The Globalization Paradox

Why Global Markets, States, and Democracy Can't Coexist

Author: Dani Rodrik

Publisher: OUP Oxford

ISBN: 0191634255

Category: Political Science

Page: 368

View: 3881

For a century, economists have driven forward the cause of globalization in financial institutions, labour markets, and trade. Yet there have been consistent warning signs that a global economy and free trade might not always be advantageous. Where are the pressure points? What could be done about them? Dani Rodrik examines the back-story from its seventeenth-century origins through the milestones of the gold standard, the Bretton Woods Agreement, and the Washington Consensus, to the present day. Although economic globalization has enabled unprecedented levels of prosperity in advanced countries and has been a boon to hundreds of millions of poor workers in China and elsewhere in Asia, it is a concept that rests on shaky pillars, he contends. Its long-term sustainability is not a given. The heart of Rodrik’s argument is a fundamental 'trilemma': that we cannot simultaneously pursue democracy, national self-determination, and economic globalization. Give too much power to governments, and you have protectionism. Give markets too much freedom, and you have an unstable world economy with little social and political support from those it is supposed to help. Rodrik argues for smart globalization, not maximum globalization.

The Globalization Paradox: Democracy and the Future of the World Economy

Author: Dani Rodrik

Publisher: W. W. Norton & Company

ISBN: 0393341283

Category: Business & Economics

Page: 346

View: 5609

Discusses how democracy and national self-determination cannot be pursued simultaneously with economic globalization and instead promotes customizable globalization with international rules to achieve balanced prosperity.

Straight Talk on Trade

Ideas for a Sane World Economy

Author: Dani Rodrik

Publisher: Princeton University Press

ISBN: 1400888905

Category: Business & Economics

Page: 336

View: 9437

An honest discussion of free trade and how nations can sensibly chart a path forward in today’s global economy Not so long ago the nation-state seemed to be on its deathbed, condemned to irrelevance by the forces of globalization and technology. Now it is back with a vengeance, propelled by a groundswell of populists around the world. In Straight Talk on Trade, Dani Rodrik, an early and outspoken critic of economic globalization taken too far, goes beyond the populist backlash and offers a more reasoned explanation for why our elites’ and technocrats’ obsession with hyper-globalization made it more difficult for nations to achieve legitimate economic and social objectives at home: economic prosperity, financial stability, and equity. Rodrik takes globalization’s cheerleaders to task, not for emphasizing economics over other values, but for practicing bad economics and ignoring the discipline’s own nuances that should have called for caution. He makes a case for a pluralist world economy where nation-states retain sufficient autonomy to fashion their own social contracts and develop economic strategies tailored to their needs. Rather than calling for closed borders or defending protectionists, Rodrik shows how we can restore a sensible balance between national and global governance. Ranging over the recent experiences of advanced countries, the eurozone, and developing nations, Rodrik charts a way forward with new ideas about how to reconcile today’s inequitable economic and technological trends with liberal democracy and social inclusion. Deftly navigating the tensions among globalization, national sovereignty, and democracy, Straight Talk on Trade presents an indispensable commentary on today’s world economy and its dilemmas, and offers a visionary framework at a critical time when we need it most.

Economics Rules: The Rights and Wrongs of the Dismal Science

Author: Dani Rodrik

Publisher: W. W. Norton & Company

ISBN: 0393246426

Category: Business & Economics

Page: 272

View: 6638

“A hugely valuable contribution. . . . In setting out a defence of the best in economics, Rodrik has also provided a goal for the discipline as a whole.” —Martin Sandbu, Financial Times In the wake of the financial crisis and the Great Recession, economics seems anything but a science. In this sharp, masterfully argued book, Dani Rodrik, a leading critic from within, takes a close look at economics to examine when it falls short and when it works, to give a surprisingly upbeat account of the discipline. Drawing on the history of the field and his deep experience as a practitioner, Rodrik argues that economics can be a powerful tool that improves the world—but only when economists abandon universal theories and focus on getting the context right. Economics Rules argues that the discipline's much-derided mathematical models are its true strength. Models are the tools that make economics a science. Too often, however, economists mistake a model for the model that applies everywhere and at all times. In six chapters that trace his discipline from Adam Smith to present-day work on globalization, Rodrik shows how diverse situations call for different models. Each model tells a partial story about how the world works. These stories offer wide-ranging, and sometimes contradictory, lessons—just as children’s fables offer diverse morals. Whether the question concerns the rise of global inequality, the consequences of free trade, or the value of deficit spending, Rodrik explains how using the right models can deliver valuable new insights about social reality and public policy. Beyond the science, economics requires the craft to apply suitable models to the context. The 2008 collapse of Lehman Brothers challenged many economists' deepest assumptions about free markets. Rodrik reveals that economists' model toolkit is much richer than these free-market models. With pragmatic model selection, economists can develop successful antipoverty programs in Mexico, growth strategies in Africa, and intelligent remedies for domestic inequality. At once a forceful critique and defense of the discipline, Economics Rules charts a path toward a more humble but more effective science.

