Global Capitalism: Its Fall and Rise in the Twentieth Century (Hardcover)

by Jeffry A. Frieden (Author) "As the spring of 1896 came to the American Great Plains, farmers faced the planting season with dread..." (more)
Key Phrases: classical world economy, gold standard orthodoxy, international economic ties, United States, Latin America, Bretton Woods (more...)

Editorial Reviews

From Booklist
Frieden, an academic, traces the history of globalization from the late 1800s to the present, telling us, "Global economy and culture form a nearly seamless web in which the national boundaries are increasingly irrelevant to trade, investment, finance and other economic activity." Globalization is a choice formed by politics and policy decisions. It is now considered the norm, a fact of life that will continue. However, the author points out that this was also true from the end of the 1800s to 1914 and the start of World War I. The foundations of preexisting global economic order disintegrated, reemerging in the 1970s but not thriving until the 1990s. International integration usually expands economic opportunities and benefits society, but global capitalism, which does not address those ill-treated by world markets (e.g., the unemployed, the poor, children and the elderly), has driven societies toward conflict and class warfare. This is an excellent, readable history of globalization with important lessons for our society today. Mary Whaley
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Review
"Extensive, lucid and erudite....an immaculately told story.... absolutely essential reading....superlative history of the past 130 years." -- Journal of International Economics

"essential reading for anyone who wants to understand the history of globalisation from 1870 to the present" -- Irish Independent, May 13, 2006

"lucid and fast-flowing....a tour de force" -- Finance and Development, September 2006

"pioneering....lively and readable....excels at providing the political background to economic policymaking" -- Journal of Economic History, September 2006

Frieden has a wonderful way of weaving together politics and economics...in an accessible narrative. -- The Washington Post, April 2, 2006

Magisterial...one of the most comprehensive histories of modern capitalism yet written...a clear, detailed account. -- The New York Times Book Review, March 5, 2006

[M]oves along almost effortlessly, from one set of triumphs and disasters to the next. -- David Warsh, Economic Principals April 9, 2006

a rewarding survey of 20th-century economic history….[A] definitive account of globalization. -- Boston Magazine, February 2006

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Product Details

• Hardcover: 576 pages
• Publisher: W.W. Norton & Co. (January 9, 2006)
• Language: English
• ISBN-10: 0393058085
• ISBN-13: 978-0393058086
• Product Dimensions: 9.3 x 6.3 x 1.7 inches
• Shipping Weight: 1.9 pounds (View shipping rates and policies)
• Average Customer Review: 4.3 out of 5 stars See all reviews (6 customer reviews)
• Amazon.com Sales Rank: #184,585 in Books (See Bestsellers in Books)

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Customer Reviews

Most Helpful Customer Reviews

30 of 32 people found the following review helpful:

5.0 out of 5 stars Globalization 2.0, July 11, 2006

By	Izaak VanGaalen (San Francisco, CA USA) - See all my reviews (TOP 500 REVIEWER)    (REAL NAME)

Jeffrey Frieden, a Harvard professor specializing in international trade and finance, has written a masterly and comprehensive history of capitalism from 1870 to the present. His history of globalization reminds us that it is not a recent develpment and that its current success is not guaranteed.

The first era of globalization (1870 to 1914) had many of the same characteristics as today's. There was an unprecedented cross-border movement of goods, capital, and labor. (Labor more so in the first era.) During these years huge amounts of capital moved overseas to America, Canada, and Argentina mainly due to the reduced costs of communication and transportation. The technologies driving this globalization were the telegraph and railroads. It was also facilitated by the fact that most currencies were convertible to gold. The investment in the Americas was also followed by a huge immigrant population. In these years, America, Canada, and Argentina had much larger immmigrant populations at the turn of the 20th century than today.

The main thing that distinguishes the present globalization from the first is what happened in between. After the Great Depression and World War II remedies were put into place to mitigate the damaging effects of these economic and social catastrophes. Social benefits such as unions, minimum wage, healthcare and pensions were established as safety nets. In the era between the two globalizations when economies were mostly national the safety nets were part of the social contract between capital and labor.

In 1980, when our current era of globalization begins, capital began to move overseas again in order to find countries with lower labor and social costs. This time, however, labor did not follow. The industrialized countries now have large middle classes with social benefits promised who are not certain about how they are going to be paid. This is causing many in the industrialized world to have second thoughts about our current phase of globalization.

Frieden has a guarded optimism about global capitalism and thinks it is still the best system for distributing wealth. Yet, his last chapter "Global Capitalism Troubled" points to some more clouds on the horizon. There seems to be a growing gap between those who control capital and those who work for a living. People understand that globalization is inevitable but they want a new set of rules to address the growing inequalities.

Frieden is a cheerleader for a more equitable capitalism that can deliver both social benefits and robust economic growth.

21 of 24 people found the following review helpful:

4.0 out of 5 stars Almost tempted to give it a miss, April 22, 2007

By	Philip Sim (SINGAPORE Singapore) - See all my reviews (REAL NAME)

This review is from: Global Capitalism: Its Fall and Rise in the Twentieth Century (Paperback)

I was almost tempted to give the book a miss after seeing the high ratings that were given by reviewers that seemed to be anti-globalizationists (what an awkward term!)

However, I came across the book at my library and gave it a chance, and I was not disappointed. It is a book that does a creditable job of summing up the ups and downs of the world economy over the past hundred years and more. And it also does a fairly good job of raising some issues and problems with the world economic system, and how the system had evolved to meet those issues and problems. On the whole, I think it's a balanced book, pointing out the critical need for free and integrated markets to raising millions in the world out of poverty, as well as some of the problems facing them.

The only reason why I gave the book a four rather than a five is that it is not an easy read, and it is best read with some thought and analysis on the reader's part. Not necessarily a bad thing, but not something for everyone.

By the way, do ignore those reviews that pretend to tell you what the author was saying in his book. I'm not sure that he's actually saying what they say he is saying.

Read the book for yourself. It's worth the time and effort.

13 of 16 people found the following review helpful:

5.0 out of 5 stars Very Pleasing to Read (Even for a Proletariat like Me), June 25, 2006

By	G. Garza - See all my reviews (REAL NAME)

I read this book for a graduate-level economics course. It's not an "Econ for Dummys" book, but it really enightens the reader about the history of economics in the 20th Century. It's smart and straight-forward. The author does not interject his personal perspectives, which is nice. He just puts it out there. A definite must-read for those entering the field of economics/history.