There was an error retrieving your Wish Lists. Benefits of Globalization Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. In this book a highly distinguished international economist scrupulously explains how globalization works as a concept and how it operates in reality. Please try again. To calculate the overall star rating and percentage breakdown by star, we don’t use a simple average. . . Essential reading for those who would like to understand the real problems facing us. An average Chinese worker may earn $750 a year while a German earns $35,000 and an American $29,000. Look at the foes of economic globalization and you’ll find a curious coalition. In fact, Wolf argues, the reverse is true. The author persuasively defends the principles of international economic integration, arguing that the biggest obstacle to global economic progress has been the failure not of the market but of politics and government, in rich countries as well as poor. Why Globalization Works (WGW) presents clear and concise arguments as to the benefits of globalization and the need for a more integrated global economy. Why Globalisation Works, by Martin Wolf Only free trade can end global poverty. Globalization is simply the process through which integration and interaction of countries, companies and people occurs across the globe. [W]e were only eight years old but the reign of logo terror had begun.”. Wolf does not reflexively condemn all the anti-globalizers’ arguments. . The negative effects of trade on earnings tend to be concentrated in specific areas and industries. See Page 1. Globalization makes it easier than ever to access foreign culture, including food, movies, music, and art. In most cases, items shipped from Amazon.com may be returned for a full refund. Elegantly and persuasively, Wolf marshals the facts. Wolf has taken a very large subject and broken it up into all the various sections that really need to be covered. But insists Klein, I and people like me have experienced terror too. "Let a splendid new book on globalization be the last for a while: it will not be bettered soon. Monday 10 October 2011 06:51. comments. Among the charges he addresses: • Corporations rule the world and force us to buy things we don’t want. In particular, he says that the charge that rich countries are hypocrites for asking poor countries to open their markets while preserving trade barriers is “more than justified.” He notes that while global tariffs currently average 3 percent, agricultural tariffs are a more-punitive 13 percent—and most of these tariffs hurt the Third World. It corresponds to a reduction of barriers to trade (tariff and non-tariff barriers) among the major economies, which, in turn, has resulted in vastly increased trade volumes in the last two decades. The book greatly adds to the globalization debate. You can see how the result depends on the underlying structure of the economy prior to trade liberalization. He explains the benefits in a clear and simple way, using interesting case materials. have been addressed elsewhere, but never before with such depth of thinking, and in one place . But what does globalisation mean? Something went wrong. A Strong Defense of Globalization by the Chief Economics Commentator of FT, Reviewed in the United States on June 2, 2009. Help others learn more about this product by uploading a video! The rapid spread of SARS, the September 11 terrorist attacks on the US, and rising protectionism stand as sharp counterpoints to the "Globalisation-is-the-Messiah" outlook of some observers in the 1990s. Martin Wolf is associate editor and chief economics commentator at the Financial Times in London. Capital, businesses and talent will flee - (they "vote with their feet") - against inept and corrupt government. A powerful case for the global market economy The debate on globalization has reached a level of intensity that inhibits comprehension and obscures the issues. "—Kenneth Rogoff, Harvard University. Why globalization is here to stay. You're listening to a sample of the Audible audio edition. Wolf is clearly aware of the pros and cons of both sides of the argument and while he is not shy to agree with criticism of current globalization methodologies, he is also not afraid to reject anti-globalization claims on the negative impact of economic integration. . But in the 1970s, before he became a journalist, Wolf was an economist for the World Bank, where he saw firsthand how the bank’s lending for failed Third World planning schemes left some of the world’s poorest nations more destitute and debt-ridden then they were before the bank began to “help” them. . . Conversely, if you are a country that imports a majority of the food stock, farmers might be made worse off by trade liberalization because prices of agricultural products will fall. Globalization is a process wherein organizations or businesses build influence internationally or start their operation in various locations around the world. Reviewed in the United States on February 4, 2009. This led Wolf to see that free trade is the best way to make sure that Third World countries are transformed from passive recipients of international aid to productive participants in the global economy. Lots of good sources too if you follow up on the footnotes. Developing machines, software, automated devices, robotics, enhanced machine processing has all forged world connection. 4 Reviews. [A] marvelous new book. Globalization means the interconnection of national economies across the world on issues such as trade, investment, labor, banking and the … But he comes out of those details to explain his analysis in clear, thoughtful ways. Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. “Has Globalization Passed Its Peak?”