Power and Plenty

Trade, War, and the World Economy in the Second Millennium

Author: Ronald Findlay,Kevin H. O'Rourke

Publisher: Princeton University Press

ISBN: 9781400831883

Category: Business & Economics

Page: 648

View: 1635

International trade has shaped the modern world, yet until now no single book has been available for both economists and general readers that traces the history of the international economy from its earliest beginnings to the present day. Power and Plenty fills this gap, providing the first full account of world trade and development over the course of the last millennium. Ronald Findlay and Kevin O'Rourke examine the successive waves of globalization and "deglobalization" that have occurred during the past thousand years, looking closely at the technological and political causes behind these long-term trends. They show how the expansion and contraction of the world economy has been directly tied to the two-way interplay of trade and geopolitics, and how war and peace have been critical determinants of international trade over the very long run. The story they tell is sweeping in scope, one that links the emergence of the Western economies with economic and political developments throughout Eurasia centuries ago. Drawing extensively upon empirical evidence and informing their systematic analysis with insights from contemporary economic theory, Findlay and O'Rourke demonstrate the close interrelationships of trade and warfare, the mutual interdependence of the world's different regions, and the crucial role these factors have played in explaining modern economic growth. Power and Plenty is a must-read for anyone seeking to understand the origins of today's international economy, the forces that continue to shape it, and the economic and political challenges confronting policymakers in the twenty-first century.

Caught in the Middle

America's Heartland in the Age of Globalism

Author: Richard C. Longworth

Publisher: Bloomsbury Publishing USA

ISBN: 9781596918474

Category: Social Science

Page: 320

View: 4451

The Midwest has always been the heart of America-both its economic bellwether and the repository of its national identity. Now, in a new, globalized age, the Midwest is challenged as never before. With an influx of immigrant workers and an outpouring of manufacturing jobs, the region that defines the American self-the Lake Wobegon image of solid, hardworking farmers and factory hands-is changing at breakneck speed. As factory farms and global forces displace old ways of life, the United States is being transformed literally from the inside out. In Caught in the Middle, longtime Chicago Tribune reporter Richard C. Longworth explores the new reality of life in today's heartland and reveals what these changes mean for the region-and the country. Ranging from the manufacturing collapse that has crippled the Midwest to the biofuels revolution that may save it, and from the school districts struggling with new migrants to the Iowa meatpacking town that can't survive without them, Longworth addresses what's right and what's wrong in the region, and offers a prescription for how it must change-politically as well as economically-if it is to survive and prosper.

Global Inequality

Author: Branko Milanovic

Publisher: Harvard University Press

ISBN: 0674969766

Category: Business & Economics

Page: 311

View: 1625

Branko Milanovic presents a bold account of the dynamics that drive inequality on a global scale. Using vast data sets, he explains the forces that make inequality rise and fall within and among nations over time. He reveals who has been helped by globalization, who has been hurt, andwhat policies might tilt the balance toward economic justice.

Has Globalization Gone Too Far?

