Nordic Economic Policy Review
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Nordic Economic Policy Review

Globalization, labour market institutions and wage structure

The Nordic Economic Policy Review is published by the Nordic Council of Ministers and addresses policy issues in a way that is useful for in-formed non-specialists as well as for professional economists. All articles are commissioned from leading professional economists and are subject to peer review prior to publication. The review appears twice a year. It is published electronically on the website of the Nordic Council of Ministers: www.norden.org/en. On that website, you can also order paper copies of the Review (enter the name of the Review in the search field, and you will find all the information you need). Managing Editor: Professor Torben M. Andersen, Department of Economics, University of Aarhus, Denmark. Special Editors for this volume: Research Professor Erling Barth, Institute for Social Research, Oslo, Norway and Professor Kalle O. Moene, Department of Economics, University of Oslo, Norway.

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Nordic Council of Ministers

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Globalization is increasing on every front. Goods and services, capital, intermediate goods, and workers are now flowing across borders at an increasing speed, making the national economy smaller relative to the world market. The recent surge in globalization appears to challenge the economic systems in the developed world. How should one reap the benefits without being exposed to higher adjustment costs? How can we prevent an unequal distribution of gains and losses? Are the economic and political challenges less in the small open economies of the Nordic countries? In this issue of the Nordic Economic Policy Review, we address these questions of how globalization affects us as well as how to respond to the new challenges.