growth from globalization a view from the very long run end

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1、CHAPTEREIGHTGrowthfromGlobalization?AViewfromtheVeryLongRunChristopherM.MeissnerDepartmentofEconomics,UniversityofCalifornia,DavisandNBER,Davis,CA95616,USAAbstractWhatistheconnectionbetweendifferentformsofglobalization,economicgrowth,andwelfare?Internat

2、ionaltrade,cross-bordercapitalflows,andlabormovementsarethreeareasinwhicheco-nomichistorianshavefocusedtheirresearch.Icriticallysummarizevariousmeasuresofinternationalintegrationineachofthesespheres.Ithenmoveontodiscussandevaluatetheongoingandactivedeba

3、teaboutwhetherglobalizationissignificantlyassociatedwithgrowthinthepast.IpayparticularattentiontotheroleofglobalizationintheGreatDivergence,thetariff-trade-growthdebate,andtheglobalizationofcapitalmarketsinthe19thcentury.KeywordsGreatdivergence,De-indust

4、rialization,Capitalflows,Firstwaveofglobalization,IntegrationJELClassificationCodesF63,F15,F34,F43,N70,N208.1.INTRODUCTIONWhatistheconnectionbetweenglobalizationandeconomicgrowth?Freeinter-nationaltradeistraditionallyseenaswelfareenhancingandParetooptima

5、l.SinceAdamSmithformulatedhisdictumthattheextentofthemarketdeterminedthedivisionoflabor,economistshaveboththeoreticallyandempiricallyconfirmedthegainsfromtrade.Skepticismaboutthebenefitsofinternationalmarketintegrationhasalwaysbeenonthescenehowever.Obser

6、ve,justtonameafew,thedelusionsofmisinformedmercantilists;theprotectionistpoliciespromotedbyfiguresasdiverseasAlexanderHamiltonorFriedrichList;thePrebischandSingerthesisthatcommodityexportingnationswouldfarepoorlyintheopeninternationalmarkets;theprice-th

7、eoreticanalysisbyNewberryandStiglitz(1984)showingtradetobeinefficientinthepresenceofcertaintypesofuncertainty;allthewaytotheloudsquelchesofprotestfromanti-globalizingactivists.Beyondthesestarkandextremeviews,avoluminoustheoreticalandempiricalbodyofschol

8、arlyresearchexistsanalyzingthesubtledetailsoftheconnectionsbetweenglob-alizationandeconomicgrowth.MuchoftheliteraturecontinuestoagreewithSmith’sHandbookofEconomicGrowth,Volume2B©2014ElsevierB.V.ISSN1574-0684,http://dx.doi.org/10.1016/B9