When it was first published, this national bestseller quickly became a touchstone in the globalization debate. Renowned economist and Nobel Prize winner Joseph E. Stiglitz had a ringside seat for most of the major economic events of the last decade, including stints as chairman of the Council of Economic Advisers and chief economist at the World Bank. Particularly concerned with the plight of the developing nations, he became increasingly disillusioned as he saw the International Monetary Fund and other major institutions put the interests of Wall Street and the financial community ahead of the poorer nations. Those seeking to understand why globalization has engendered the hostility of protesters in Seattle and Genoa will find the reasons here. While this book includes no simple formula on how to make globalization work, Stiglitz provides a reform agenda that will provoke debate for years to come. Rarely do we get such an insider's analysis of the major institutions of globalization as in this penetrating book. With a new foreword for this paperback edition.
As foreign affairs columnist for The New York Times, Thomas L. Friedman crisscrosses the globe talking with the world's economic and political leaders, and reporting, as only he can, on what he sees. Now he has used his years of experience as a reporter and columnist to produce a pithy, trenchant, riveting look at the worldwide market forces that are driving today's economies and how they are playing out both internationally and locally.
Globalization is the technologically driven expression of free-market capitalism, and as such is essentially an American creation. It has irrevocably changed the way business is done and has raised living standards throughout the world. But powerful local forces-of religion, race, ethnicity, and cultural identity-are in competition with technology for the hearts and minds of their societies. Finding the proper balance between the Lexus and the olive tree is the great game of globalization-and the ultimate theme of Friedman's challenging, provocative book, essential reading for all who care about how the world really works.
'A spirited book.' New Yorker
In this remarkable and provocative book, Yanis Varoufakis, former finance minister of Greece, explodes the myth that financialisation, ineffectual regulation of banks, greed and globalisation were the root causes of both the Eurozone crisis and the global economic crisis. Rather, they are symptoms of a much deeper malaise which can be traced all the way back to the Great Crash of 1929, then on through to the 1970s: the time when a Global Minotaur was born.
Today's deepening crisis in Europe is just one of the inevitable symptoms of the weakening Minotaur; of a global system which is now as unsustainable as it is imbalanced. Going beyond this, Varoufakis reveals how we might reintroduce a modicum of reason into what has become a perniciously irrational economic order.
An essential account of the socio-economic events and hidden histories that have shaped the world as we now know it.
At this critical juncture, George Soros, a major proponent of globalization, takes to task the many institutions that have failed to keep pace with our global economy. At the same time, he offers a compelling new paradigm to bring the institutions and the economy back into necessary alignment. Economics are amoral, he argues - but neither our society nor our economy can afford to function without a distinct system of right and wrong. As we look toward the future and wonder what's ailing our economy, where our jobs are going, and whether the power of economics can be harnessed for positive changes, this thoroughly updated edition of George Soros on Globalization is a report no citizen of the world can do without.
"Accessible, provocative, and highly readable." —Alan Cowell, New York Times
In this crucial expansion and update of his landmark bestseller, renowned economist and Nobel Prize winner Joseph E. Stiglitz addresses globalization’s new discontents in the United States and Europe. Immediately upon publication, Globalization and Its Discontents became a touchstone in the globalization debate by demonstrating how the International Monetary Fund, other major institutions like the World Bank, and global trade agreements have often harmed the developing nations they are supposedly helping. Yet globalization today continues to be mismanaged, and now the harms—exemplified by the rampant inequality to which it has contributed—have come home to roost in the United States and the rest of the developed world as well, reflected in growing political unrest.
With a new introduction, major new chapters on the new discontents, the rise of Donald Trump, and the new protectionist movement, as well as a new afterword on the course of globalization since the book first appeared, Stiglitz’s powerful and prescient messages remain essential reading.
Few are more qualified to comment during this turbulent time than Joseph E. Stiglitz. Winner of the 2001 Nobel Prize in Economics, Stiglitz is “an insanely great economist, in ways you can’t really appreciate unless you’re deep into the field” (Paul Krugman, New York Times). In Freefall, Stiglitz traces the origins of the Great Recession, eschewing easy answers and demolishing the contention that America needs more billion-dollar bailouts and free passes to those “too big to fail,” while also outlining the alternatives and revealing that even now there are choices ahead that can make a difference. The system is broken, and we can only fix it by examining the underlying theories that have led us into this new “bubble capitalism.”
