Globalization in the labor market is qualitatively different from global-
ization of goods or asset markets. With internationalmigration, the factor
of production (labor services) crosses national boundaries embodied in in-
dividuals. As a result, trading in goods and services and capital flows are
fundamentally different from trading in labor services (people). In Adam
Smith’s words, “man is of all sorts of luggage the most difficult to be trans-
ported.” Nevertheless, internationalmigration does respond strongly to
market signals, either
Michael D. Bordo, Alan M. Taylor, and
Jeffrey G. Williamson
I. T R F ( R) M I
1. Commodity Market Integration, 1500–2000 13
Ronald Findlay and Kevin H. O’Rourke
Comment: Douglas A. Irwin
2. InternationalMigration and the Integration of
Labor Markets 65
Barry R. Chiswick and Timothy J. Hatton
Comment: Riccardo Faini
3. Globalization and Capital Markets 121
Maurice Obstfeld and Alan M. Taylor
Comment: Richard Portes
II. T G D, G, T
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