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New York Times bestseller "A cogent analysis of the concurrent Trump/Brexit phenomena and a dire warning about what lies ahead...a lucid, provocative book." --Kirkus Reviews Those who championed globalization once promised a world of winners, one in which free trade would lift all the world's boats, and extremes of left and right would give way to universally embraced liberal values. The past few years have shattered this fantasy, as those who've paid the price for globalism's gains have turned to populist and nationalist politicians to express fury at the political, media, and corporate elites they blame for their losses. The United States elected an anti-immigration, protectionist president who promised to "put America first" and turned a cold eye on alliances and treaties. Across Europe, anti-establishment political parties made gains not seen in decades. The United Kingdom voted to leave the European Union. And as Ian Bremmer shows in this eye-opening book, populism is still spreading. Globalism creates plenty of both winners and losers, and those who've missed out want to set things right. They've seen their futures made obsolete. They hear new voices and see new faces all about them. They feel their cultures shift. They don't trust what they read. They've begun to understand the world as a battle for the future that pits "us" vs. "them." Bremmer points to the next wave of global populism, one that hits emerging nations before they have fully emerged. As in Europe and America, citizens want security and prosperity, and they're becoming increasingly frustrated with governments that aren't capable of providing them. To protect themselves, many government will build walls, both digital and physical. For instance... * In Brazil and other fast-developing countries, civilians riot when higher expectations for better government aren't being met--the downside of their own success in lifting millions from poverty. * In Mexico, South Africa, Turkey, Indonesia, Egypt and other emerging states, frustration with government is on the rise and political battle lines are being drawn. * In China, where awareness of inequality is on the rise, the state is building a system to use the data that citizens generate to contain future demand for change * In India, the tools now used to provide essential services for people who've never had them can one day be used to tighten the ruling party's grip on power. When human beings feel threatened, we identify the danger and look for allies. We use the enemy, real or imagined, to rally friends to our side. This book is about the ways in which people will define these threats as fights for survival. It's about the walls governments will build to protect insiders from outsiders and the state from its people. And it's about what we can do about it.
Nobel Prize winner Stiglitz focuses on policies that truly work and offers fresh, new thinking about the questions that shape the globalization debate.
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.
One episode dominates the memory of Lyndon Johnson's presidency: the Vietnam War. The war has so darkened Johnson's reputation that it is difficult for many to recall his policies in a positive light-- especially his foreign policy. Now historian H.W. Brands offers a fresh look at Johnson's handling of international relations, putting Vietnam in the context of the many crises he confronted and the outdated policies of global containment he was expected to uphold. The result is a fascinating portrait of a master politician at work, maneuvering through a series of successes that made his ultimate failure in Vietnam all the more tragic. In The Wages of Globalism, Brands conducts a witty and insightful tour through LBJ's foreign policy--a tour that begins in Washington, runs through Santa Domingo, Nicosia, and Jakarta, and ends in Saigon. He opens with a thoughtful portrayal of the tense, often fruitful relationship between the domineering Johnson and his advisers--Dean Rusk, Robert McNamara, George Ball, Clark Clifford, Walt Rostow--as he picked up Kennedy's legacy and sought to make it his own. Leaving Vietnam for the end, Brands presents the various crises with all the force the White House felt at the time: the Dominican intervention, India impending famine and war with Pakistan, the coup against Sukarno in Indonesia, France's departure from NATO's unified command, the threat of fighting between Greece and Turkey over Cyprus, the Six Day War, and the worry that Germany might acquire nuclear weapons. In each, Brands captures the uncertainty in Washington and the conflicting advice that Johnson received. The picture that emerges is remarkably positive, revealing the president's ability to pick his way through fierce complexities. He forcefully stopped a war over Cyprus; handled de Gaulle with equanimity and skill; and--over the objections of all his advisers--intentionally delayed shipping grain to famine-threatened India, creating a real momentum for agricultural reform in that country that ultimately led to self-sufficiency. Only in Vietnam did Johnson's sure balance of determination and judgment break down: worried about his domestic program and the need to stand firm against aggression, he let his determination run away with him. "In 1947," H.W. Brands writes, "Truman made a bad bargain with history." By the time Johnson inherited the White House, it had become painfully clear that America was no longer supreme in the world, able to prop up the status quo worldwide. In this fascinating, behind-the- scenes account, Brands shows how skillfully Johnson steered the nation into the new era--until, in Southeast Asia, politics and his own personality led him into the ultimate trap of the Truman Doctrine.
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.
