globalization E-Book

Bruce C. Greenwald

• Herausgeber: John Wiley & Sons
• Kategorie: Fachliteratur
• Sprache: Englisch

Seitenzahl: 247

Veröffentlichungsjahr: 2008

Beschreibung

In Globalization, authors Bruce Greenwald and Judd Kahn cut through the myths surrounding globalization and look more closely at its real impact, presenting a more accurate picture of the present status of globalization and its future consequences. Page by page, they uncover the real facts about globalization and answer the most important questions it raises, including: Will globalization increase or diminish in economic importance? Do higher living standards depend more on global or local conditions– and What are the actual implications of globalization for financial markets?

Leseprobe

Table of Contents

Praise

Title Page

Copyright Page

Dedication

Acknowledgements

Introduction

Chapter 1 - It May Be News, But It Isn’t New

Tradable Goods

From Goods to Services

Which Services Remain Rooted?

Why So Newsworthy?

Chapter 2 - Countries Control Their Fates

Who Calls the Shots?

An Inadvertent Experiment

The Uneven Course of Manufacturing

The Recipe for Productivity Growth

Importance of Incremental Improvements

Tell Me Again: Why Is China Rising?

Episodic Improvements and Retreats

Widely Shared Diversions

What About Free Trade?

Keep It Local

Chapter 3 - Employment Trends for Globalization 3.0

Recent History as a Guide

Recent Patterns of Employment and Unemployment in the United States

The Changing Nature of Work

The Meaning Is in the Details

That Giant Sucking Sound Is Coming from . . .

But Will the Future Be Different?

What about Wages?

Chapter 4 - Can We Make Any Money?

Companies Under Globalization 3.0

Why Some Companies Are Profitable

Profits in Competitive Markets: Low Before Globalization, and Low After

Profits in Protected Markets: Do They Survive?

How to Keep Competitors Out

The Special Role of Economies of Scale Advantages

Competitive Advantages in a Global World

The Future of Profitability

Chapter 5 - International Finance in a Global World

Flow of Funds

Foreign Direct Investment: Not Where the Action Is

Financial Markets and Portfolio Investment: Not Here, Either

Institutions as Investors: These Do Matter

Safer at Home: Financial Markets and the Limits of Globalization

Global Capital Markets and Economic Development: More Headlines Than Production Lines

Chapter 6 - A Genuine Global Economic Problem

The Link between Reserve Currencies and Global Financial Stability

Chronic Surplus Countries and Monetary Mercantilism

The Global Financial System and Global Economic Stability

The Situation of the United States

A Modest Proposal for a New Reserve Currency

Conclusion

Notes

About the Authors

Index

Praise forglob•ali•zá•tion

“This extremely well-written book explodes some of the myths about globalization. For those who want to better understand the economic issues raised by globalization, this book is a must read.”

—Frederic S. Mishkin, Alfred Lerner Professor of Banking and Financial Institutions,

Graduate School of Business, Columbia University, former member of the Board of Governors of the Federal Reserve System, author of The Next Great Globalization:

How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich

“Bruce Greenwald and Judd Kahn masterfully demystify “globalization” and forcefully rebut the fears of job loss in the developed world as a result of trade. Bringing a popular Columbia Business School class to life, the book is a must-read for business people and commentators—and our new President.”

—R. Glenn Hubbard, Dean and Russell L. Carson Professor of Finance and Economics at Columbia Business School

“In their book on globalization, Greenwald and Kahn have done what seemed impossible. They have written a short, eminently readable book that explains the economics of globalization to the non-specialist.They dispel our ignorance, refute or refine the myths and cliches that dominate current public discourse, and show that globalization is an opportunity, not a threat. And they have managed to do all this with clear and lively prose, data that English majors can understand, and admirable balance and nuance.”

—Peter H. Schuck, Simeon E. Baldwin Professor at Yale Law School, co-editor (with James Q.Wilson) of Understanding America: The Anatomy of an Exceptional Nation (Public Affairs)

Copyright © 2009 by Bruce C. Greenwald and Judd Kahn. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada.

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Library of Congress Cataloging-in-Publication Data:

Greenwald, Bruce C. N., 1946- Globalization :the irrational fear that someone in China will take your job / Bruce C. Greenwald, Judd Kahn. p. cm. Includes bibliographical references and index.

eISBN : 978-0-470-46017-7

1. Globalization—Economic aspects. 2. International trade. 3. Labor market. 4. International economic relations. I. Kahn, Judd, 1940- II. Title. HF1379.G744 2009 337—dc222008028064

To Norbert W. Doyle, one of the greatunsung theorists of globalization,and for Sara, Nora, Mateo, and Alessandro,global grandchildren

Acknowledgments

This book arose chiefly out of a course on globalization that Bruce has taught since 2002 with Joseph Stiglitz. It has benefited greatly from his kind and helpful comments, his broad knowledge of globalization, and his keen economic insight. It has also profited from the contributions of over 1,000 outstanding students who have taken the course and actively challenged and improved the material. Readers familiar with the literature on globalization will note the extent to which the positions taken here differ from those articulated by Professor Stiglitz’s own first-rate books on the subject. Those differences are entirely our responsibility. He did his best to make us see the light as he sees it. The fact that both views coexist in the same course, and have been tolerated by the students, is testimony to the enduring value of civilized academic discourse. We are grateful to Professor Stiglitz and to the students.

We would also like to thank John Wright, the world’s most supportive agent, Pamela van Giessen and Emilie Herman of John Wiley & Sons for their help and encouragement, and Ava Seave and Anne Rogin for everything.

Introduction

Just How Global Are We?

Globalization is a big deal. It envelops us, like the weather. To borrow the reactions of an early reader of this manuscript, “We sense it.We live it.We hear it in the voice on the phone.We see it in the closing of local shops and the opening of supermarkets with French names.We certainly experience it talking with the help desk, when the 800 number we called is clearly answered in some exotic place eight or ten time zones away from us.” A nightly program on a major news channel is devoted to the perils of globalization. A search of Amazon.com for books with globalization in the title returns over 4,000 names, and the catalogue of the New York Public Library has almost 500 (with this book yet to be included).

But when we leave the indefinite we of this statement and coolly examine our own specific lives, these feelings look more like fantasy than fact. We (the authors) live in one of the great global cities (New York) and are affiliated with a great global university (Columbia). Yet in most of the things we do, we neither sense nor see nor experience lives substantially different from the ones we led before globalization permeated the atmosphere and the airwaves.The balance between foreign and domestic, global and local, exotic and familiar, has not been dramatically altered.