Economy
Jagdish N. Bhagwati
Free Trade and the Enemies of Globalization
World's most influential international trade theorist
Lesson Plan
- Lesson Length : 11 Lessons ㆍ 1 hours 17 miutes
- Language : 한국어, English
What are the obstacles to globalization?
We've all heard the term "globalization" at one point or another. But what does it really mean? Jagdish Bhagwati, a leading international trade theorist, defines economic globalization as the integration of the national economy into the world economy. Opening up trade and engaging with the global economy is one of the ways to achieve globalization, Bhagwati says. Jagdish Bhagwati believes that the ideal form of economic globalization is to have free trade with all countries, and emphasizes the importance of complete liberalization of trade. In this context, he points out that free trade agreements (FTAs) are problematic because, although they are called "free trade," they often contain conditions, with clauses and regulations that allow stronger countries to exert leverage over weaker ones. This led him to name the phenomenon the "spaghetti bowl effect" in a 1995 research paper.
In multilateral trade agreements, the complexity of regulations and procedures of each country hinders free trade, much like spaghetti noodles tangled together.
Jagdish Bhagwati voices concern about the current state of the world, saying we’re moving away from globalization although we need it for free trade to flourish. Conflicts between countries, such as the war in Ukraine, which has been going on for more than two years, and tensions between Taiwan and China, are one of the factors hindering globalization. He also points to the ever-increasing divide between rich and poor countries as another obstacle. So, what can we do to make the world more integrated?
Full Bio
Jagdish N. Bhagwati
- Doctor of Economics, MIT, USA
- Professor of Economics, MIT, USA(1968-1980), Professor of Economics, Columbia University (1980-)
- Economic policy advisor to the GATT Director-General (1991-1993), Policy advisor to UN and WTO on globalization (2002-2003)
- India’s Padma Vibhushan Award (2000)
- Lifetime Achievement Award of the Indian Chamber of Commerce (2004)
- Gold Medal of the Italian Chamber of Deputies (2006)
"(…) people didn’t understand at all clearly how distortions in a trading economy relate to policy before Jagdish spelled it out.”
- Paul Krugman (2008 Nobel Economics laureate)
“(…) Jagdish Bhagwati has been a tireless partisan of that globalization which elevates global total-factor-productivities both of richest America and poorest regions of Asia and Africa.”
- Paul Samuelson (1970 Nobel Economics laureate)
One of world's most influential international trade theorists, Jagdish Bhagwati’s career spans the history of modern free trade, with more than 40 books and 300 articles published to date. Bhagwati is known for first introducing the concept of "spaghetti bowl effect" in free trade agreements (FTAs). It compares the complex processes and regulations of each country involved in free trade agreements to a jumble of spaghetti noodles on a plate.
As can be seen from the concept, Jagdish Bhagwati is an outspoken opponent of free trade agreements because he believes that countries' various trade-related regulations and rules hinder free trade. He believes that for free trade to flourish, we need to achieve complete globalization, where national boundaries disappear and the international community is integrated as one. However, after decades of globalization led by the U.S., which dominates the global economy, Bhagwati analyzes that the phenomenon has entered a new and different phase. In this lecture series, we find out what the obstacles to globalization are through the experienced insights of a leading economist.
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