. We don’t share your credit card details with third-party sellers, and we don’t sell your information to others. We are not just the world’s most pampered brats. Globalization. International Political Economy: Contrasting World Views, Has Globalization Gone Too Far? . Reviewed in the United Kingdom on October 29, 2009, The word, globalisation (I prefer the British standard spelling), generates fear, anxiety, anger and righteous indignation in equal measures. "—Arvind Panagariya, Foreign Affairs, "A splendid overview of the global economic challenges of today. Your recently viewed items and featured recommendations, Select the department you want to search in, $16.94 Shipping & Import Fees Deposit to France. Aggregating across regions and firms gives us a different picture. But Americans and Germans are far more productive than Chinese workers are. Globalization is an economic concept that works by easing the movement of goods and people across borders. Please try again. Please try again. Globalization has taken some hard blows recently, says this column in the Business Times. . . These consumers are characterized by their material and economic self-interest – rather than cultural, civic or other forms of identity. Because it is so very readable. In Why Globalization Works, Martin Wolf does a fine job in showing why free trade ensures that the world’s economies continue to grow. It is difficult to find a book which discusses the global economy in such simple yet precise terms with substantial supporting economic information...Also, it is rare that a person who has extensive private sector and governmental experience writes a book such as this one as opposed to a purely academic book...In this context, Martin Wolf, has an extensive background in global trade...Examples include his tenure at the World Bank and the London-based Trade Policy Research Centre...The key concepts of the book, from my perspective, is that global trade benefits everyone...Of course it must also be fair trade (my opinion)...This is an especially important concept due to the current global recession...This book reminds us all that our standard of living, regardless of where you live, depends on global trade...As a final comment, what especially interested me was the observation that trade must also be viewed from a local worker perspective...In other words, what may not be the best work for me in the United States may be very welcomed by another person elsewhere. He tends to make a point that people with nationalistic tendencies would make, than go through and contradict that point with facts and opinions. • Under globalization, the Third World gets all the manufacturing jobs. Martin Wolf confronts the charges against globalization, delivers a devastating critique of each, and offers a realistic scenario for economic internationalism in the future. Why Globalization Works . offers a patient and persuasive refutation of many of the arguments most frequently marshaled by critics of trade liberalization. Reviewed in the United States on February 23, 2006. To ease the process, all investments, trade, and markets get integrated, The expansion and dominance of global companies and brands is another key feature. Global economic integration offers many opportunities, but to fulfi ll them liberals and democratic conservatives must “In the last century,” Wolf notes, “millions of human beings knew the terror of police states, genocide, and government-engineered famines. countries that are good at producing a particular good are better off exporting it to countries that are less efficient at producing that good This book is well researched and can be used as reference material for a University course, but at the same time it is an easy read that can be consumed from cover to cover - not easy to achieve with a subject such as this. Very very good book to get a point of what globalization is like. Full content visible, double tap to read brief content. Why Globalization Works (WGW) presents clear and concise arguments as to the It maintains an optimism about what the global community its can achieve which is welcome and not seen everywhere. "—Stanley Fischer, Financial Times, "Wolf offers a powerful defence of the global market economy. . Is Globalization a Good Thing? These corporations contribute to deepen global interconnectedness not only by uniformly shaping consumptio… Martin Wolf cuts through the opinions and the generalities and takes readers directly to the numbers. Reviewed in the United States on March 19, 2019, Reviewed in the United States on October 3, 2017, Reviewed in the United States on December 25, 2013. Wolf states that it is impossible to improve the livelihoods of the worlds most disadvantaged people without implementing … "—David Smith, The Sunday Times, "Accessible and clearly argued. . A Clear and Definitive Defense of Globalization, Reviewed in the United States on October 14, 2009. Better schools also yield workers who are better prepared to compete in a … It is informed, careful in its dissection of the arguments and well written. Martin Wolf, Why Globalization Works (New Haven: Yale University Press). Wonderfully persuasive and meticulously researched and documented case for globalization-for open rather than closed borders.The best articulation of the case that I have read. Attracting better people and reforming laws and regulations depends partly on better schools. That globalization works, meaning that it helps raise the wealth of a majority of people (including poor countries; China would not be where it is today, and likely much nastier, without globalization), is a fact that needs far more voice today. Formerly senior economist at the World Bank’s division for international trade, he has worked in Kenya, Zambia, and India. But Americans and Germans are far more productive than Chinese workers are. Martin Wolf. While the history of globalization dates back to ancient times, the modern era of globalization began in earnest in the early nineteenth century. (Institute for International Economics), Commerce and Coalitions: How Trade Affects Domestic Political Alignments, The Shifts and the Shocks: What We've Learned--and Have Still to Learn--from the Financial Crisis, The Great Convergence: Information Technology and the New Globalization, The Globalization Paradox: Democracy and the Future of the World Economy, Global Inequality: A New Approach for the Age of Globalization, Globalization and Its Discontents Revisited: Anti-Globalization in the Era of Trump, International