Over the past two decades, the percentage of the world’s population living on less than a dollar a day has been cut in half. How much of that improvement is because of—or in spite of—globalization? While anti-globalization activists mount loud critiques and the media report breathlessly on globalization’s perils and promises, economists have largely remained silent, in part because of an entrenched institutional divide between those who study poverty and those who study trade and finance. Globalization and Poverty bridges that gap, bringing together experts on both international trade and poverty to provide a detailed view of the effects of globalization on the poor in developing nations, answering such questions as: Do lower import tariffs improve the lives of the poor? Has increased financial integration led to more or less poverty? How have the poor fared during various currency crises? Does food aid hurt or help the poor? Poverty, the contributors show here, has been used as a popular and convenient catchphrase by parties on both sides of the globalization debate to further their respective arguments. Globalization and Poverty provides the more nuanced understanding necessary to move that debate beyond the slogans.
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.
A provocative argument that the frustrations of globalization stem from the gap between the expectations created and the lagging economic reality in poor countries. The enemies of globalization—whether they denounce the exploitation of poor countries by rich ones or the imposition of Western values on traditional cultures—see the new world economy as forcing a system on people who do not want it. But the truth of the matter, writes Daniel Cohen in this provocative account, may be the reverse. Globalization, thanks to the speed of twenty-first-century communications, shows people a world of material prosperity that they do want—a vivid world of promises that have yet to be fulfilled. For the most impoverished developing nations, globalization remains only an elusive image, a fleeting mirage. Never before, Cohen says, have the means of communication—the media—created such a global consciousness, and never have economic forces lagged so far behind expectations. Today's globalization, Cohen argues, is the third act in a history that began with the Spanish Conquistadors in the sixteenth century and continued with Great Britain's nineteenth-century empire of free trade. In the nineteenth century, as in the twenty-first, a revolution in transportation and communication did not promote widespread wealth but favored polarization. India, a part of the British empire, was just as poor in 1913 as it was in 1820. Will today's information economy do better in disseminating wealth than the telegraph did two centuries ago? Presumably yes, if one gauges the outcome from China's perspective; surely not, if Africa's experience is a guide. At any rate, poor countries require much effort and investment to become players in the global game. The view that technologies and world trade bring wealth by themselves is no more true today than it was two centuries ago. We should not, Cohen writes, consider globalization as an accomplished fact. It is because of what has yet to happen—the unfulfilled promises of prosperity—that globalization has so many enemies in the contemporary world. For the poorest countries of the world, the problem is not so much that they are exploited by globalization as that they are forgotten and excluded.
Winner of the first Paul A. Baran-Paul M. Sweezy Memorial Award for an original monograph concerned with the political economy of imperialism, John Smith's Imperialism in the Twenty-First Century is a seminal examination of the relationship between the core capitalist countries and the rest of the world in the age of neoliberal globalization.Deploying a sophisticated Marxist methodology, Smith begins by tracing the production of certain iconic commodities-the T-shirt, the cup of coffee, and the iPhone-and demonstrates how these generate enormous outflows of money from the countries of the Global South to transnational corporations headquartered in the core capitalist nations of the Global North. From there, Smith draws on his empirical findings to powerfully theorize the current shape of imperialism. He argues that the core capitalist countries need no longer rely on military force and colonialism (although these still occur) but increasingly are able to extract profits from workers in the Global South through market mechanisms and, by aggressively favoring places with lower wages, the phenomenon of labor arbitrage. Meticulously researched and forcefully argued, Imperialism in the Twenty-First Century is a major contribution to the theorization and critique of global capitalism.
People passionately disagree about the nature of the globalization process. The failure of both the 1999 and 2003 World Trade Organization's (WTO) ministerial conferences in Seattle and Cancun, respectively, have highlighted the tensions among official, international organizations like the WTO, the International Monetary Fund (IMF), the World Bank, nongovernmental and private sector organizations, and some developing country governments. These tensions are commonly attributed to longstanding disagreements over such issues as labor rights, environmental standards, and tariff-cutting rules. In addition, developing countries are increasingly resentful of the burdens of adjustment placed on them that they argue are not matched by commensurate commitments from developed countries. Challenges to Globalization evaluates the arguments of pro-globalists and anti-globalists regarding issues such as globalization's relationship to democracy, its impact on the environment and on labor markets including the brain drain, sweat shop labor, wage levels, and changes in production processes, and the associated expansion of trade and its effects on prices. Baldwin, Winters, and the contributors to this volume look at multinational firms, foreign investment, and mergers and acquisitions and present surprising findings that often run counter to the claim that multinational firms primarily seek countries with low wage labor. The book closes with papers on financial opening and on the relationship between international economic policies and national economic growth rates.