In Defense of Globalization: With a New Afterword

by Jagdish Bhagwati

Overview

Globalization has been blamed for everything from child labor to environmental degradation, cultural homogenization, and a host of other ills affecting rich and poor nations alike. Not a day goes by without impassioned authors and activists, whether anti- or pro-globalization, putting their oars into these agitated waters. When all is said, however, we lack a clear, coherent and comprehensive sense of how globalization works, and how it might be made to work better. Enter Jagdish Bhagwati, the internationally renowned economist, known equally for the clarity of his arguments and the sharpness of his pen. In this book, Bhagwati takes on globalization's critics, using sound economic principles and vivid examples rather than inflamed rhetoric, to show that globalization is in fact the most powerful force for social good in the world today.

Bhagwati explains why the "Gotcha" examples are often not as they seem -- that in fact globalization often alleviates many of the problems for which it has been blamed. Bhagwati carefully explains the fallacies that underlie many of the critics' arguments, suggesting that there is a good reason why most globalization protesters come from rich rather than poor countries. Exploring globalization's "human face" in great detail, Bhagwati demonstrates its beneficial effects on a panoply of social issues including poverty, child labor, women's rights, democracy, wage and labor standards, and the environment. He concludes that by focusing so much on globalization's purported evils, we are missing the opportunity to focus on accelerating its achievements while coping with its downsides. Often controversial and always compelling, Jagdish Bhagwati here provides at last a book that cuts through the noise on this most contentious issue, showing that globalization is part of the solution, not part of the problem. Anyone who wants to understand what's at stake in the globalization wars will want to read In Defense of Globalization.

Product Details

ISBN-13:	9780199838967
Publisher:	Oxford University Press
Publication date:	09/04/2007
Sold by:	Barnes & Noble
Format:	eBook
File size:	3 MB

About the Author

Jagdish Bhagwati is University Professor at Columbia University and Senior Fellow in International Economics at the Council on Foreign Relations. He writes frequently for The New York Times, The Wall Street Journal, and The Financial Times and is the author of Free Trade Today, The Wind of the Hundred Days: How Washington Mismanaged Globalization, and A Stream of Windows: Unsettling Reflections on Trade, Immigration, and Democracy. He lives in New York City.

Table of Contents

	Preface	ix
I	Coping with Anti-Globalization
1	Anti-Globalization: Why?	3
2	Globalization: Socially, Not Just Economically, Benign	28
3	Globalization Is Good but Not Good Enough	32
4	Non-Governmental Organizations	36
II	Globalization's Human Face: Trade and Corporations
5	Poverty: Enhanced or Diminished?	51
6	Child Labor: Increased or Reduced?	68
7	Women: Harmed or Helped?	73
8	Democracy at Bay?	92
9	Culture Imperiled or Enriched?	106
10	Wages and Labor Standards at Stake?	122
11	Environment in Peril?	135
12	Corporations: Predatory or Beneficial?	162
III	Other Dimensions of Globalization
13	The Perils of Gung-ho International Financial Capitalism	199
14	International Flows of Humanity	208
IV	Appropriate Governance: Making Globalization Work Better
15	Appropriate Governance: An Overview	221
16	Coping with Downsides	228
17	Accelerating the Achievement of Social Agendas	240
18	Managing Transitions: Optimal, Not Maximal, Speed	253
V	In Conclusion
19	And So, Let Us Begin Anew	265
	Glossary: Acronyms, Phrases and Concepts	267
	Notes	273
	Index	297

Editorial Reviews

There is a need for someone to step into the breach and defend globalization using the language of the average Joe, as opposed to the calculus of a Nobel Prize-winning Joe. If anyone can rise to this challenge, it should be Jagdish Bhagwati. An esteemed international economist, Bhagwati is a university professor at Columbia and a senior fellow at the Council on Foreign Relations. He has advised the World Trade Organization and the United Nations. Born in India, educated in Britain and now an American citizen, he can claim to understand all points of view. He has won multiple prizes for excellence in economic writing. And when it comes to the merits of international trade and investment, Bhagwati's belief in the absolute rightness of his position rivals the most ardent of protesters: ''If reducing poverty by using economic analysis to accelerate growth and therewith pull people up into gainful employment and dignified sustenance is not a compelling moral imperative, what is?'' — Daniel W. Drezner

The New York Times

Globalization is a buzzword that has no precise definition. It takes on many meanings, drawing both fervent support and fervent opposition. Indeed, the term is so imprecise that it is possible to be simultaneously for and against globalization.

