Simulated auctions can teach students how capital exploits inter-country competition

Evidence

Conduct a “transnational capital auction” to demonstrate the way that capitalists encourage poor countries to compete against each other. Put students in groups, representing poor countries from the global South, while the teacher represents Capital. Countries “bid” for Capital by offering low minimum wages, low taxes, and lax enforcement of child labor, while avoiding rebellion. (Drawn from Bigelow & Peterson, Rethinking Globalization (2002), see p. 108 for more detail.) — Rebecca A. Martusewicz, Jeff Edmundson, and John Lupinacci, EcoJustice Education, 1540

Categorization

• XREF: Connects to the pedagogy thread of this book’s purpose — translating global economic theory into an embodied classroom exercise. — connects to: Clock auctions reduce common-value uncertainty and beat sealed-bid formats on efficiency. — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 864

Broader Connections

• Clock auctions reduce common-value uncertainty and beat sealed-bid formats on efficiency. #expands (0.75) — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 864