A Vision for the World Economy: Openness, Diversity, and Cohesion / Edition 1

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Overview

As the twentieth century comes to a close, technological changes, corporate strategies, and international market pressures are undermining the traditional separation between the domains of international and domestic policy. Indeed almost every aspect of domestic policy has international ramifications. The challenge to international governance holds both perils and promise. Attempts to reassert national autonomy or to rely exclusively on competition to resolve international tension could fragment the global economy, producing inferior outcomes for all or most nations. But the promise lies in the possibility of creating a global community able to balance the objectives of openness, diversity, and cohesion. In this capstone volume to the Brookings project on Integrating National Economies - a pathbreaking series of books on the future of economic integration - the authors present a new vision to guide international policy. They stress openness to improve competition and discourage opportunistic trade and industrial policies; diversity to accommodate varying national conditions and preferences and allow for innovation and experimentation; and cohesion or trust among nations in one another's institutions and in international institutions to support increased openness. Although the lowering of barriers on goods and investments since World War II has contributed to unprecedented growth and prosperity, recent developments are forcing nations to look beyond the reduction of at-the-border trade barriers. The authors explore the strengths and weaknesses of alternative ways of dealing with these developments and consider a new model of international governance. They offer a blueprint for a world of clubs in which the nation remains a fundamental political unit but joins with other nations in pursuing common objectives. They contend that these clubs - functional, regional, and global - are necessary for a world of deeper integration.
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Editorial Reviews

Booknews
Presents a new vision to guide international policy, stressing openness to improve competition and discourage opportunistic trade and industrial policies; diversity to accommodate varying national conditions; and trust among nations in one another and in international institutions. The new model for international governance incorporates nations as fundamental political units, grouped into functional, regional, and global clubs for pursuing common objectives. Of interest to readers in political science and world affairs. Annotation c. Book News, Inc., Portland, OR (booknews.com)
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Product Details

  • ISBN-13: 9780815751830
  • Publisher: Brookings Institution Press
  • Publication date: 1/28/1996
  • Series: Integrating National Economies Series
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 124
  • Product dimensions: 5.98 (w) x 8.98 (h) x 0.37 (d)

Meet the Author

Robert Z. Lawrence is Albert L. Williams Professor of International Trade and Investment at the Kennedy School of Government. He is also a senior fellow at the Institute for International Economics, and a research associate at the National Bureau of Economic Research. He served as a member of the President's Council of Economic Advisers from 1998 to 2000. Lawrence has also been a senior fellow at the Brookings Institution. His books include Globaphobia: Confronting Fears about Open Trade (Brookings, 1998) and Single World, Divided Nations? International Trade and the OECD Labor Markets (Brookings/OECD, 1996). Albert Bressand is managing director of Promethee. Takatoshi Ito is professor of economis at Hutotsubashi University.

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Table of Contents

1 The Postwar Paradigm 1
2 The Impact of Contending Forces 23
3 When Is International Cooperation Desirable? 44
4 The Vision 59
5 Summary 104
References 113
Index 117
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