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Global Trade and Conflicting National Interests (Lionel Robbins Lectures) Hardcover – January 22, 2001
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The church of global free trade, which rules American politics with infallible pretensions, may have finally met its Martin Luther. An unlikely dissenter has come forward with a revised understanding of globalization that argues for thorough reformation. This man knows the global trading system from the inside because he is a respected veteran of multinational business. His ideas contain an explosive message: that what established authorities teach Americans about global trade is simply wrong disastrously wrong for the United States.(William Greider The Nation)
Combine economies of scale with many industries. Stir in some old theory and some new technique. Out comes a complex and novel picture of a world trading pattern in which national strategy can really matter. This book should be read carefully, but above all it should be read.(Robert M. Solow, Institute Professor of Economics, Emeritus, MIT, and Nobel Laureate in Economics)
When you pair a world-class mathematician with a world-class economist, you should be prepared for a spectacular outcome. The Gomory-Baumol book is an apt illustration. They have cast new light on an old finding: the possibility under increasing returns of multiple equilibria, some Pareto-better than others, and each affecting the distribution of gains (in the superior equilibria) differentially. This is a book to be treasured by trade specialists.(Jagdish Bhagwati, Arthur Lehman Professor of Economics, Columbia University)
In this lucid, marvelously accessible work, Ralph Gomory and William Baumol draw on the theory of economies of scale in maintaining the viability of established manufacturers. They also consider the possibilities of limited governmental intervention to influence which of the many possible equilibria will be realized.(Herbet E. Scarf, Sterling Professor of Economics, Yale University)
This book is a gem and reads like a thriller. John McDonald was a superb business writer who combined an innate understanding of context with an appreciation of strategy. The book should be read by all who are concerned with business reporting, business, and legal advice.(Maritn Shubik, Cowles Foundation for Research in Economics, Yale University)
About the Author
William J. Baumol is Professor of Economics at New York University and Director of the university's C. V. Starr Center for Applied Economics.
Top Customer Reviews
But what about today's vastly more complex economy where considerations go far beyond the mere geography of natural resource distribution? What about the role of industrialization? Or technology? Or information? Who has what advantage? And how to measure it? The authors have solved this seemingly daunting task, and present their conclusions in a few simple graphs that could fit easily onto Mr. Laffer's napkin.
How do I know that they solved the problem of reducing all the complexities of international trade to a few simple graphs? Well, I really don't know because I am not enough of an economist or mathematician to follow the technical stuff, but the authors very kindly put all that in the second half of this slim volume as kind of an appendix for the professionals. That the two authors are a leading economist and a leading mathematician is obvious from the brief biographies. And that the work passes professional muster is obvious from the blurbs. So while I can't personally check the authors' assumptions and methodology, I can accept and fully understand their conclusions as set forth in the first half of the book - the only part I read.
Not surprisingly, the graphs show that most international trade is indeed mutually beneficial. But not all. The graphs also reveal what the authors call a zone of conflict. It is to this area that attention needs to be paid. What attention do the authors suggest? Well, they are a little coy.Read more ›
In cogent and concise language,the two gifted authors upset the notion that a dollar of National Trading Income is indifferent to what is being traded. National Trading Income from a "retainable" industry like computer chips produce strategic strengths for a nation compared to the same amount of National Trading Income from potato chips.
This new vector on Global Trade alerts business leaders to rearrange intellectually their risk-reward equation to secure a more favorable outcome.
As a lay reader it was apparent that to assure our continued growth and successes that we must continually innovate to create the next big retainable industry as well as continue productivity gains to compete with low wage developing countries in easy to enter industries where we have a major interest.
An exceptionally thorough analysis of today's world of trade.
Most Recent Customer Reviews
The authors argue and support their views well and I agree with most of their major points. It's hard to argue against free trade, but they don't address fair trade. Read morePublished 6 months ago by matthew a
This book is not for economic civilians, but if you understand and care about formal mathematical economics, these are the guys who proved that hard math gives common sense... Read morePublished 22 months ago by Amazon Customer