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Summary
Summary
In Globalization , authors Bruce Greenwald and Judd Kahn cut through the myths surrounding globalization and look more closely at its real impact, presenting a more accurate picture of the present status of globalization and its future consequences. Page by page, they uncover the real facts about globalization and answer the most important questions it raises, including: Will globalization increase or diminish in economic importance? Do higher living standards depend more on global or local conditions- and What are the actual implications of globalization for financial markets?
Author Notes
Bruce C. Greenwald , PhD, is one of the nation's leading economists. He currently serves as the Robert Heilbrunn Professor of Finance and Asset Management at Columbia University's Graduate School of Business. Greenwald consults worldwide on a variety of issues concerning capital markets, business strategy, corporate finance, and labor performance. He is also the author, coauthor, and editor of several books, including Value Investing: From Graham to Buffett and Beyond (Wiley) and Competition Demystified.
Judd Kahn , PhD, is currently COO of Hummingbird Management LLC. Prior to joining Hummingbird, he was an historian, the CFO of a privately owned manufacturing company, and a consultant to government and not-for-profit agencies. Kahn cowrote Value Investing: From Graham to Buffett and Beyond and Competition Demystified with Bruce Greenwald.
Reviews 1
Choice Review
Fables beat tables, Greenwald (Columbia Univ.) and Kahn (COO, Hummingbird Management) believe, and they are not very happy about it. Fables, metaphors, and anecdotes (think Thomas Friedman) have proven more persuasive than facts and figures in shaping public attitudes and policies regarding globalization. The stated aim of this book is to push back, fighting stories with solid data (full disclosure: this reviewer's 2005 book Globaloney,CH, Nov'05, 43-1705, made much the same argument). The present book is very much a critique of the antiglobalization literature in the style of recent volumes by Jagdish Bhagwati (In Defense of Globalization, CH, Jul'04, 41-6637) and Martin Wolf (Why Globalization Works, CH, Oct'04, 42-1067). The book's strength lies in its clear application of basic economic principles to reveal the hidden logic (and illogic) of claims about globalization's causes and effects. It would be a more useful tool for students if it included a bibliography and more detailed endnotes. And it would make a greater contribution to the literature if it gave a better answer to the question, why do fables beat facts? Summing Up: Recommended. Upper-division students. M. Veseth University of Puget Sound
Table of Contents
| Acknowledgments | p. xi |
| Introduction: Just How Global Are We? | p. xiii |
| Chapter 1 It May Be News, But It Isn't New: A Brief History of Globalization | p. 1 |
| Tradable Goods | p. 3 |
| From Goods to Services | p. 8 |
| Which Services Remain Rooted? | p. 11 |
| Why So Newsworthy? | p. 19 |
| Chapter 2 Countries Control Their Fates: How Little Globalization Explains | p. 23 |
| Who Calls the Shots? | p. 25 |
| An Inadvertent Experiment | p. 29 |
| The Uneven Course of Manufacturing | p. 31 |
| The Recipe for Productivity Growth | p. 33 |
| Importance of Incremental Improvements | p. 35 |
| Tell Me Again: Why Is China Rising? | p. 38 |
| Episodic Improvements and Retreats | p. 40 |
| Widely Shared Diversions | p. 42 |
| What About Free Trade? | p. 51 |
| Keep It Local | p. 53 |
| Chapter 3 Employment Trends for Globalization 3.0: Are All the Good Jobs Going Away? | p. 55 |
| Recent History as a Guide | p. 56 |
| Recent Patterns of Employment and Unemployment in the United States | p. 60 |
| The Changing Nature of Work | p. 62 |
| The Meaning Is in the Details | p. 63 |
| That Giant Sucking Sound Is Coming from ... | p. 69 |
| But Will the Future Be Different? | p. 71 |
| What about Wages? | p. 74 |
| Chapter 4 Can We Make Any Money?: What Globalization Does to Profits | p. 79 |
| Companies Under Globalization 3.0 | p. 80 |
| Why Some Companies Are Profitable | p. 84 |
| Profits in Competitive Markets: Low Before Globalization, and Low After | p. 86 |
| Profits in Protected Markets: Do They Survive? | p. 90 |
| How to Keep Competitors Out | p. 93 |
| The Special Role of Economies of Scale Advantages | p. 102 |
| Competitive Advantages in a Global World | p. 104 |
| The Future of Profitability | p. 108 |
| Chapter 5 International Finance in a Global World: Home Field Advantage | p. 111 |
| Flow of Funds | p. 113 |
| Foreign Direct Investment: Not Where the Action Is | p. 116 |
| Financial Markets and Portfolio Investment: Not Here, Either | p. 118 |
| Institutions as Investors: These Do Matter | p. 120 |
| Safer at Home: Financial Markets and the Limits of Globalization | p. 126 |
| Global Capital Markets and Economic Development: More Headlines Than Production Lines | p. 129 |
| Chapter 6 A Genuine Global Economic Problem: Replacing the Consumer of Last Resort | p. 135 |
| The Link between Reserve Currencies and Global Financial Stability | p. 136 |
| Chronic Surplus Countries and Monetary Mercantilism | p. 142 |
| The Global Financial System and Global Economic Stability | p. 147 |
| The Situation of the United States | p. 151 |
| A Modest Proposal for a New Reserve Currency | p. 156 |
| Conclusion: Beyond Economics | p. 161 |
| Globalization and Everything Else | p. 163 |
| One Last Question | p. 169 |
| Notes | p. 171 |
| About the Authors | p. 179 |
| Index | p. 181 |
