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5 of 6 people found the following review helpful:
5.0 out of 5 stars
The Very First Book To Read on Globalization, February 16, 2002
The ease of reading is exceptional. If you are worried about your limited understanding in economics and especially international trade, this is the book for you. In addition to the book being written and edited to be understood by nearly any modestly educated person it is further advantaged by authors that clearly understand the subject in great depth. As is so often the case the extremely well informed can write with such clarity for the lay reader.As nearly all economists understand net trade flows always equal net investment flows. Shockingly large numbers of media and congressmen do not understand this utterly simple formula. In a nut shell, with all the foreign money pouring into the USA treasuries market, stock market and direct business investments over the last several decades, it follows that the USA would run trade deficits equal to the net investment inflow over the same period. If you do not understand this or you want an ultra easy review of these simple facts, this book was made for you. In a grand gesture of national service these authors wrote the book that was needed for general understanding of what positive and negative points globalization means to the USA. It is not designed for academic kudos. If every modestly educated voter would read this book, the future of the USA and the world would be significantly brightened. While this is a pipe dream, at least read this book before you say one more word about globalization otherwise you may embarrass your self in the presence of informed people. If you are informed on economics please forgive my heavy handedness. It is not meant for you. This is a critical issue for underdeveloped nations and the mature nations, there is so much to be gained by informed voters on this subject. This book is carefully grounded in the proven principals of economics. While a reviewer or two gives an impression to the contrary, decades of reading in economics provides me the confidence to assure you that this book is profoundly well grounded. At each point where scholars may differ the authors and editors have carefully laid out its discussion. This is not a book written with a liberal or conservative bent. Modern economics encompasses a significant degree of science and mathematical logic. To view this book as otherwise, is to be illogical or unwilling to accept the most basic proven equations. Again you will not find an easier more meaningful book to read on economics. The USA economy for a variety of reasons has sharply declining need for workers without a high school education and places a continuing rising premium on post college education. Increasingly, those that can graduate from the elite institutions lead nearly a charmed life in the USA. Immigrants that are able to enter the USA with limited education are having increasing difficulty as the decades roll by. It is not clear that globalization is a meaningful factor in placing the such great educational needs on the American worker. This book helps frame the questions that might be asked about the rising importance of education in the USA. The book being about globalization does not dwell on this issue, but it does strongly suggest that the potential understanding of this issue of the exponentially rising need for superior knowledge is much broader than the globalization trend. The most provocative theme in the latter chapters of the book is the impact of globalization on those American workers that are poorly educated. The adverse impacts on this group comes from rapid technology changes, defective educational system, ineffective governmental assistance and to a very small degree open trade. The authors documentation about how little negative impact foreign trade has on a very limited number of workers is shocking. A source of another worthy book would be to provide a more exhaustive review of this aspect. The authors conclude that the popular obsession on this point should treated with a reorganized aggressive worker assistance program. Almost any reasonable assistance program would be a modest cost relative to the diverse and powerful benefits that all the rest of Americans get from open trade according to the authors. The authors are very negative on the effectiveness of government sponsored retraining. The book is highly critical of the governments ability to define injured parties in open trade without it being a political football. The authors suggest an assistance program that is indiscriminate as to the cause of worker misfortune and focuses on programs that show imperial evidence of effectiveness. The focal point is intermediate assistance for any lower income workers need to find new employment. While the left and the right quarrel about where to draw the line, the authors contend that so few people are in need relative to the benefits of open trade that just focusing on a well designed assistance program would make all the difference in giving support and comfort to the aggrieved relative to the huge benefits of open trade.
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by Joseph E. Stiglitz
by Wayne Ellwood
by Joseph E. Stiglitz
by George Ritzer
