Abstract
Money, goods, and ideas cross national borders with ever more ease; ever more economic activity is conducted outside national regulatory jurisdictions. Mainstream macroeconomists agree that increased income inequality is the consequence of this globalisation: technical change and freer cross-border flows of capital and goods have increased the demand for technically-adept labour, and decreased that for less-skilled labour. Social policies interfering with the free play of market forces can temporarily stave off greater income inequality, but only at the expense of increased longer-run unemployment and stagnation.
The author thanks Barbara Weins-Tuers for researoh assistance, and the organisers of this volume, Ian Toporowski and John Veitch for helpful suggestions on an earlier version. The remaining errors are his own.
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Dymski, G.A. (1997). Globalisation, Polarisation and US Policy Activism. In: Arestis, P., Sawyer, M. (eds) The Relevance of Keynesian Economic Policies Today. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-25425-5_5
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