Author: Dani Rodrik

Publisher: Columbia University Press

ISBN: 0881323160

Category: Political Science

Page: 128

View: 9757

Globalization is exposing social fissures between those with the education, skills, and mobility to flourish in an unfettered world market—the apparent "winners"—and those without. These apparent "losers" are increasingly anxious about their standards of living and their precarious place in an integrated world economy. The result is severe tension between the market and broad sectors of society, with governments caught in the middle. Compounding the very real problems that need to be addressed by all involved, the knee-jerk rhetoric of both sides threatens to crowd out rational debate. From the United States to Europe to Asia, positions are hardening. Dani Rodrik brings a clear and reasoned voice to these questions. Has Globalization Gone Too Far? takes an unblinking and objective look at the benefits—and risks—of international economic integration, and criticizes mainstream economists for downplaying its dangers. It also makes a unique and persuasive case that the "winners" have as much at stake from the possible consequences of social instability as the "losers." As Rodrik points out, ". . . social disintegration is not a spectator sport—those on the sidelines also get splashed with mud from the field. Ultimately, the deepening of social fissures can harm all." President Clinton read the book and it provided the conceptual basis for the trade/IMF portions of his State of the Union message in January 1998.

Free Trade Reimagined

The World Division of Labor and the Method of Economics

Author: Roberto Mangabeira Unger

Publisher: Princeton University Press

ISBN: 9781400827855

Category: Political Science

Page: 240

View: 2359

Free Trade Reimagined begins with a sustained criticism of the heart of the emerging world economy, the theory and practice of free trade. Roberto Mangabeira Unger does not, however, defend protectionism against free trade. Instead, he attacks and revises the terms on which the traditional debate between free traders and protectionists has been joined. Unger's intervention in this major contemporary debate serves as a point of departure for a proposal to rethink the basic ideas with which we explain economic activity. He suggests, by example as well as by theory, a way of understanding contemporary economies that is both more realistic and more revealing of hidden possibilities for transformation than are the established forms of economics. One message of the book is that we need not choose between accepting and rejecting globalization; we can have a different globalization. Traditional free trade doctrine rests on shaky empirical and theoretical ground. Unger takes a new approach to show when international trade is likely to be useful or harmful to the socially inclusive economic growth that every nation wants. Another message is that the movement of people and ideas is more important than the movement of things and money, and that freedom to change the institutions defining a market economy is just as important as freedom to exchange goods on the basis of those institutions. Free Trade Reimagined ranges broadly within and outside economics. Presenting technical issues in plain language, it appeals to the general reader. It puts a disciplined imagination in the service of rebellion against the dictatorship of no alternatives that characterizes life and thought today.

Globalization and Its Discontents

Author: Joseph E. Stiglitz

Publisher: W. W. Norton & Company

ISBN: 9780393071078

Category: Business & Economics

Page: 304

View: 9008

This powerful, unsettling book gives us a rare glimpse behind the closed doors of global financial institutions by the winner of the 2001 Nobel Prize in Economics. When it was first published, this national bestseller quickly became a touchstone in the globalization debate. Renowned economist and Nobel Prize winner Joseph E. Stiglitz had a ringside seat for most of the major economic events of the last decade, including stints as chairman of the Council of Economic Advisers and chief economist at the World Bank. Particularly concerned with the plight of the developing nations, he became increasingly disillusioned as he saw the International Monetary Fund and other major institutions put the interests of Wall Street and the financial community ahead of the poorer nations. Those seeking to understand why globalization has engendered the hostility of protesters in Seattle and Genoa will find the reasons here. While this book includes no simple formula on how to make globalization work, Stiglitz provides a reform agenda that will provoke debate for years to come. Rarely do we get such an insider's analysis of the major institutions of globalization as in this penetrating book. With a new foreword for this paperback edition.

The Globalization of Inequality

Author: François Bourguignon

Publisher: Princeton University Press

ISBN: 1400885558

Category: Business & Economics

Page: 224

View: 7297

In The Globalization of Inequality, distinguished economist and policymaker François Bourguignon examines the complex and paradoxical links between a vibrant world economy that has raised the living standard of over half a billion people in emerging nations such as China, India, and Brazil, and the exponentially increasing inequality within countries. Exploring globalization's role in the evolution of inequality, Bourguignon takes an original and truly international approach to the decrease in inequality between nations, the increase in inequality within nations, and the policies that might moderate inequality’s negative effects. Demonstrating that in a globalized world it becomes harder to separate out the factors leading to domestic or international inequality, Bourguignon examines each trend through a variety of sources, and looks at how these inequalities sometimes balance each other out or reinforce one another. Factoring in the most recent economic crisis, Bourguignon investigates why inequality in some countries has dropped back to levels that have not existed for several decades, and he asks if these should be considered in the context of globalization or if they are in fact specific to individual nations. Ultimately, Bourguignon argues that it will be up to countries in the developed and developing world to implement better policies, even though globalization limits the scope for some potential redistributive instruments. An informed and original contribution to the current debates about inequality, this book will be essential reading for anyone who is interested in the future of the world economy.

