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Dani Rodrik
NBER Working Paper No. 9129
Issued in August 2002
NBER Program(s): IFM
ITI
---- Abstract -----
The nation-state system, democratic politics, and full economic integration are mutually incompatible. Of the three, at most two can be had together. The Bret ton Woods/GATT regime was successful because its architects subjugated internati onal economic integration to the needs and demands of national economic manageme nt and democratic politics. A renewed 'Bretton-Woods compromise' would preserve some limits on integration, while crafting better global rules to handle the integration that can be achieved. Among 'feasible glablization,' the most promi ing is a multilaterally negotiated visa scheme that allows expanded (but tempora ry) entry into the advanced nations of a mix of skilled and unskilled workers fr om developing nations. Such a scheme would likely create income gains that are larger than all of the items on the WTO negotiating agenda taken together, even if it resulted in a relatively small increase in cross-border labor flows.
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