Why Globalization Works

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The debate on globalization has reached a level of passionate intensity that inhibits rational discussion. In this book, one of the world's foremost economic commentators explains how globalization works and why it makes sense. Martin Wolf confronts the charges against globalization, delivers a devastating critique of each and outlines a more hopeful future.
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Editorial Reviews

Publishers Weekly
The author, a Financial Times editor, makes a conventional economist's argument for globalization that is not likely to convince many skeptics. His faith is that growth and everything else good comes from "the market," while any problems with globalization must be the fault of governments. Wolf doesn't consider that economic processes redistribute power and therefore transform politics and the possibilities of government action. Like so many economists, he analyzes primarily aggregate statistics: gray averages. For example, using aggregate figures he argues that workers in rich countries are paid more because they are much more productive than workers in poor countries are. Thus high-paid workers need not fear that competition from low-paid workers will undermine their economic security. The reason, he explains, is that workers in developed countries work, on average, with far less capital per worker. While this is true in aggregate, for a particular transnational firm deciding whether to locate a new factory in Shanghai or Chicago, the difference in productivity will rarely be as great as the wage differential. Therefore, as long as other costs and risks do not overwhelm the benefit of cheaper labor, there is a long-term tendency for investment and jobs to flow toward low-wage countries. Wolf neglects the profound consequences of relative labor immobility (because of immigration restrictions and cultural barriers) compared with the mobility of products, many services and capital, one of the characteristic features of contemporary globalization. Agent, Felicity Bryan, U.K. (May) Copyright 2004 Reed Business Information.
Foreign Affairs
By the early 1980s, a number of distinguished economists had amassed compelling evidence that outward-oriented trade policies were far more likely than protectionism to lead to economic growth. The evidence was contained in two multi-country research projects-one at the Organization for Economic Cooperation and Development (OECD), led by Ian Little and others, and the other at the National Bureau of Economic Research, directed by Jagdish Bhagwati and Anne Krueger-and in a series of studies at the World Bank.

Today, however, advocates of globalization are gaining the upper hand again. Bhagwati's strikingly successful defense of open markets in his recent book In Defense of Globalization has been bolstered by another influential pro-globalization voice, that of Martin Wolf of the Financial Times. Wolf's weekly columns have already established him as one of the world's most respected economic journalists. Now his ambitious new book, Why Globalization Works, offers a patient and persuasive refutation of many of the arguments most frequently marshaled by critics of trade liberalization.

From the Publisher
A distinguished international economist here offers a powerful defense of global market economy. Martin Wolf explains how globalization works, critiques the charges against it, argues that the biggest obstacle to global economic progress has been the failure not of the market but of governments, and offers a realistic scenario for economic internationalism in the post 9/11 age.—>

“No one has summarized more coherently the recent, voluminous research. . . . Elegantly and persuasively, Wolf marshals the facts.”—Niall Ferguson, Sunday Telegraph

“[Written by] one of the world’s most respected economic journalists . . . this elegant and passionate defense of trade liberalization is essential reading.”—Arvind Panagariya, Foreign Affairs

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Product Details

  • ISBN-13: 9780300102529
  • Publisher: Yale University Press
  • Publication date: 6/1/2004
  • Pages: 416
  • Product dimensions: 6.58 (w) x 9.58 (h) x 1.30 (d)

Meet the Author

Martin Wolf is associate editor and chief economics commentator at the Financial Times in London. Formerly senior economist at the World Bank’s division for international trade, he has worked in Kenya, Zambia, and India. He has been visiting professor at Oxford, Nottingham, and Rotterdam Universities and fellow of the World Economic Forum in Davos, Switzerland.

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Table of Contents

List of tables and figures
Preface : why I wrote this book
Pt. I The dabate
Ch. 1 Enter the 'new millennium collectivists' 3
Ch. 2 What liberal globalization means 13
Pt. II Why a global market economy makes sense
Ch. 3 Markets, democracy and peace 24
Ch. 4 The 'magic' of the market 40
Ch. 5 Physician, heal thyself 58
Ch. 6 The market crosses borders 77
Pt. III Why there is too little globalization
Ch. 7 Globalization in the long run 96
Ch. 8 Rise, fall and rise of a liberal global economy 106
Pt. IV Why the critics are wrong
Ch. 9 Incensed about inequality 138
Ch. 10 Traumatized by trade 173
Ch. 11 Cowed by corporations 220
Ch. 12 Sad about the state 249
Ch. 13 Fearful of finance 278
Pt. V How to make the world better
Ch. 14 Today's threats, tomorrow's promises 307
Notes 321
References 364
Index 381
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  • Anonymous

    Posted November 4, 2004

    Packed With Knowledge!

    In this purpose-driven book, author Martin Wolf stakes out his intellectual turf clearly and defends it. Wolf begins with the concept that the value of the individual and the importance of that individual's right to pursue economic advancement are the foundation of the world's great democracies. From there, he levels a devastating critique against the anti-globalists and the diverse interests that oppose the global integration of markets. He presents strong evidence that the power of international corporations has been exaggerated, and concludes that the issue isn't too much globalization, but rather too little. This clear-eyed, well-researched defense of globalization should become a mainstay in any library of economic rationalism. We recommend it most highly.

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