Political Economy (5th Edition). However, why is globalization bad, and what are the long term implications of advancement? Globalization is a term used to describe how trade and technology have made the world into a more connected and interdependent place. It is necessary to evaluate the pros and cons before drawing any conclusions. . Just before I started with Why Globalization Works, I read The World's Banker, a biography of James Wolfensohn, interlaced with a history of the World Bank in the last twenty years. . In international economics, globalization is the web of relationships between economies worldwide by way of international trade and investments. . "—Stephen Green, International Affairs, "Wolf provides not just a devastating intellectual critique of the opponents of globalization, but a civilised, wise and optimistic view of our economic and political future. This personal understanding of the mixed nature of economic success may be one of the reasons why his work runs against the broad consensus of … The strength of the anti-globalist coalition has waxed and waned over time, but there is still a large number of people who believe that globalization is a sinister force that must be stopped at any cost. . Martin Morse Wooster is a visiting fellow at the Capital Research Center, a contributing editor to Philanthropy, and a education book reviewer of The Washington Times. . More globalization, not reduced globalization, is needed to raise the world's standard of living. Globalization rep-resents an enormous opportunity for these countries. He has been visiting professor at Oxford, Nottingham, and Rotterdam Universities and fellow of the World Economic Forum in Davos, Switzerland. Globalization helped lift many of them out of poverty. He is also very balanced, equally criticizing and exemplifying both the proponents and detractors of globalization. That book, written by Sebastian Mallaby of The Economist, talked about some of the challenges faced development organizations like the World Bank from the "vast NGO conspiracy". Great book, very interesting points on Globalizations strengths and faults by author Martin Wolf. To get the free app, enter your mobile phone number. Brief content visible, double tap to read full content. . . "—Niall Ferguson, Sunday Telegraph, "Wolf is always thoughtful, and mainly readable. should help move the public debate away from whether to be for or against globalization and towards how best to strengthen the working of the global economy. Foreign Affairs 86 (1): 103-114. But those who decide to take on international expansion find several benefits, including: 1. Wolf begins by outlining the history of the global economy in the twentieth century and explaining the mechanics of world trade. Globalization can mean the merging of national economies through technology, migration … . • Globalization has increased inequality among nations. . A good review of the case for globalisation, Reviewed in the United Kingdom on February 7, 2021. Globalization has come to gain ground on significant aspects of technology. Moreover, international companies do not make investments in the Third World randomly. Pros. On the Origins of the Crisis This American Life, … We work hard to protect your security and privacy. • Globalization has increased inequality among nations. After viewing product detail pages, look here to find an easy way to navigate back to pages you are interested in. Find all the books, read about the author, and more. The definitive treatment of the subject, and an absorbing read for anybody with an appetite for moderate intellectual exertion. Globalization is neither an unvarnished virtue nor an unmitigated vice. Globalization is a complicated issue. View full document. All the topics he addresses . There is a heated debate about the true effects of globalization and … Why is this book so good? Farm subsidies, antidumping measures, and environmental regulations are also frequently used by Americans, Europeans, and Japanese to keep foreign goods out. He examines the threat that terrorism poses and maps the way to a global market economy that can work for everyone. A definitive analysis. In ‘Why Globalization works’ Martin Wolf explores whether it is possible to cater for the interests of multinational corporations, capital markets and the provisions for free trade while at the same time catering for the interests of the poor and disadvantaged in developing countries. Hamish McRae @TheIndyBusiness. Unable to add item to List. "—Bruce Bartlett, Wall Street Journal, "One of the world’s most respected economic journalists . Our payment security system encrypts your information during transmission. However, globalization does mean many jobs are outsourced from one country to another because of lower labor costs; which means a lot of people who used to work in those jobs are out of work and must find new jobs. Why Globalisation Can’t Work Globally. . Rawi Abdelal and Adam Segal. Even having a few economics courses under my belt, I found some of Wolf's points got lost in the details. There was a problem loading your book clubs. Critics of global market integration-variously dubbed "new millennium collectivists" or "antiglobalization.com" by Wolf-are simply unable to propose a better international economic arrangement.The first three sections of Why Globalization Works are devoted primarily to the theory side of the argument-how to define globalization, why the free movement of goods, services, and people across borders is a good thing, … They invest in countries that believe in the rule of law—where private property is supported, contracts can be enforced by an independent judiciary, and an educated labor force is available. . We know terror too: ‘logo terror.’ ” Wolf then shows that all the evidence suggests that consumers are less and less likely to buy products solely based on a brand name. A distinguished international economist here offers a powerful defense of global market economy. Haven't read the book yet to review but the buyer was great. A wealth of material on every page. 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