One Economics, Many Recipes

Globalization, Institutions, and Economic Growth

Author: Dani Rodrik

Publisher: Princeton University Press

ISBN: 9781400829354

Category: Business & Economics

Page: 280

View: 7946

In One Economics, Many Recipes, leading economist Dani Rodrik argues that neither globalizers nor antiglobalizers have got it right. While economic globalization can be a boon for countries that are trying to dig out of poverty, success usually requires following policies that are tailored to local economic and political realities rather than obeying the dictates of the international globalization establishment. A definitive statement of Rodrik's original and influential perspective on economic growth and globalization, One Economics, Many Recipes shows how successful countries craft their own unique strategies--and what other countries can learn from them. To most proglobalizers, globalization is a source of economic salvation for developing nations, and to fully benefit from it nations must follow a universal set of rules designed by organizations such as the World Bank, the International Monetary Fund, and the World Trade Organization and enforced by international investors and capital markets. But to most antiglobalizers, such global rules spell nothing but trouble, and the more poor nations shield themselves from them, the better off they are. Rodrik rejects the simplifications of both sides, showing that poor countries get rich not by copying what Washington technocrats preach or what others have done, but by overcoming their own highly specific constraints. And, far from conflicting with economic science, this is exactly what good economics teaches.

Aftermath

A New Global Economic Order?

Author: Craig Calhoun,Georgi M. Derluguian

Publisher: NYU Press

ISBN: 0814772838

Category: Business & Economics

Page: 296

View: 8340

The global financial crisis showed deep problems with mainstream economic predictions. At the same time, it showed the vulnerability of the world's richest countries and the enormous potential of some poorer ones. China, India, Brazil and other countries are growing faster than Europe or America and they have weathered the crisis better. Will they be new world leaders? And is their growth due to following conventional economic guidelines or instead to strong state leadership and sometimes protectionism? These issues are basic not only to the question of which countries will grow in coming decades but to likely conflicts over global trade policy, currency standards, and economic cooperation. The Possible Futures Series gathers together the great minds of social science to address the significance of the global economic crisis in a series of short, accessible books. Each volume takes on the past, present and future of this crisis, suggesting that the crisis has an informative history, that the consequences could be much more basic than stock declines, and that only fundamental changes - not fiscal band aids - can hold off future repetitions.

The Euro

How a Common Currency Threatens the Future of Europe

Author: Joseph E. Stiglitz

Publisher: W. W. Norton

ISBN: 9780393354102

Category: Business & Economics

Page: 448

View: 8036

The Nobel Prize winning economist and best-selling author explains why saving Europe may mean abandoning the euro."

The Great Rebalancing

Trade, Conflict, and the Perilous Road Ahead for the World Economy

Author: Michael Pettis

Publisher: Princeton University Press

ISBN: 1400852269

Category: Business & Economics

Page: 256

View: 2401

China's economic growth is sputtering, the Euro is under threat, and the United States is combating serious trade disadvantages. Another Great Depression? Not quite. Noted economist and China expert Michael Pettis argues instead that we are undergoing a critical rebalancing of the world economies. Debunking popular misconceptions, Pettis shows that severe trade imbalances spurred on the recent financial crisis and were the result of unfortunate policies that distorted the savings and consumption patterns of certain nations. Pettis examines the reasons behind these destabilizing policies, and he predicts severe economic dislocations that will have long-lasting effects. Demonstrating how economic policies can carry negative repercussions the world over, The Great Rebalancing sheds urgent light on our globally linked economic future.

