globalization: n. the irrational fear that someone in China will take your jobby Bruce C. N. Greenwald, Judd Kahn
To its critics, globalization is a terrible development that makes almost everybody worse off and threatens the survival of the planet. They blame it for everything from mass poverty in Africa and Latin America to the falling living standards for workers in Europe and North America. In contrast, globalization's advocates argue that it is the greatest force for good… See more details below
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To its critics, globalization is a terrible development that makes almost everybody worse off and threatens the survival of the planet. They blame it for everything from mass poverty in Africa and Latin America to the falling living standards for workers in Europe and North America. In contrast, globalization's advocates argue that it is the greatest force for good in human history, a powerful institution for improving the quality of life around the world. The underlying problem with both of these positions, says Bruce Greenwald and Judd Kahn, is that they are based on certain accepted truths that are either highly questionable or largely false. In Globalization, they 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.
The authors show that globalization is not a recent development but has a long and cyclical history. They explain how, by concentrating so intently on globalization, we ignore the role of other important trends and simply attribute every change to globalization. Perhaps most importantly, they reveal how the globalization debate largely ignores information that is essential to understanding what is really going on. While many commentators rely on anecdotes or studies that are fundamentally flawed, Greenwald and Kahn uncover the real facts about globalization and answer the most important questions it raises: Will globalization increase or diminish in economic importance? Do higher living standards depend more on global or local conditions? To what extent are workers in rich countries likely to be affected by globalization? How will business be influenced? What are the actual implications of globalization for financial markets?
Looking to the future, Greenwald and Kahn identify trends that point strongly to an economy in which services play a larger role and in which local decisions are critical. They suggest that international monetary reform is one area where global cooperation will be required.
There has clearly been a glaring need for a straightforward, inclusive, and digestible presentation of the wide range of systematic data that addresses the question of the likely future of globalization. This timely book meets this need.
"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)
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Meet the Author
Bruce C. Greenwald, PhD, currently serves as the Robert Heilbrunn Professor of Finance and Asset Management at Columbia University's Graduate School of Business.
Judd Kahn, PhD, is currently COO of Summit Street Capital Management, LLC. They also coauthored Value Investing: From Graham to Buffett and Beyond and Competition Demystified.
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