Apologies for yet another post about the OECD Economic Outlook, but I've overlooked another special chapter in No. 81. This one is about globalisation: Making the most of globalisation (PDF). It is the best summary of the issue I have seen in quite a while (although the recent IMF chapter cited below is also worth a look).
This chapter provides a synthesis of the work undertaken by the Economics Department on the economic effects of globalisation, while also draws on other OECD and non-OECD research.1 It begins with an overview of the main trends that have characterised the globalisation process. The second section then describes its potential effects on employment and wages. Globalisation also has had an impact on inflation and has been accompanied by distinctive trends in international capital flows, which are discussed in the third section. The chapter concludes by examining the benefits and challenges that globalisation creates for economic policy.
Some of it will be reasonably familar to readers, other parts less so. There are some great charts too.
The piece ends with what must be considered something of an understatement:
There is some way to go, in terms of policy settings, before the full benefits of globalisation are achieved.
Quite!
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