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In recent decades, economic globalization has grown significantly in affluent democracies. Taking this as a point of departure, we review social science research on the consequences of economic globalization for the state, the economy, and civil society. We advocate for a concrete position of empirical scrutiny, between the grand theorists and earlier empirical skeptics, and measure economic globalization as the heightening of international trade and investment. Social scientists have engaged in lively debates surrounding such topics as how globalization affects the welfare state, politics, deindustrialization, inequality, and organized labor. Among the themes that emerge from these debates are the distinct values of within-and betweencountry comparisons and the need for a stronger connection between theoretical accounts of globalization and empirical analyses. At the same time, many aspects of social life have been neglected by recent research on globalization. Throughout, we gauge current consensus and dissensus, identify understudied topics, and suggest directions for future research. 313 Annu. Rev. Sociol. 2007.33:313-334. Downloaded from www.annualreviews.org Access provided by University of California -San Francisco UCSF on 02/04/15. For personal use only.

This study develops a theoretical model on the role of multidimensional status and status inconsistency in market evaluation processes. A product or an organization may acquire multiple status indicators in association with a multitude of market institutions. We argue that when status indicators are consistently positive, each exerts a greater positive effect on the valuation of a product or an organization; conversely, inconsistency among multiple indicators undermines the status claim. We test this theoretical proposition by examining patterns of product valuation in the California premium wine market. Our findings show that when an individual wine's tasting score rated by critics and another more general status indicator—classified appellation affiliation, extra designation on the label, or a winery's organizational status—are consistently positive, each makes a greater contribution to wine price. In contrast, when status indicators are inconsistent, the value of the positive status indicator is reduced. Our study explicates the scope conditions under which market status may yield different outcomes and sheds light on the interplay among status indicators in market valuation.