Globalization's Winners and Losers - Evidence from Life Satisfaction Data, 1975 - 2000

This paper analyzes the effect of globalization on subjective well-being by using a dataset that combines micro- and macro-level variables for the EU-15 countries from 1975 to 2000. The estimations provide evidence that - in line with theoretical predictions - globalization has benefited especially high-skilled workers, right-wing voters, and people in the highest income quartile. On the other hand, globalization has increased well-being to a higher extent for old people than for young people.