Globaphobia: Confronting Fears about Open Trade

Overview

For much of the post-World War II period, the increasing globalization of the U.S. economy was welcomed by policymakers and by the American people. We gained the benefits of cheaper and, in some cases, better foreign-made products, while U.S. firms gained wider access to foreign markets. The increasing economic interlinkages with the rest of the world helped promote capitalism and democracy around the globe. Indeed, we helped "win" the Cold War by trading and investing with the rest of the world, in the process ...

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Overview

For much of the post-World War II period, the increasing globalization of the U.S. economy was welcomed by policymakers and by the American people. We gained the benefits of cheaper and, in some cases, better foreign-made products, while U.S. firms gained wider access to foreign markets. The increasing economic interlinkages with the rest of the world helped promote capitalism and democracy around the globe. Indeed, we helped "win" the Cold War by trading and investing with the rest of the world, in the process demonstrating to all concerned the virtues of trade and markets. In recent years, however, a growing chorus of complaints has been lodged against globalization--which is blamed for costing American workers their jobs and lowering their wages.

The authors of this book speak directly and simply to these concerns, demonstrating with easy prose and illustrations why the "globaphobes" are wrong. Globalization has not cost the United States jobs. Nor has it played any more than a small part in the disappointing trends in wages of many American workers. The challenge for all Americans is to embrace globalization and all of the benefits it brings, while adopting targeted policies to ease the very real pain of those few Americans whom globalization may harm. Globaphobia outlines a novel, yet sensible program for advancing this objective.

Copublished with the Twentieth Century Fund and the Progressive Policy Institute

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Editorial Reviews

From the Publisher

"There will be many other books that treat these and similar subjects.... But it is difficult to imagine that there will be many better or more stimulating than [GLOBAPHOBIA]. The issues [GLOBAPHOBIA] raise[s] are the right ones. The solutions [it] suggest[s]... are equally correct." —Albert Fishlow, International Finance, 2:2, 1999

"Globaphobia deftly dissects the anti-trade arguments currently in vogue. An important book at an important time in the continuing debate over America's international posture.
" —James A. Baker, III, Former Secretary of State

"GLOBAPHOBIA knocks down the myths and misconceptions that too often cloud discourse concerning our increasing economic linkages with the rest of the world. The authors skillfully and impartially present data which establish that Americans overwhelmingly benefit from globalization through higher wages and better jobs.... This highly readable handbook is a welcome addition for citizens interested in policies that enhance their economic well-being, and it should be required reading for all legislators." —Carla A. Hills, Former U.S. Trade Representative

Booknews
Brookings Institution fellows and a founder of the Progressive Policy Institute make a case for the advantages of global trade at a time when, paradoxically, the US is doubting the desirability of the goal of its leadership in integrating national economies. They answer the critics of freer trade regarding the dislocation of jobs issue. Paper edition (unseen), $15.95. Annotation c. by Book News, Inc., Portland, Or.
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Product Details

  • ISBN-13: 9780815711902
  • Publisher: Brookings Institution Press, Progressive Policy Institute, and Twentieth Century Fund
  • Publication date: 2/28/1998
  • Pages: 125
  • Product dimensions: 6.40 (w) x 9.50 (h) x 0.60 (d)

Meet the Author

Gary Burtless is the John C. and Nancy D. Whitehead Chair in the Economic Studies program at the Brookings Institution. 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). Robert E. Litan is a senior fellow in Economic Studies at Brookings and vice president for research and policy at the Kauffman Foundation. Robert J. Shapiro is a founder and vice president of the Progressive Policy Institute.

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Table of Contents

1 Introduction 1
2 The Virtues of Openness 13
3 Openness and Jobs 44
4 Openness and Wages 59
5 Fairness and Level Playing Fields 89
6 Openness, Sovereignty, and Standards 110
7 Addressing Dislocation and Inequality 127
References 151
Index 157
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