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Nordic Economic Policy Review

Globalization, labour market institutions and wage structure

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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.

English

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Comment on Freeman: One Ring to rule them all? Globalization of knowledge and knowledge creation

Instead of the increased flows of trade, capital and immigrants, the article by Richard B. Freeman focuses on the remarkable spread of knowledge and knowledge creation during the past decades of globalization. Besides having brought the bulk of humanity into a single market-oriented economic system, globalization has thereby altered the key determinant of modern economic growth – the knowledge base for production. As populous low income countries have enough science and education to compete in high-tech markets, and multinationals set up R&D centres in developing countries, the comparative advantages of advanced countries are, according to Freeman, being rapidly eroded even in high value added production. Emerging economies have thus conquered a fast rising share of global high-tech production.

English

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