Susan M. Collins is a senior fellow in Economic Studies at the Brookings Institution and a professor of economics at Georgetown University. Her publications focus on various dimensions of economic policy and performance for developing countries. Dani Rodrik is professor of international political economy at the John F. Kennedy School of Government, Harvard University. He has published widely on issues related to trade policy and economic reform in developing economies, including Has Globalization Gone Too Far? (Institute for International Economics, 1997) and The New Global Economy and Developing Countries: Making Openness Work (Overseas Development Council, 1999).
Not so long ago the nation-state seemed to be on its deathbed, condemned to irrelevance by the forces of globalization and technology. Now it is back with a vengeance, propelled by a groundswell of populists around the world. In Straight Talk on Trade, Dani Rodrik, an early and outspoken critic of economic globalization taken too far, goes beyond the populist backlash and offers a more reasoned explanation for why our elites’ and technocrats’ obsession with hyper-globalization made it more difficult for nations to achieve legitimate economic and social objectives at home: economic prosperity, financial stability, and equity.
Rodrik takes globalization’s cheerleaders to task, not for emphasizing economics over other values, but for practicing bad economics and ignoring the discipline’s own nuances that should have called for caution. He makes a case for a pluralist world economy where nation-states retain sufficient autonomy to fashion their own social contracts and develop economic strategies tailored to their needs. Rather than calling for closed borders or defending protectionists, Rodrik shows how we can restore a sensible balance between national and global governance. Ranging over the recent experiences of advanced countries, the eurozone, and developing nations, Rodrik charts a way forward with new ideas about how to reconcile today’s inequitable economic and technological trends with liberal democracy and social inclusion.
Deftly navigating the tensions among globalization, national sovereignty, and democracy, Straight Talk on Trade presents an indispensable commentary on today’s world economy and its dilemmas, and offers a visionary framework at a critical time when we need it most.
What emerges from this collective effort is a deeper understanding of the centrality of institutions. Economies that have performed well over the long term owe their success not to geography or trade, but to institutions that have generated market-oriented incentives, protected property rights, and enabled stability. However, these narratives warn against a cookie-cutter approach to institution building.
The contributors are Daron Acemoglu, Maite Careaga, Gregory Clark, J. Bradford DeLong, Georges de Menil, William Easterly, Ricardo Hausmann, Simon Johnson, Daniel Kaufmann, Massimo Mastruzzi, Ian W. McLean, Lant Pritchett, Yingyi Qian, James A. Robinson, Devesh Roy, Arvind Subramanian, Alan M. Taylor, Jonathan Temple, Barry R. Weingast, Susan Wolcott, and Diego Zavaleta.
GLOBALIZATION AND INEQUALITY
Competing Concepts of Inequality in the Globalization Debate
Martin Ravallion (World Bank)
Channels from Globalization to Inequality: Productivity World versus Factor World
William Easterly (New York University)
Health in an Age of Globalization
Angus Deaton (Princeton University)
BROADER INDICATORS OF WELL-BEING
Assessing the Impact of Globalization on Poverty and Inequality: A New Lens on an Old Puzzle
Carol Graham (Brookings Institution)
Poverty and the Organization of Political Violence: A Review and Some Conjectures
Nicholas Sambanis (Yale University)
IMPACT OF GLOBALIZATION
Trade, Inequality, and Poverty: What Do We Know?
Pinelopi Goldberg (Yale University) and Nina Pavcnik (Dartmouth College)
The Impact of Globalization on the Poor
Pranab Bardhan (University of California, Berkeley)
Why Global Inequality Matters
Nancy Birdsall (Center for Global Development)
Some Speculation on Growth and Poverty over the Twenty-First Century
Kenneth Rogoff (Harvard University)