Ranging across a host of topics that bear on the crisis, Stiglitz argues convincingly for a restoration of the balance between government and markets. America as a nation faces huge challenges—in health care, energy, the environment, education, and manufacturing—and Stiglitz penetratingly addresses each in light of the newly emerging global economic order. An ongoing war of ideas over the most effective type of capitalist system, as well as a rebalancing of global economic power, is shaping that order. The battle may finally give the lie to theories of a “rational” market or to the view that America’s global economic dominance is inevitable and unassailable.
For anyone watching with indignation while a reckless Wall Street destroyed homes, educations, and jobs; while the government took half-steps hoping for a “just-enough” recovery; and while bankers fell all over themselves claiming not to have seen what was coming, then sought government bailouts while resisting regulation that would make future crises less likely, Freefall offers a clear accounting of why so many Americans feel disillusioned today and how we can realize a prosperous economy and a moral society for the future.
Globalization is a choice, not a fact. It is a result of policy decisions and the politics that shape them. Jeffry A. Frieden's insightful history explores the golden age of globalization during the early years of the century, its swift collapse in the crises of 1914-45, the divisions of the Cold War world, and the turn again toward global integration at the end of the century. His history is full of character and event, as entertaining as it is enlightening.
Dani Rodrik brings a clear and reasoned voice to these questions. Has Globalization Gone Too Far? takes an unblinking and objective look at the benefits—and risks—of international economic integration, and criticizes mainstream economists for downplaying its dangers. It also makes a unique and persuasive case that the "winners" have as much at stake from the possible consequences of social instability as the "losers." As Rodrik points out, ". . . social disintegration is not a spectator sport—those on the sidelines also get splashed with mud from the field. Ultimately, the deepening of social fissures can harm all."
President Clinton read the book and it provided the conceptual basis for the trade/IMF portions of his State of the Union message in January 1998.
One economist has called Ha-Joon Chang "the most exciting thinker our profession has turned out in the past fifteen years." With Bad Samaritans, this provocative scholar bursts into the debate on globalization and economic justice.
Using irreverent wit, an engagingly personal style, and a battery of examples, Chang blasts holes in the "World Is Flat" orthodoxy of Thomas Friedman and other liberal economists who argue that only unfettered capitalism and wide-open international trade can lift struggling nations out of poverty. On the contrary, Chang shows, today's economic superpowers-from the U.S. to Britain to his native Korea-all attained prosperity by shameless protectionism and government intervention in industry. We have conveniently forgotten this fact, telling ourselves a fairy tale about the magic of free trade and-via our proxies such as the World Bank, International Monetary Fund, and World Trade Organization-ramming policies that suit ourselves down the throat of the developing world.
Unlike typical economists who construct models of how the marketplace should work, Chang examines the past: what has actually happened. His pungently contrarian history demolishes one pillar after another of free-market mythology. We treat patents and copyrights as sacrosanct-but developed our own industries by studiously copying others' technologies. We insist that centrally planned economies stifle growth-but many developing countries had higher GDP growth before they were pressured into deregulating their economies. Both justice and common sense, Chang argues, demand that we reevaluate the policies we force on nations that are struggling to follow in our footsteps.
Global economics affects every aspect of our lives. Free trade agreements, tariffs, terrorism, trade deficits, international debt, global warming, OPEC, outsourcing, and sweat shops are just some of the forces driving our world, food supply, jobs, and future. The Complete Idiot's Guide to Global Economics provides the key to understanding the various facts, figures, policies, and practices that offer insight into this dynamic subject.
Contributors include authoritative figures in trade theory such as Murray Kemp, Ronald Jones, Henry Wan, and Wilfred Ethier, world-renowned macroeconomists such as Stephen Turnovski and Costas Azariadis, and leading Japanese economists such as Kazuo Nishimura, Makoto Yano, Ryuzo Sato, and Koichi Hamada. This broad range of contributors reflects Koji Shimomura’s many connections as well as the respect he earned in the economic profession. This volume offers the reader a rare opportunity to learn the views of so many renowned economists from different schools of thought.
Susan Strange was one of the most influential international relations scholars of the latter half of the twentieth century. She is regarded by many as the creator of the discipline of international political economy (IPE) and leaves behind an impressive body of work. States and Markets is one of Strange's seminal texts. Strange Introduces the reader to a unique critical model for understanding the relationship between politics and economics centred on her four-faceted model of power consisting of: security, production, finance and knowledge. Using these terms Strange provides a rigorous analysis of the effects of political authority, including states, on markets and conversely of market forces on states. The Revelations edition includes a new foreword by Ronen Palan.
