Putin's people , ” THE ECONOMIST , August 25 , 2007 , p . 11 ; “ Russia and the
west : No divide , no rule , ” THE ECONOMIST , May 19 , 2007 , p . 12 ; Isabel
Gorst , “ Putin increases missile defense rhetoric , ” FINANCIAL TIMEs , August
Author: Thomas Covell Fischer
Category: Political Science
“Globalization” – an economic phenomenon that has dominated the late 20th and early 21st centuries – is poorly understood. Politicians and the media often portray it in its worst light: outsourcing, offshoring, job loss, intellectual property piracy, diminished U.S. influence. But globalization has positive impacts as well: poverty reduction, U.S. export growth, harmonization of standards and practices, greater peace and security. Unlike many books that lionize or demonize globalization, this one seeks to set the record straight. Globalization is neither an unvarnished virtue nor an unmitigated vice. Rather, it is a subtle process that has both virtues (economic growth) and vices (dislocation). It has already lifted millions of persons out of grinding poverty and reduced the spread of disease. But, it also has spurred the migration of workers and increased competition for resources. Unfortunately, globalization's vices are all too immediate and evident, whereas its virtues are often muted and long-term. This recent financial crisis is a prime example of global disjunction. The financial services industry is clearly global. Yet its regulation is national or regional. But if the response to this crisis produces better coordination and greater economic stability and growth, all participants are likely to be better off. This book is also comprehensive, not examining one aspect of globalization (for example, jobs or climate change) in isolation, but treating the topic as a whole. Further, it makes suggestions to improve the process. The whole world is in flux. To a degree, change is inevitable. If globalization has its flaws – and it does – it has enormous potential as well. How do we preserve the best of these and avoid the worst?