Economic Governance in the Age of Globalization (Paperback)

~ William K. Tabb (Author) "A reading of globalization at the start of the twenty-first century needs to reconsider such concepts as stateness, sovereignty, governance, efficiency, and social justice..." (more)
Key Phrases: economic governance institutions, mainline political economy, new financial architecture, United States, World Bank, Bretton Woods (more...)

Editorial Reviews

Review

""

"His book is an original contribution to the discussion on the current state of globalization." -- Oliver Marnet, Journal of Economic Issues

"Tabb's manuscript on this subject is not a traditional research monograph... He offers a strong critical assessment of the neoliberal economic agenda." -- David H. Bearce, International Journal

"Up-to-date... unusually well informed about the academic literature across economics, IR, IPE, and security studies." -- Robert Hunter Wade, Perspectives on Politics

"The book clearly identifies links between politics and economics in the age of globalization and puts them in an interesting historical perspective" -- Dirk-Jan Koch, Development and Change, March 2006

Review

"Hard-hitting in its critical perspective yet sensitive to competing positions, Tabb's most recent book is indispensable reading for anyone wanting to know who, if anyone, is in charge of a globalizing economy and how it's run." -- James H. Mittelman, School of International Service, American University

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Product Details

• Paperback: 528 pages
• Publisher: Columbia University Press (June 15, 2004)
• Language: English
• ISBN-10: 0231131550
• ISBN-13: 978-0231131551
• Product Dimensions: 8.9 x 6 x 1.1 inches
• Shipping Weight: 1.6 pounds (View shipping rates and policies)
• Average Customer Review: 5.0 out of 5 stars  See all reviews (2 customer reviews)
• Amazon.com Sales Rank: #1,234,884 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

2 of 2 people found the following review helpful:

5.0 out of 5 stars More Relevant Than Ever, Great Addition to the Literature, March 4, 2008

By	Robert D. Steele (Oakton, VA United States) - See all my reviews (TOP 50 REVIEWER)

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Although this book was published in 2004, I did not notice it until recently, and I must say, I find it more relevant than ever today, in 2008. It could have lost a star for not being sufficiently visionary or for not offering a specific implementable plan for overturning the broken global economic governance regimes that it so brilliantly dissects, but out of respect for the author's superior scholarship and my own limitations, I must go with five stars.

Indeed, I am astonished to not see another review. The author deserves reading and recognition.

Here are a few of my flyleaf notes:

+ Superb detailed examination of how the so-called global economic governance organizations are the last gasp of the pyramidal pathologies, lacking in democratic public dialog or deliberation.

+ author struck me as overly generous to the USA but he clearly points out the need to understand and respect the detailed reaons why others do not agree with US "designs" and the US insistence on treating each country alone, rather than in a regional context.

+ I was taken with the author's concise focus on the dangerous combinations of US subsidies, excessive borrowing (this was before the subprime mortage and credit crisis we are now experiencing).

+ Switzerland has reformed SLIGHTLY and is still the banker of choice for dictators and corrupt despots who are looting their countries, creating failed states and perpetual poverty. I have a side note: "time to invade Switzerland and demand open banking?"

+ The author points out that free flowing investment and rules against expropriation are diametrically opposed to sovereign governance and any attempt to provide for sustained development and financial stability.

+ Global institutions too easily manipuated by developed nations.

+ QUOTE pages 373-374: "The excess capacity visible on a global scale, downward pressure on prices, the threat of deflation, and the impact of desperate countries seeking to compete by ignoring labor rights and environmental concerns produce a shallow and uneven development.

I put this book down with considerable humility--like John McCain, economic (and methematics) are my weak zone. I did learn enough from this book to realize that this author is gifted and should be listened to and given an opportunity, along with C. K. Prahalad and Jeff Sachs and Paul Krugman, to restore the social aspects of political economy.

Other books that strike me as complementary to this one:
The End of Poverty: Economic Possibilities for Our Time
The Fortune at the Bottom of the Pyramid: Eradicating Poverty Through Profits (Wharton School Publishing Paperbacks)
The Bottom Billion: Why the Poorest Countries are Failing and What Can Be Done About It
Creating a World Without Poverty: Social Business and the Future of Capitalism
The leadership of civilization building: Administrative and civilization theory, symbolic dialogue, and citizen skills for the 21st century
How to Change the World: Social Entrepreneurs and the Power of New Ideas, Updated Edition
The Wealth of Networks: How Social Production Transforms Markets and Freedom
Society's Breakthrough!: Releasing Essential Wisdom and Virtue in All the People
The Tao of Democracy: Using Co-Intelligence to Create a World That Works for All
Collective Intelligence: Creating a Prosperous World at Peace

Afterthought: the index is *very* disappointing (publisher's fault) but the bibliography by the author is itself another book and quite fascinating and comprehensive.

0 of 1 people found the following review helpful:

5.0 out of 5 stars Fine study of great power bullying, May 11, 2009

By	William Podmore (London United Kingdom) - See all my reviews (TOP 500 REVIEWER)    (REAL NAME)

William Tabb is Professor of Sociology and Economics at the City University of New York. This splendid book studies the globalisation debate, the post-1945 economic order, the international financial institutions, crises, finance, the big corporations, international trade and investment, the World Trade Organization, the conflict between markets and labour, and alternative strategies. He links politics and economics, and surveys the literature across economics, international relations and international political economy.

He observes that in the 1920s, "Deflation, pressure to increase exports, competitive devaluations, and growing protectionism were the product of the resultant crisis, not its cause." Europe's nations rebuilt after World War Two by protecting their industry and promoting home consumption, well before they formed the free-market EEC.

He writes, "Neoliberalism is widely understood by even many mainstream economists and policy wonks to have failed in terms of its announced goals. It has not brought more rapid economic growth, reduced poverty, or made economies more stable. In fact over the years of neoliberal hegemony, growth has slowed, poverty has increased, and economic and financial crises have plagued most countries of the world economy. The data on all of this are overwhelming. Neoliberalism has, however, succeeded as the project of the most internationalized fractions of capital. In its unannounced goal it has increased the dominance of transnational corporations, international financers, and sectors of local elites." As the International Monetary Fund had to admit, "The empirical evidence has not established a definitive proof that financial integration has enhanced growth for developing countries."

Tabb shows how freedom of capital movement aids illegal dealings and he describes `the extent of corruption and criminality in the system'. He explains, "The profits from moving illegally gotten gains, funds seeking to disguise their origins in graft and corruption, and in tax avoidance are major revenue sources for banks."

Financial liberalisation also misallocates resources because it promotes speculation. The $1.5 trillion daily turnover in foreign exchange in the 1990s (70 times the value of world trade) was mostly bets on interest rate movements and changes in the money supply; it was not financing trade or investment.

The international financial institutions `represent the interests of capital': the world's dominant capitalist classes use them to wield power over other nations. Tabb explains, "the interests of transnational capital and international finance guide the terms under which global state economic governance institutions are constructed, modified over time and used to define and enforce property rights." They are in no way democratic.

He concludes, "A deflationary tendency threatens the world as all countries compete to attract capital by reducing government spending and lowering labor costs." In response, countries need to increase their domestic demand by investing more and raising wages, and they must control currency movements and capital flows.