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World 3.0: Global Prosperity and How to Achieve It

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Overview


Since the financial crisis of 2008, many of us have had to reexamine our beliefs about markets and globalization. How integrated should economies really be? How much regulation is right?

Many people fuse these two dimensions of choice into one, either favoring both globalization and deregulation—or opposing both of them.

It doesn’t have to be that way.

In World 3.0, award-winning author and economist Pankaj ...

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World 3.0: Global Prosperity and How to Achieve It

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Overview


Since the financial crisis of 2008, many of us have had to reexamine our beliefs about markets and globalization. How integrated should economies really be? How much regulation is right?

Many people fuse these two dimensions of choice into one, either favoring both globalization and deregulation—or opposing both of them.

It doesn’t have to be that way.

In World 3.0, award-winning author and economist Pankaj Ghemawat reveals the folly in both of these responses. He calls for a third worldview—one in which both regulation and cross-border integration coexist and complement one another.

Ghemawat starts by exposing common assumptions about globalization to hard data, proving that the world is not nearly as globalized as we think. And he explains why the potential gains from further integration are much larger than even pro globalizers tend to believe.

He then tackles market failures and fears—job losses, environmental degradation, macroeconomic volatility, and trade and capital imbalances—that opponents of globalization often invoke. Drawing on compelling data, he shows that increased globalization can actually alleviate some of these problems.

Finally, Ghemawat describes how a wide range of players—businesses, policy makers, citizens, media—can help open up flows of ideas, people, and goods across borders, but in ways that maximize the benefits and minimize the potential side effects.

World 3.0 dispels powerfully entrenched—but incorrect—assumptions about globalization. Provocative and bold, this new book explains how people around the world can secure their collective prosperity through new approaches to cross-border integration. Ghemawat’s thinking will surprise and move you—no matter where you stand on globalization.

World 3.0 reveals how we're not nearly as globalized as we think we are, and how people around the world can secure their collective prosperity through new approaches to cross-border integration. Provocative and bold, this new book will surprise and move you, no matter where you stand on globalization.

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Editorial Reviews

From the Publisher

“it should be included on the reading list of anyone interested in the subject.” – Publisher’s Weekly

“World 3.0's cautious tone is refreshing…” – USA Today

“a very smart book” - TIME

“At last, some sense on globalization...deserves a wide audience...” - The Economist

“An excellent new book… thoughtful and persuasive… [ Ghemawat’s] ambition is commendable and his argument compelling.” — International Affairs

“a unique look at globalisation…” - Business Today

“The book is a solid read, backed by hard data and supplemented with easily understood illustrations.” – Business Today Egypt

“In World 3.0, Pankaj Ghemawat provides a fresh look at cross-border integration and its implications. He demonstrates why integration and regulation must be seen as complementary. And he offers great recommendations that should inspire all stakeholders in times of major global challenges. A must-read.”
--Pascal Lamy, Director-General of the World Trade Organization (WTO).

“We are currently stuck in ‘World 2.0,’ a world in which the further impact of global integration is seen as limited. Professor Ghemawat artfully proposes how we can move to ‘World 3.0,’ in which openness leads to wider technological, cultural, and social benefits. The transfer of knowledge—through people, trade, or investments—could have a significant impact on growth. This is an interesting and timely argument that deserves careful consideration.”
--Dr. Supachai Panitchpakdi, Secretary-General of the UN Conference on Trade and Development (UNCTAD)

“World 3.0 is a comprehensive framework for thinking about globalization, market failures, and market integration. Ghemawat sets a visionary but pragmatic agenda for senior managers, businesses, and governments. His views about managing capital reversals and imbalances while exploiting the large untapped potential of globalization are particularly relevant.”
--Michel Camdessus, former Managing Director, International Monetary Fund

“This book deserves to be read widely. It establishes—through the type of clinical analysis on which Ghemawat has built his reputation as a global strategist—that the current world we live in is, at best, semiglobalized, and then proceeds to spell out the implications of such a world for individuals, businesses, and governments.”
--Ratan Tata, Chairman, Tata Group

