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In response to so-called ‘migration crises,’ waves of increased anti-immigrant sentiment are currently shaking the developed world. However, analysis of anti-immigrant sentiment lacks focus on its root causes. I show that findings in the attitudes towards immigrants literature reveal notions that migrants have no intrinsic right to participate in (developed) nation states and no right to take any resources or benefits. This indicates underlying lay perceptions that there is no relation of exchange or indebtedness between natives (of developed countries) and migrants (from developing countries), i.e. that the former owe the latter nothing. Reviewing theoretical and empirical studies on global trade relations, I show compelling evidence that citizens of developed countries are indeed in a relation of unequal exchange with individuals in and from developing countries. I show how global trade flows shift living standard and quality of live away from people in developing countries and towards people in developed countries. I identify two main flows: One flow connects unreasonably low wages and strenuous, hazardous work conditions of workers and peasants in developing countries (which lower their living standard) with reduced prices for consumer goods for consumers in developed countries (which increase their living standard). The other flow shifts pollution and the depletion of natural and ecological resources from developed to developing countries. I thus argue that citizens of developed countries are, in fact, indebted to citizens of developing countries. An important cause for anti-immigrant sentiment could be a lack of awareness of this indebtedness.