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Answering The Critics: Why Large American Gains From Globalization Are Plausible

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Executive Summary

The Peterson Institute calculates that the US economy is approximately $1 trillion richer each year owing to past globalization - the payoff both from technological innovation and from policy liberalization - and could gain another $500 billion annually from future liberalization (Bradford, Grieco, and Hufbauer 2005 [pdf]). These estimates have attracted sharp criticism, notably from Dani Rodrik (2007) and L. Josh Bivens (2007a, 2007b, 2007c). The critics are particularly annoyed that the Peterson Institute calculations enjoy wide circulation in the public debate (USTR 2007, Schwab 2007), and Bivens has gone so far as to urge that they be "Retired" (Bivens 2007a).

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