"In Defense of Globalization" focuses on its economic dimension, defined by Bhagwati as "diverse forms of international integration such as foreign trade, multinational direct foreign investment, movements of 'short-term' portfolio funds, technological diffusion, and cross-border migration." His main thesis is that economic globalization is an unambiguously good thing, with a few downsides that thought and effort can mitigate. His secondary thesis is that globalization does not need to be given a "human face"; it already has one. A thoughtful and objective evaluation, Bhagwati believes, will make this clear, and that is what he sets out to do.

Foreign Affairs

"An outstandingly effective book.... Until further notice In Defense of Globalization becomes the standard general-interest reference, the intelligent layman's handbook, on global economic integration."—The Economist

"Once again, Columbia University economist Jagdish Bhagwati has weighed into the increasingly partisan and ideological debate over trade, offshore outsourcing and globalization. And once again, it is worth listening to.... what's most important about this book is its caution about globalization —namely, that it has to be managed, both in terms of how quickly it proceeds and what policies are put in place to reduce its unpleasant economic and social side effects."—Washington Post

"Bhagwati combines the hard-nosed perspective of a liberal on trade and investment with the soft-hearted sensitivities of a social democrat on poverty and human welfare. He thus has an admirable ability to address patiently and sympathetically globalization's well-meaning but wrong-headed critics.... A cogent, erudite, and, indeed, enjoyable discussion of economic globalization and its discontents."—Foreign Affairs

"One of the world's leading international trade theorists.... Bhagwati takes on many antiglobalist arguments, showing them to be overblown or groundless. The lot of women and children improves with the opening of markets, and the environment too, not to mention the chances for democracy.... Accessible and clearly argued. There is, one might say, a wealth of material on every page."—Bruce Bartlett, The Wall Street Journal

"An important contribution to an often incoherent debate. As we expect of Mr. Bhagwati, it is cogently argued and well written. It sets out a persuasive case in favor of globalization. And because of Mr. Bhagwati's impeccable credentials, there is a better chance his book will be given a fair hearing than might be the case with some other authors. Put simply, Mr. Bhagwati has 'street cred'."—Anne Krueger (Acting Director of the IMF), Financial Times

"Critics of globalization will find a few things to admire in Bhagwati's outlook. He limits his defense of globalization to trade, direct investment and migration. The book's short chapter on capital markets echoes many of the concerns of globalization's critics. Bhagwati forcefully denounces 'the Wall Street-Treasury Complex' that cajoled developing countries into eliminating capital controls. His charming cosmopolitanism will also allay the fears of critics convinced that economists are incapable of appreciating non-economic values. Literary references flow from the pages, from Lady Murasaki to King Lear to Woody Allen."—Daniel W. Drezner, New York Times Book Review

"In this elegant book, one of the world's preeminent economists distills his thinking about globalization for the lay reader.... Armed with a wit uncharacteristic of most writing on economics and drawing on references from history, philosophy and literature as well as some 'state of the art econometric analysis,' he sets out to prove that the antiglobalization movement has exaggerated claims that globalization has done little good for poor countries.... This is a substantial study that is as about as enjoyable and reassuring a work of economics as may be possible to write in this uncertain age."—Publishers Weekly

"Mr. Bhagwati slams through fact after fact, statistic after statistic, demolishing those who claim the poor are worse off because of globalization. He warns that many problems of poor countries are self-inflicted, such as trade barriers against one another. If Mr. Bhagwhati doesn't get a much deserved Nobel Prize for economics, he should get one for literature. His writing sparkles with anecdotes and delightful verbal pictures."—Mike Moore, New York Sun

"Does the international market economy worsen poverty in developing countries? Does it erode democracy? Hurt the cause of women? Trash the environment? Exacerbate the exploitation of child labor? Bhagwati's answers to all these questions make for a supremely worthy read."—Business 2.0 Magazine

"...an excellent and even-handed analytic description of globalization and its side-effects for economists and even non-economists."—Eastern Economic Journal

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