“This is the right book at the right time. After the most severe economic crisis since the Great Depression, many leaders are looking for ways to make the global economy more stable and sustainable. World 3.0 offers well-reasoned strategies for achieving that.”
-- Peter Löscher, President and Chief Executive Officer Siemens AG

“Pankaj Ghemawat has provided an impressive and comprehensive analysis of the world’s situation in times of globalization and strong economic and social imbalances. His book contributes to fostering the mind-set that will enable us to reshape this world in a sustainable way. If we believe in ‘World 3.0,’ we will be able to build it.”
--Mohammed Yunus, founder of Grameen Bank and recipient of the Nobel Prize for Peace

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Product Details

  • ISBN-13: 9781422138649
  • Publisher: Harvard Business Review Press
  • Publication date: 5/3/2011
  • Pages: 400
  • Sales rank: 725,445
  • Product dimensions: 9.18 (w) x 6.44 (h) x 1.25 (d)

Meet the Author


Pankaj Ghemawat is the Anselmo Rubiralta Professor of Global Strategy at IESE Business School, in Barcelona and served for more than twenty years on the faculty of the Harvard Business School, where in 1991, he became the youngest person in the school’s history to be appointed a full professor. Ghemawat has been described by Michael Porter as “one of those rare individuals who combines world-class scholarship with a deep knowledge of business practice.” He is also the youngest “guru” included in the guide to the greatest management thinkers of all time published in 2008 by The Economist.
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Read an Excerpt

INTRODUCTION:
Reflections from 2020

The following is an excerpt from an essay of historical analysis published in 2020. Warning: What you will read below will frighten you.

On September 1, 2020, newyorktimes.com re-published a famous essay that first appeared in 2018, when the old Times ran its final paper edition. Penned by an eminent French surgeon, the essay tells of the time his five-year-old granddaughter asked what it was like to fly in an airplane. It had been ten years since the surgeon had last flown, so he at first couldn’t remember all that much. When images of flying on a commercial carrier finally did come back, they were accompanied by other memories of the era of relative economic openness and prosperity that had existed before the Real Depression. "I wiped a tear from my eye as I thought about what I’d once taken for granted—flat screen TVs, feather light smart-phones, wines from around the world, foreign vacations, wifi cafés, ultra-small laptop computers. Now, all that is gone from my life. Even if I could find the nifty gizmos or a seat on the rare international flight, my income is inadequate.” Eager to spare his granddaughter any pain, the surgeon averred that flying wasn’t such a big deal—definitely not as much fun as, say, playing with her old PlayStation2 from 2005. "Yet she didn’t seem convinced,” the surgeon notes sadly.
Almost everyone is suffering in today’s economy, yet few in the general public understand just how bad things really are, nor how the ground fell out from under us, nor what we might do to avert future catastrophes. This essay seeks to remedy the situation by making more accessible the latest analyses offered by business historians. As is well known, the Real Depression originated in 2008, with the near implosion of the U.S. financial system. By summer 2009, more than a few observers were murmuring that the financial crisis was over and growth was ready to get back on track. No less a figure than U.S. economic official Lawrence Summers was remarking that he knew the worst was past when he no longer found himself getting up at 4AM to check the Asian market. More than ten years later, we know that his perceptions were wrong. So what happened? Business historians are quite united in their assessment: While the financial markets initially began to recover to something approximating normalcy, the financial crisis had begun to trigger an entirely preventable, insidious, and profoundly destructive phenomenon: Protectionism.
Unlike our parents’ semi-globalized world, ours has become brutally fragmented into national territories, each largely cut off from the others by tariffs, regulations, and other protectionist policies. The economic impact has been profound. Looking at aggregate measures like the global goods trade, services trade, capital flows, labor flows, and knowledge sharing, we find that the decline in cross-border activity has amounted to between 25% and 75% over the last decade. Before 2008, the world had been only partially globalized; now it seems barely so. The circulation of goods, capital, ideas, skills, people, even art and culture stands far below the levels of the late 20th Century—in fact, we’d have to go back to the mid 18th century to see the nations of the world as cut off from one another as they now are. Such tightened borders have proven immensely destructive economically, not least because many of the advantages derived from both specialization and economies of scale have dried up. In the end, our low-flow world is a markedly poor world.

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