Globalization & Development

Globalization & Development


Holly A. Bell, Harrison Searles | Apr 24, 2014
Recent market events like the “flash crash” of 2010, algorithmic failures at Knight Capital, and the release of Michael Lewis’s book Flash Boys (2014)—with his claims that markets are “rigged”—have heightened scrutiny of high-frequency trading (HFT) and increased demands for more aggressive regulation. However, HFT has several empirically demonstrated benefits, and the current, largely qualitative arguments against it call for careful scrutiny of proposed regulations.
Cecil Bohanon | Sep 10, 2012
Both President Obama and Professor Krugman are using very broad historical strokes to make the case that an activist federal government is essential to prosperity. These strokes have an air of plausibility and contain elements of truth. But a closer examination of the actual events of the immediate postwar period provides a picture that is much more nuanced and at odds with the world view that government intervention is the essential ingredient of prosperity. Although the postwar era was indeed inaugurated by a huge contraction in government spending that was made possible by the Allied victory, the end of deficit spending did not send the United States into a deep depression.
David Howden | Jul 24, 2012
The economic collapses of Iceland and Ireland after 2008 are the most severe in the developed world in recent history. This paper assesses five key differences in the causes of and responses to each country’s crisis.
Benjamin J. VanMetre, Joshua C. Hall, Richard K. Vedder | Jan 2012
This article argues a new approach to immigration in that visas should not be allocated based on arbitrary political criteria but instead through the price system.
Donald J. Boudreaux | Oct 07, 2011
In this journal article published by Economic Affairs, Don Boudreaux examines whether protectionism is justified if foreign governments are subsidizing export industries.
John Nye | Jun 21, 2011
This essay uses the Philippines as a case study to suggest what is wrong with leading development prescriptions.

Research Summaries & Toolkits

Speeches & Presentations

Expert Commentary

Feb 09, 2015

Global agenda setters, global growth companies, global leadership fellows and global shapers. Yes, the committee to change the world recently gathered conspicuously in Davos, Switzerland, to champion the World Economic Forum spirit: To redesign the world from the top down. No sooner does one global summit end than another begins.
By Nita Ghei |
Aug 05, 2013

In an effort that is almost certainly futile, Argentine Interior Commerce Secretary Guillermo Moreno is reviving a 1974 law that compels holders of suitable stockpiles of flour to sell into the market at frozen prices.
Jul 25, 2013

Reports of renewed growth in China have sparked questions about the impact on the United States of a healthier Chinese economy. Specifically, if China does better, do we in the U.S. do worse? I don’t think so.
Jul 09, 2013

Uncle Sam is negotiating a free-trade agreement with several European countries and another with various Pacific Rim countries. Such agreements deserve applause because they generally make trade freer — and, hence, make the people in countries party to these agreements richer. This applause, however, should be muted.
Jun 22, 2013

The disconcerting truth is that the great “age of industrialization” may be behind us, a possibility that has been outlined most forcefully by the economist Dani Rodrik, who is leaving Harvard for Princeton next month.
May 21, 2013

Based on the high standards of living enjoyed by their citizens, you might think that the governments of First World countries know how to create development. They don’t. Development isn’t created by anyone, not least well-intentioned politicians or development “experts”. The process of improving well-being only takes place in an environment that encourages constant innovation and experimentation.


The Ex-Im Bank’s facade of boosting exports and creating jobs is not well supported by its own data. The actual effect of the bank’s activity is the creation of perverse incentives, moral hazards, and inefficient outcomes that has become a fund for corporate welfare. It is worth questioning whether the United States, with mounting debt problems and the possible expiration of the Ex-Im Bank’s reauthorization, needs yet another agency to subsidize companies with taxpayers picking up the tab.


Paul Dragos Aligica is a senior research fellow and senior fellow at the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University.
Donald J. Boudreaux is a senior fellow with the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University, a Mercatus Center Board Member, and a professor of economics and former economics-department chair at George Mason University. He holds the Martha and Nelson Getchell Chair for the Study of Free Market Capitalism at the Mercatus Center. He specializes in globalization and trade, law and economics, and antitrust economics.
Karol Boudreaux is an affiliated senior research fellow at the Mercatus Center. Her primary research interests are the institutional analysis of property rights, land tenure, natural resource management, and international development.
Tyler Cowen is Holbert L. Harris Chair of Economics at George Mason University and serves as chairman and general director of the Mercatus Center at George Mason University. With colleague Alex Tabarrok, Cowen is coauthor of the popular economics blog Marginal Revolution and cofounder of the online educational platform Marginal Revolution University.
Christopher Coyne is associate director of the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics and F. A. Harper Professor of Economics at the Mercatus Center at George Mason University. He is also a professor of economics and director of graduate studies in the economics department at George Mason University. He specializes in Austrian economics, economic development, emerging democracies, postwar and disaster reconstruction, political economy, and social change.


Jerry Brito | July 16, 2013
K. Eric Drexler of Oxford University discusses his latest book Radical Abundance: How a Revolution in Nanotechnology Will Change Civilization. Drexler, who has been referred to as “the founding father of nanotechnology” covers how society can conserve resources and make more efficient products through nanotechnology; how nanotechnology can solve some of the world’s most pressing problems; how this varies from what you’ve seen in science fiction; and, how we can improve manufacturing at the molecular level.

Upcoming Events

Recent Events

The F. A. Hayek Program for Advanced Study in Philosophy, Politics and Economics at the Mercatus Center invites you to a panel discussion featuring Benjamin Powell and his new book, Out of Poverty: Sweatshops in the Global Economy.


Emily Chamlee-Wright | Feb 16, 2010
This book seeks to understand how people cultivate strategies for recovery when the answers are not obvious; when a genuine process of discovery is required; and at points when the social…

Media Clippings

Todd Zywicki | Jul 24, 2013
The commission’s “decision today is an unqualified disaster for consumers,” said Todd J. Zywicki, a professor at George Mason University School of Law.
Donald J. Boudreaux | Jul 16, 2013
Don Boudreaux hits one out of the park here. It’s one of those arguments that you or I haven’t come up with ourselves but which make immediate sense once explained. Don’s point, the one he wants to highlight, is that in a world of homogenous labour then perhaps that inimum wage isn’t quite so bad.
Christopher Coyne | Jun 10, 2013
As summarized in this Cato Daily Podcast, Coyne argues that even though coercive and non-coercive forms of state-led humanitarian action can alleviate short-term human suffering, it cannot replicate individual instances of success systematically.
Christopher Coyne | Jun 06, 2013
Humanitarian action, whether short-term aid after a crisis or long-term development assistance, is generally approached as a technical challenge. Economist Chris Coyne challenges this engineering mentality in his new book Doing Bad By Doing Good: Why Humanitarian Action Fails.
Jack Goldstone | Sep 06, 2012
Jack Goldstone quoted discussing the Eurozone.
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