Father and son – entrepreneur and economist – search for Japan's economic cure
The Power to Compete tackles the issues central to the prosperity of Japan – and the world – in search of a cure for the "Japan Disease." As founder and CEO of Rakuten, one of the world's largest Internet companies, author Hiroshi Mikitani brings an entrepreneur's perspective to bear on the country's economic stagnation. Through a freewheeling and candid conversation with his economist father, Ryoichi Mikitani, the two examine the issues facing Japan, and explore possible roadmaps to revitalization. How can Japan overhaul its economy, education system, immigration, public infrastructure, and hold its own with China? Their ideas include applying business techniques like Key Performance Indicators to fix the economy, using information technology to cut government bureaucracy, and increasing the number of foreign firms with a head office in Japan. Readers gain rare insight into Japan's future, from both academic and practical perspectives on the inside.
Mikitani argues that Japan's tendency to shun international frameworks and hide from global realities is the root of the problem, while Mikitani Sr.'s background as an international economist puts the issue in perspective for a well-rounded look at today's Japan.Examine the causes of Japan's endless economic stagnationDiscover the current efforts underway to enhance Japan's competitivenessLearn how free market "Abenomics" affected Japan's economy long-termSee Japan's issues from the perspective of an entrepreneur and an economist
Japan's malaise is seated in a number of economic, business, political, and cultural issues, and this book doesn't shy away from hot topics. More than a discussion of economics, this book is a conversation between father and son as they work through opposing perspectives to help their country find The Power to Compete.
In Free Trade under Fire, Douglas Irwin sweeps aside the misconceptions that litter the debate over trade and gives the reader a clear understanding of the issues involved. This fourth edition has been thoroughly updated to include the most recent policy developments and the latest research findings on the impact of trade.
• The gains from financial globalization (Chapter 6)
• Fixed versus floating regimes (Chapter 8)
• Exchange-rate crises (Chapter 9
• The Euro (Chapter 10)
As well as core topics:
• Foreign exchange markets and exchange rates in the short run and the long run (Chapters 2–4)
• The national and international accounts (Chapter 5)
• The open economy IS-LM model (Chapter 7)
• Applied topics of current interest (Chapter 11)
• Offshoring of goods and services (Chapter 6)
• Tariffs and quotas under imperfect competition (Chapter 9)
• International agreements on trade, labor, and the environment (Chapter 11)
As well as core topics:
• The Ricardian model (Chapter 2)
• The specific-factors model (Chapter 3)
• The Heckscher-Ohlin model (Chapter 4)
• Trade with increasing returns to scale and imperfect competition (Chapter 6)
• Import tariffs and quotas under perfect competition (Chapter 8)
• Export subsidies (Chapter 10)
For the paperback edition, Landes has written a new epilogue, in which he takes account of Asian financial crisises and the international tension between overconfidence and reality.
Ronald Findlay and Kevin O'Rourke examine the successive waves of globalization and "deglobalization" that have occurred during the past thousand years, looking closely at the technological and political causes behind these long-term trends. They show how the expansion and contraction of the world economy has been directly tied to the two-way interplay of trade and geopolitics, and how war and peace have been critical determinants of international trade over the very long run. The story they tell is sweeping in scope, one that links the emergence of the Western economies with economic and political developments throughout Eurasia centuries ago. Drawing extensively upon empirical evidence and informing their systematic analysis with insights from contemporary economic theory, Findlay and O'Rourke demonstrate the close interrelationships of trade and warfare, the mutual interdependence of the world's different regions, and the crucial role these factors have played in explaining modern economic growth.
Power and Plenty is a must-read for anyone seeking to understand the origins of today's international economy, the forces that continue to shape it, and the economic and political challenges confronting policymakers in the twenty-first century.
From the Trade Paperback edition.
This book deals with the financial side of international economics and covers all aspects of international finance. There are many books and articles by exponents of alternative points of view. I know of no other book that provides the scope, balance, objectivity and rigor of this book.
the late Professor Jerome L. Stein, Brown University
This book is a second edition of a volume on international finance first published in 2001. Like Giancarlo’s other books in International Economics, this book is organised as a two-books-in-one by distributing the material between text and appendices. The text provides coverage suitable for an undergraduate course while the mathematical appendices provide coverage of the topics at the frontier of the discipline and suitable for advanced undergraduate or graduate students in an international finance and international macroeconomics course.
This edition updates the earlier volume and covers all the classic topics as well as the more recent advances in the theory and modelling of international finance. It includes some discussion of the empirical testing of these theories and where appropriate reference to the extensive empirical literature is also provided.
This book is a valuable addition to the bookshelf of any serious International Finance Scholar and provides a treasure chest of material for any quality international finance course.
