Korea, Japan, International relations

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