Visions and Revisions: The United States in the Global Economy

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This book examines the impact of “globalization” on the American economy. Although temporarily muted by the “exceptional” state of the country’s financial markets in recent years—a high level of employment, a low inflation rate and extraordinary stock prices—the increased integration of the American economy with that of the rest of the world has been controversial and a source of concern.This integration process has been held responsible for the loss of “good” jobs, for the relocation of American industries in low-wage countries, for stagnant wages, for the increase in income and inequality and for the loss of sovereignty. The postwar trading system, the construction of which the United States contributed importantly, has been regarded by many Americans as a snare and a delusion enabling other countries to take advantage of our open markets while keeping theirs closed to American exports. Environmentalists and labor spokesmen are convinced that the process of integration has or soon will result in a “race to the bottom” as far as environment and labor standards are concerned. Human rights advocates have condemned the growth of the global economy on the grounds that it leads to oppression of the poor in the less developed countries.Visions and Revisions examines the available evidence to provide insight into these and related issues. The conclusion that emerges from this thought-provoking study is that much of the angst generated by the so-called globalization process is, at least at the present time, unjustified and that on balance the process has been beneficial.
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Editorial Reviews

Examines the impact of globalization on the American economy. The author argues that although temporarily muted by the exceptional state of the country's financial markets in recent years, a high level of employment, a low inflation rate, and extraordinary stock prices, the increased integration of the U.S. economy with that of the rest of the world has been controversial and a source of concern. However, his study concludes that much of the angst generated is, at least for the present, unjustified and that on balance the process has been beneficial. Annotation c. Book News, Inc., Portland, OR (
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Product Details

  • ISBN-13: 9780813335520
  • Publisher: Basic Books
  • Publication date: 4/9/1999
  • Edition description: New Edition
  • Pages: 280
  • Lexile: 1600L (what's this?)
  • Product dimensions: 6.28 (w) x 9.32 (h) x 1.24 (d)

Meet the Author

Elliot Zupnick has taught economics at Cornell University, Columbia University, and the Graduate School of the City University of New York, where he was also dean of Graduate Studies. He is now retired.
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Table of Contents

Tables and Illustrations
List of Acronyms
1 Introduction 1
Pt. 1 Free Trade: Theory and Reality
2 The Gains from Trade and the Cost of Protection 19
3 General Agreement on Tariffs and Trade 39
Pt. 2 The Impact of Globalization on the U.S. Economy
4 U.S. International Accounts, 1970-1996 55
5 U.S. Trade 73
6 U.S. Foreign Direct Investments Abroad 109
7 Foreign Direct Investments in the United States 127
Pt. 3 A New Beginning?
8 U.S. Trade Policies: From Multilateralism to Bilateralism to Aggressive Unilateralism 145
9 The Uruguay Round and Beyond: A New Beginning? 167
10 International Trade and Labor and Environmental Standards 189
11 Regional and Preferential Trade Agreements 209
12 Conclusion: Is the Globalization Process in the Winter of Its Discontent? 225
Notes 233
Bibliography 251
Index 269
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