Professor Pasquale M Sgro, Deakin University
Giancarlo Gandolfo is one of the profession's most gifted textbook authors on mathematical modeling and international economics. His revised International Finance and Open-Economy Macroeconomics is remarkable for its scope and clarity. The book covers the older and intertemporal approaches, and topics that are usually left out of graduate treatments (the chapter on balance-of-payments accounting is a gem). Gandolfo's two-tier approach of first developing topics with graphs and basic algebra and then providing rigorous mathematics for each topic makes the book ideal for advanced undergraduate and graduate classes.
Professor Michael D. Goldberg, University of New Hampshire
Feenstra explores a wealth of material, such as the Ricardian and Heckscher-Ohlin models, extensions to many goods and factors, and the role of tariffs, quotas, and other trade policies. He examines imperfect competition, offshoring, political economy, multinationals, endogenous growth, the gravity equation, and the organization of the firm in international trade. Feenstra also includes a new chapter on monopolistic competition with heterogeneous firms, with many applications of that model. In addition to known results, the book looks at some particularly important unpublished results by various authors. Two appendices draw on index numbers and discrete choice models to describe methods applicable to research problems in international trade.
Completely revised with the latest developments and brand-new materials, Advanced International Trade is a classic textbook that will be used widely by students and practitioners of economics for a long time to come.
Updated second edition of the essential graduate textbookCurrent approaches and a new chapter on monopolistic competition with heterogeneous firmsSupplementary materials in each chapterTheoretical and empirical exercisesTwo appendices describe methods for international trade research
The book provides a market-oriented focus, arguing that a just international economy would be one that is inclusive, participatory, and welfare-enhancing for all states. Rejecting radical redistribution schemes between rich and poor, Ethan Kapstein asserts that a politically feasible approach to international economic justice would emphasize free trade and limited flows of foreign assistance in order to help countries exercise their comparative advantage.
Kapstein also addresses justice in labor, migration, and investment, in each case defending an approach that concentrates on nation-states and their unique social compacts. Clearly written for all those with a stake in contemporary debates over poverty reduction and development, the book provides a breakthrough analysis of what the international community can reasonably do to build a global economy that works to the advantage of every nation.
Beginning with the industrial revolution, the book charts the long nineteenth century, the impact of colonialism, the fast pace of technology growth and the impact of global wars. New features to this edition include:
a prologue explaining the initial conditions faced by the world economy in 1820, detailing the beginnings of international trade and the influence of slavery
greater coverage of developing countries
increased coverage of World Wars I and II and of the twentieth century
a number of appendices outlining the economic concepts and theories underlying the text
This new edition of Growth of the International Economy provides the reader with a clear understanding of the factors which have been instrumental in creating the economic environment we face two hundred years after the industrial revolution.
One of Foreign Policy's "21 Books to Read in 2012"
A Publishers Weekly Top 10 Business Book
“The best book on global economic trends I’ve read in a while.”—Fareed Zakaria, CNN GPS To identify the economic stars of the future we should abandon the habit of extrapolating from the recent past and lumping wildly diverse countries together. We need to remember that sustained economic success is a rare phenomenon. After years of rapid growth, the most celebrated emerging markets—Brazil, Russia, India, and China—are about to slow down. Which countries will rise to challenge them? In his best-selling book, writer and investor Ruchir Sharma identifies which countries are most likely to leap ahead and why, drawing insights from time spent on the ground and detailed demographic, political, and economic analysis.
With a new chapter on America’s future economic prospects, Breakout Nations offers a captivating picture of the shifting balance of global economic power among emerging nations and the West.
A handful of corporations and financial institutions command an ever-greater concentration of economic and political power in an assault against markets, democracy, and life. It's a “suicide economy,” says David Korten, that destroys the very foundations of its own existence.
The bestselling 1995 edition of When Corporations Rule the World helped launch a global resistance against corporate domination. In this twentieth-anniversary edition, Korten shares insights from his personal experience as a participant in the growing movement for a New Economy. A new introduction documents the further concentration of wealth and corporate power since 1995 and explores why our institutions resolutely resist even modest reform. A new conclusion chapter outlines high-leverage opportunities for breakthrough change.
Schwab argues that this revolution is different in scale, scope and complexity from any that have come before. Characterized by a range of new technologies that are fusing the physical, digital and biological worlds, the developments are affecting all disciplines, economies, industries and governments, and even challenging ideas about what it means to be human.
Artificial intelligence is already all around us, from supercomputers, drones and virtual assistants to 3D printing, DNA sequencing, smart thermostats, wearable sensors and microchips smaller than a grain of sand. But this is just the beginning: nanomaterials 200 times stronger than steel and a million times thinner than a strand of hair and the first transplant of a 3D printed liver are already in development. Imagine “smart factories” in which global systems of manufacturing are coordinated virtually, or implantable mobile phones made of biosynthetic materials.