Caribbean Sovereignty, Development and Democracy in an Age of Globalization

Author: Linden Lewis

Publisher: Routledge

ISBN: 1136274324

Category: Political Science

Page: 258

View: 675

Many of the nations of the Caribbean that have become independent states have maintained as a central, organizing, nationalist principle the importance in the beliefs of the ideals of sovereignty, democracy, and development. Yet in recent years, political instability, the relative size of these nations, and the increasing economic vulnerabilities of the region have generated much popular and policy discussions over the attainability of these goals. The geo-political significance of the region, its growing importance as a major transshipment gateway for illegal drugs coming from Latin America to the United States, issues of national security, vulnerability to corruption, and increases in the level of violence and social disorder have all raised serious questions not only about the notions of sovereignty, democracy, and development but also about the long-term viability of these nations. This volume is intended to make a strategic intervention into the discourse on these important topics, but the importance of its contribution resides in its challenge to conventional wisdom on these matters, and the multidisciplinary approach it employs. Recognized experts in the field identify these concerns in the context of globalization, economic crises, and their impact on the Caribbean.

Diaspora, Development, and Democracy

The Domestic Impact of International Migration from India

Author: Devesh Kapur

Publisher: Princeton University Press

ISBN: 9781400835089

Category: Social Science

Page: 344

View: 5296

What happens to a country when its skilled workers emigrate? The first book to examine the complex economic, social, and political effects of emigration on India, Diaspora, Development, and Democracy provides a conceptual framework for understanding the repercussions of international migration on migrants' home countries. Devesh Kapur finds that migration has influenced India far beyond a simplistic "brain drain"--migration's impact greatly depends on who leaves and why. The book offers new methods and empirical evidence for measuring these traits and shows how data about these characteristics link to specific outcomes. For instance, the positive selection of Indian migrants through education has strengthened India's democracy by creating a political space for previously excluded social groups. Because older Indian elites have an exit option, they are less likely to resist the loss of political power at home. Education and training abroad has played an important role in facilitating the flow of expertise to India, integrating the country into the world economy, positively shaping how India is perceived, and changing traditional conceptions of citizenship. The book highlights a paradox--while international migration is a cause and consequence of globalization, its effects on countries of origin depend largely on factors internal to those countries. A rich portrait of the Indian migrant community, Diaspora, Development, and Democracy explores the complex political and economic consequences of migration for the countries migrants leave behind.

The Globalization Paradox

Why Global Markets, States, and Democracy Can't Coexist

Author: Dani Rodrik

Publisher: OUP Oxford

ISBN: 0191634255

Category: Political Science

Page: 368

View: 1335

For a century, economists have driven forward the cause of globalization in financial institutions, labour markets, and trade. Yet there have been consistent warning signs that a global economy and free trade might not always be advantageous. Where are the pressure points? What could be done about them? Dani Rodrik examines the back-story from its seventeenth-century origins through the milestones of the gold standard, the Bretton Woods Agreement, and the Washington Consensus, to the present day. Although economic globalization has enabled unprecedented levels of prosperity in advanced countries and has been a boon to hundreds of millions of poor workers in China and elsewhere in Asia, it is a concept that rests on shaky pillars, he contends. Its long-term sustainability is not a given. The heart of Rodrik’s argument is a fundamental 'trilemma': that we cannot simultaneously pursue democracy, national self-determination, and economic globalization. Give too much power to governments, and you have protectionism. Give markets too much freedom, and you have an unstable world economy with little social and political support from those it is supposed to help. Rodrik argues for smart globalization, not maximum globalization.

The Price of Freedom Denied

Religious Persecution and Conflict in the Twenty-First Century

Author: Brian J. Grim,Roger Finke

Publisher: Cambridge University Press

ISBN: 1139492411

Category: Social Science

Page: N.A

View: 9024

The Price of Freedom Denied shows that, contrary to popular opinion, ensuring religious freedom for all reduces violent religious persecution and conflict. Others have suggested that restrictions on religion are necessary to maintain order or preserve a peaceful religious homogeneity. Brian J. Grim and Roger Finke show that restricting religious freedoms is associated with higher levels of violent persecution. Relying on a new source of coded data for nearly 200 countries and case studies of six countries, the book offers a global profile of religious freedom and religious persecution. Grim and Finke report that persecution is evident in all regions and is standard fare for many. They also find that religious freedoms are routinely denied and that government and the society at large serve to restrict these freedoms. They conclude that the price of freedom denied is high indeed.

The Lexus and the Olive Tree

Understanding Globalization

Author: Thomas L. Friedman

Publisher: Macmillan

ISBN: 1250013747

Category: Business & Economics

Page: 490

View: 6597

A brilliant investigation of globalization, the most significant socioeconomic trend in the world today, and how it is affecting every part of society--economically, politically, and culturally--abroad and at home.