This paper shows how the degree of credit-market imperfections affects the steady-state distributions of income and wealth, human capital investment, and the pattern of comparative advantage. The impact of trade liberalization on the accumulation of human capital depends on how it affects (1) the incentives to accumulate human capital, (2) the borrowing constraints facing human capital accumula...

Buckley & Strange (2015) have highlighted the major changes in the global location of economic activity over the past 30 years, with the emerging economies assuming greater shares relative to the advanced economies. They noted that the major drivers of these changes included inter alia economic restructuring and market liberalization in many countries in Asia, Eastern Europe and elsewhere; fina...

World trade in dairy products is being transformed by trade policy liberalization and technological change in dairy processing. The mixed complementarity problem formulation to modeling product-specific dairy trade can overcome a number of the limitations of existing optimization models, and can facilitate desirable extensions to previous analyses.

Once again the impacts of free trade are at the forefront of international economic discussions. From renegotiating the North American Free Trade Agreement (NAFTA), to the Trans-Pacific Partnership, to Brexit, many nations are reanalyzing their views on international trade and globalization. This article examines the impacts of two major trade liberalization events on Texas manufacturing employ...

I November/December of 1999, leaders from around the world converged on Seattle with the goal of launching a new round of trade negotiations under the auspices of the World Trade Organization (WTO). This has been dubbed “WTO2000” in recognition of the new millennium. In light of the tremendous growth in world trade over the last fifty years— much of it fueled by multilateral trade liberalizatio...