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"In the process of dispelling . . .simplistic myths of economic globalization, Greenwald and Kahn present an alternative history based on facts . . . Refreshingly, their conclusions cut across traditional ideological chasms. . . Greenwald and Kahn challenge much of the conventional knowledge about globalization and offer investors a long-run look into macroeconomic developments. They present intriguing insights based on facts rather than political ideology. That's exactly what Foolish investors want to hear." (Motley Fool)
"Columbia professor and economist Bruce Greenwald, abetted by collaborator Judd Kahn, deftly punctures the prevailing wisdom on the effects of international trade, arguing that most of the books and reporting on the subject deal with this complex, multidimensional phenomenon simplistically, anecdotally and incorrectly… It's not globalization that's screwing things up. On the contrary. Overriding local political and economic interests subvert the flow of commerce, which introduces disparities and deficits that result in trade imbalances, inflation, deflation and unemployment."–Richard Pachter, "Globalization myths debunked," ( The Miami Herald)
"The list of globalization errors (both pro and con) is long, and makes fertile territory for Bruce Greenwald and Judd Kahn in "Globalization." The authors, a Columbia Business School professor and a historian, respectively, argue that local decision-making, productivity-enhancing technological change, and the growing demand for services will be the key forces shaping our futures — not globalization, meaning the global flow of goods and capital. …this work is a crisp, provocative addition to the debate on globalization. It's well worth a look, particularly as a counterbalance to prevailing globalization "wisdom." (Rick Carew, The Wall Street Journal)
Introduction: Just How Global Are We?
Chapter 1: It May Be News, But It Isn’t New: A Brief History of Globalization.
From Goods to Services.
Which Services Remain Rooted?
Why So Newsworthy?
Chapter 2: Countries Control Their Fates: How Little Globalization Explains.
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: Are All the Good Jobs Going Away?
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?: What Globalization Does to Profi ts.
Companies Under Globalization 3.0.
Why Some Companies Are Profi table.
Profi ts in Competitive Markets: Low Before Globalization, and Low After.
Profi ts 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: Home Field Advantage.
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: Replacing the Consumer of Last Resort.
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: Beyond Economics.
Globalization and Everything Else.
One Last Question.
About the Authors.