The fourth industrial revolution, says Schwab, is more significant, and its ramifications more profound, than in any prior period of human history.
He outlines the key technologies driving this revolution and discusses the major impacts expected on government, business, civil society and individuals. Schwab also offers bold ideas on how to harness these changes and shape a better future—one in which technology empowers people rather than replaces them; progress serves society rather than disrupts it; and in which innovators respect moral and ethical boundaries rather than cross them. We all have the opportunity to contribute to developing new frameworks that advance progress.
From the Hardcover edition.
Pomeranz argues that Europe's nineteenth-century divergence from the Old World owes much to the fortunate location of coal, which substituted for timber. This made Europe's failure to use its land intensively much less of a problem, while allowing growth in energy-intensive industries. Another crucial difference that he notes has to do with trade. Fortuitous global conjunctures made the Americas a greater source of needed primary products for Europe than any Asian periphery. This allowed Northwest Europe to grow dramatically in population, specialize further in manufactures, and remove labor from the land, using increased imports rather than maximizing yields. Together, coal and the New World allowed Europe to grow along resource-intensive, labor-saving paths.
Meanwhile, Asia hit a cul-de-sac. Although the East Asian hinterlands boomed after 1750, both in population and in manufacturing, this growth prevented these peripheral regions from exporting vital resources to the cloth-producing Yangzi Delta. As a result, growth in the core of East Asia's economy essentially stopped, and what growth did exist was forced along labor-intensive, resource-saving paths--paths Europe could have been forced down, too, had it not been for favorable resource stocks from underground and overseas.
The author, a leading specialist on the international and Asianeconomy and business, presents the most comprehensive picture ofthe changing power balance between the emerging superpower Chinaand the "old" developed economies of the West: mainly the US,Europe and Japan. The reader can clearly see in what areas and towhat extent China has become the world leader, in what areas it iscatching up and in what areas the West retains its superiority andhas a chance to strengthen it further.
At the same time, I. Tselichtchev unveils a breath-taking storyof the global economy and business in the brave new world which isnon-"West-led" and where major growth dynamics are coming fromlarge emerging economies. A radically changing economic environmentrequires new government policies and business strategies. The bookcontains many valuable suggestions and ideas. Using his ownanalytical framework, the author presents a set of options andalternatives for Western businesses in the wake of China'sproduction and export offensive.
The book provides a uniquely sharp and thought-provokinganalysis of the factors behind the global crisis of 2008-2009,largely different from what we see in other publications, andexamines its implications for the global power balance. I.Tselichtchev vividly shows that it was not global, but Westerncrisis of a structural character which drastically changed theChina-West power balance in the former's favor. He provides strongarguments showing that today's China is structurally andmacro-economically stronger than most countries of the West. Thisleads him to rethinking the very essence of the Chinese model ofcapitalism and to its new definition. He expresses unconventional,sometimes controversial, but well-founded views about China'sproblems and weaknesses and the prospects for its politicalevolution.
The book ends with invaluable insights into China's unique rolein the world economic history, the essence of the non-"West-led"multipolar world and the positions of its major players. Arguingthat from now on no single country will be ever able to "rule theworld", it shows new opportunities dynamic China is opening for theWest.
Thoroughly analyzing and discussing a wide range of the key,often complicated issues which are now in the focus of the world'sattention, the book remains very reader-friendly. It is written inthe form of an unconstrained dialogue with the reader, containing alot of the author's on-the-spot impressions, interesting facts,remarks and quotations.
China Versus the West is a must reading for everyone whowants to know more about the global developments, China and theWest, and also, perhaps, to get valuable inputs and hints to findhis or her own place in today's new world. It is highly recommendedfor policy-makers, business people, academics, analysts andjournalists. It is a valuable source for professors and students ofthe universities and business schools.
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The new edition of this best-selling text has been thoroughly revised and updated to take into account new issues which have become salient in the period since the first and second editions were published. Several new chapters have been added and others combined or re-written to assess the growing supra-national regionalization of the international economy, the emergence of India and China as new super-powers, and the possibilities for the continued governance of the global system. A new author has been added to strengthen the analytical embrace of the book given the untimely death of Paul Hirst in 2003.
Globalization in Question's third edition is a continuing intervention into current discussions about the nature and prospects of globalization. The book has far-reaching implications which will be of interest to students and academics in a number of disciplines including politics, sociology, economics and geography, as well as to journalists and policy-makers.